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REGISTERED NUMBER: 06975492 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

HOMEPLUS FURNITURE LIMITED

HOMEPLUS FURNITURE LIMITED (REGISTERED NUMBER: 06975492)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

HOMEPLUS FURNITURE LIMITED

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr M Rose
Mrs C S King
Mrs L A Rose-Wells





REGISTERED OFFICE: c/o MMP Accounting Solutions Ltd
Unit 34 Basepoint
Shearway Business Park
Folkestone
Kent
CT19 4RH





BUSINESS ADDRESS: Homeplus Furniture Limited
9-11 New Rents
Ashford
Kent
TN23 1LE





REGISTERED NUMBER: 06975492 (England and Wales)





ACCOUNTANTS: MMP Accounting Solutions Ltd
Unit 34 Basepoint
Shearway Business Park
Folkestone
Kent
CT19 4RH

HOMEPLUS FURNITURE LIMITED (REGISTERED NUMBER: 06975492)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 280,359 157,528

CURRENT ASSETS
Stocks 50,000 55,000
Debtors 5 193,617 122,901
Cash at bank 302,466 324,890
546,083 502,791
CREDITORS
Amounts falling due within one year 6 514,912 543,850
NET CURRENT ASSETS/(LIABILITIES) 31,171 (41,059 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

311,530

116,469

CREDITORS
Amounts falling due after more than
one year

7

(134,241

)

(26,996

)

PROVISIONS FOR LIABILITIES 8 (5,075 ) (2,159 )
NET ASSETS 172,214 87,314

CAPITAL AND RESERVES
Called up share capital 200 100
Retained earnings 172,014 87,214
SHAREHOLDERS' FUNDS 172,214 87,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

HOMEPLUS FURNITURE LIMITED (REGISTERED NUMBER: 06975492)

Balance Sheet - continued
31 January 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





Mr M Rose - Director


HOMEPLUS FURNITURE LIMITED (REGISTERED NUMBER: 06975492)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Homeplus 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

HOMEPLUS FURNITURE LIMITED (REGISTERED NUMBER: 06975492)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 24 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2023 145,700 4,308 9,033
Additions - - -
At 31 January 2024 145,700 4,308 9,033
DEPRECIATION
At 1 February 2023 - 3,338 3,952
Charge for year - 243 1,270
At 31 January 2024 - 3,581 5,222
NET BOOK VALUE
At 31 January 2024 145,700 727 3,811
At 31 January 2023 145,700 970 5,081

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 33,000 5,691 197,732
Additions 133,256 827 134,083
At 31 January 2024 166,256 6,518 331,815
DEPRECIATION
At 1 February 2023 28,780 4,134 40,204
Charge for year 8,690 1,049 11,252
At 31 January 2024 37,470 5,183 51,456
NET BOOK VALUE
At 31 January 2024 128,786 1,335 280,359
At 31 January 2023 4,220 1,557 157,528

HOMEPLUS FURNITURE LIMITED (REGISTERED NUMBER: 06975492)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 121,256
At 31 January 2024 121,256
DEPRECIATION
Charge for year 4,635
At 31 January 2024 4,635
NET BOOK VALUE
At 31 January 2024 116,621

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors - 930
Other debtors 193,617 121,971
193,617 122,901

Included in Other Debtors are loans made to related parties £179,415 (2023: £341,843)
Interest is charged on this loan at 2% per annum

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 8,000 8,000
Hire purchase contracts 14,570 -
Trade creditors 303,929 194,183
Taxation and social security 145,342 102,621
Other creditors 43,071 239,046
514,912 543,850

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 16,952 26,996
Hire purchase contracts 117,289 -
134,241 26,996

8. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax 5,075 2,159

HOMEPLUS FURNITURE LIMITED (REGISTERED NUMBER: 06975492)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 February 2023 2,159
Charge to Statement of Income and Retained Earnings during
year

2,916
Balance at 31 January 2024 5,075

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in Creditors are amounts owing to the Director £1,786 (2023: £166,222)

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Homeplus Furniture Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Homeplus Furniture Limited for the year ended 31 January 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Homeplus Furniture Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Homeplus Furniture Limited and state those matters that we have agreed to state to the Board of Directors of Homeplus Furniture Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Homeplus Furniture Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Homeplus Furniture Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Homeplus Furniture Limited. You consider that Homeplus Furniture Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Homeplus Furniture Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






MMP Accounting Solutions Ltd
Unit 34 Basepoint
Shearway Business Park
Folkestone
Kent
CT19 4RH


5 September 2024