The Furniture Company (GB) Limited 07896162 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is furniture manufacture. Digita Accounts Production Advanced 6.30.9574.0 true 07896162 2023-01-01 2023-12-31 07896162 2023-12-31 07896162 core:RetainedEarningsAccumulatedLosses 2023-12-31 07896162 core:ShareCapital 2023-12-31 07896162 core:CurrentFinancialInstruments 2023-12-31 07896162 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07896162 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 07896162 core:FurnitureFittingsToolsEquipment 2023-12-31 07896162 core:OtherPropertyPlantEquipment 2023-12-31 07896162 bus:SmallEntities 2023-01-01 2023-12-31 07896162 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07896162 bus:FullAccounts 2023-01-01 2023-12-31 07896162 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07896162 bus:RegisteredOffice 2023-01-01 2023-12-31 07896162 bus:Director1 2023-01-01 2023-12-31 07896162 bus:Director2 2023-01-01 2023-12-31 07896162 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07896162 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07896162 core:OfficeEquipment 2023-01-01 2023-12-31 07896162 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 07896162 core:PlantMachinery 2023-01-01 2023-12-31 07896162 countries:EnglandWales 2023-01-01 2023-12-31 07896162 2022-12-31 07896162 core:FurnitureFittingsToolsEquipment 2022-12-31 07896162 core:OtherPropertyPlantEquipment 2022-12-31 07896162 2022-01-01 2022-12-31 07896162 2022-12-31 07896162 core:RetainedEarningsAccumulatedLosses 2022-12-31 07896162 core:ShareCapital 2022-12-31 07896162 core:CurrentFinancialInstruments 2022-12-31 07896162 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07896162 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 07896162 core:FurnitureFittingsToolsEquipment 2022-12-31 07896162 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 07896162

The Furniture Company (GB) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

The Furniture Company (GB) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

The Furniture Company (GB) Limited

(Registration number: 07896162)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

54,032

27,949

Current assets

 

Stocks

5

140,000

70,000

Debtors

6

352,237

285,264

Cash at bank and in hand

 

76,210

861

 

568,447

356,125

Creditors: Amounts falling due within one year

7

(554,958)

(314,105)

Net current assets

 

13,489

42,020

Total assets less current liabilities

 

67,521

69,969

Creditors: Amounts falling due after more than one year

7

(29,118)

(33,423)

Net assets

 

38,403

36,546

Capital and reserves

 

Called up share capital

1

1

Retained earnings

38,402

36,545

Shareholders' funds

 

38,403

36,546

 

The Furniture Company (GB) Limited

(Registration number: 07896162)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 August 2024 and signed on its behalf by:
 

.........................................
M Aslam
Director

.........................................
S Aslam
Director

 

The Furniture Company (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Topgate
Railway Street
Nelson
Lancs
BB9 0JD

These financial statements were authorised for issue by the Board on 19 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

The Furniture Company (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Office equipment

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The Furniture Company (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2022 - 26).

 

The Furniture Company (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Office equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

5,447

31,549

36,996

Additions

-

34,450

34,450

At 31 December 2023

5,447

65,999

71,446

Depreciation

At 1 January 2023

1,644

7,403

9,047

Charge for the year

571

7,796

8,367

At 31 December 2023

2,215

15,199

17,414

Carrying amount

At 31 December 2023

3,232

50,800

54,032

At 31 December 2022

3,803

24,146

27,949

5

Stocks

2023
£

2022
£

Other inventories

140,000

70,000

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

323,610

271,384

Amounts owed by related parties

24,980

13,880

Prepayments

 

3,647

-

   

352,237

285,264

 

The Furniture Company (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

39,244

22,669

Trade creditors

 

377,225

161,549

Taxation and social security

 

134,940

124,416

Accruals and deferred income

 

1,500

1,500

Other creditors

 

2,049

3,971

 

554,958

314,105

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

29,118

33,423