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REGISTERED NUMBER: 07338915 (England and Wales)
















IC Furniture Limited

Unaudited Financial Statements

for the Year Ended

31 December 2023






IC Furniture Limited (Registered number: 07338915)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IC Furniture Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: I Connell
Mrs N C Connell





REGISTERED OFFICE: 9 High Street
Warwick
Warwickshire
CV34 4AP





REGISTERED NUMBER: 07338915 (England and Wales)





ACCOUNTANTS: Moffat Gilbert
5 Clarendon Place
Leamington Spa
Warwickshire
CV32 5QL

IC Furniture Limited (Registered number: 07338915)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,377 3,173
Tangible assets 5 132,638 101,395
136,015 104,568

CURRENT ASSETS
Stocks 184,506 212,081
Debtors 6 60,287 124,209
Cash at bank and in hand 70,499 124,447
315,292 460,737
CREDITORS
Amounts falling due within one year 7 188,782 383,755
NET CURRENT ASSETS 126,510 76,982
TOTAL ASSETS LESS CURRENT
LIABILITIES

262,525

181,550

CREDITORS
Amounts falling due after more than one
year

8

(96,522

)

(24,167

)

PROVISIONS FOR LIABILITIES (34,004 ) (26,142 )
NET ASSETS 131,999 131,241

CAPITAL AND RESERVES
Called up share capital 10 110,090 110,090
Capital redemption reserve 20,010 20,010
Retained earnings 1,899 1,141
SHAREHOLDERS' FUNDS 131,999 131,241

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IC Furniture Limited (Registered number: 07338915)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:




Mrs N C Connell - Director



I Connell - Director


IC Furniture Limited (Registered number: 07338915)

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

1. STATUTORY INFORMATION

IC Furniture Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income is recognised when the economic benefit of the sale is passed to the customer. Invoices are raised at agreed percentages of projects but the income is not released to the profit and loss account until delivery has taken place to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website establishment costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Furniture and fixtures - 20% on cost
Showroom - at varying rates on cost
Plant and machinery - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33.3% on cost

Within the Showroom category of fixed assets are items which are used as display models. These items are not depreciated as they will retail at the original cost value as a minimum once sold at a future date. The remaining items within this category are depreciated at a rate of 20% per annum on cost, apart from items of Modena furniture which are used as window displays and require replacement after two years due to sun damage.

Within the motor vehicle category of fixed assets, where there is clear evidence that the asset involved has a market value greater that the net book value, no further depreciation is then charged.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

In the case of work in progress, goods are ordered specific to the customers bespoke requirements and all such costs remain in the balance sheet of the company until such time as the items are fitted at the point of delivery.


IC Furniture Limited (Registered number: 07338915)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 5,600
Additions 1,558
At 31 December 2023 7,158
AMORTISATION
At 1 January 2023 2,427
Charge for year 1,354
At 31 December 2023 3,781
NET BOOK VALUE
At 31 December 2023 3,377
At 31 December 2022 3,173

IC Furniture Limited (Registered number: 07338915)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Furniture
and Plant and
fixtures Showroom machinery
£    £    £   
COST
At 1 January 2023 18,445 200,613 8,013
Additions 2,059 43,828 555
Disposals - (118,076 ) -
At 31 December 2023 20,504 126,365 8,568
DEPRECIATION
At 1 January 2023 7,900 123,648 6,040
Charge for year 3,522 2,068 1,031
Eliminated on disposal - (109,678 ) -
At 31 December 2023 11,422 16,038 7,071
NET BOOK VALUE
At 31 December 2023 9,082 110,327 1,497
At 31 December 2022 10,545 76,965 1,973

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 43,965 18,397 289,433
Additions - 2,247 48,689
Disposals - (2,057 ) (120,133 )
At 31 December 2023 43,965 18,587 217,989
DEPRECIATION
At 1 January 2023 34,766 15,684 188,038
Charge for year 980 1,447 9,048
Eliminated on disposal - (2,057 ) (111,735 )
At 31 December 2023 35,746 15,074 85,351
NET BOOK VALUE
At 31 December 2023 8,219 3,513 132,638
At 31 December 2022 9,199 2,713 101,395

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 46,661 78,475
Tax - 14,242
VAT - 16,211
Prepayments 13,626 15,281
60,287 124,209

IC Furniture Limited (Registered number: 07338915)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 25,635 10,000
Trade creditors 20,741 109,531
Tax 734 5,326
Social security and other taxes 1,872 1,001
VAT 1,774 -
Other creditors 40,188 40,878
Directors' current accounts 19,533 230
Deferred income 73,000 207,915
Accrued expenses 5,305 8,874
188,782 383,755

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 2-5 years 92,611 24,167
Bank loans more 5 yr by instal 3,911 -
96,522 24,167

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 3,911 -

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 1,994 1,994
Between one and five years 2,661 4,655
4,655 6,649

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
90 Ordinary £1 90 90
110,000 Ordinary C shares £1 110,000 110,000
110,090 110,090

On 5 December 2022, 20,010 of the £1 Ordinary C shares had been redeemed at par.

IC Furniture Limited (Registered number: 07338915)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors, Mr I Connell and Mrs N C Connell.