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Company Registration No. 02720588 (England and Wales)
The Odd Chair Company Limited Unaudited accounts for the year ended 31 December 2023
The Odd Chair Company Limited Unaudited accounts Contents
Page
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The Odd Chair Company Limited Company Information for the year ended 31 December 2023
Directors
James COOK Victoria COOK
Secretary
James COOK
Company Number
02720588 (England and Wales)
Registered Office
Unit 15 Centurion Industrial Estate Centurion Way Leylan PR25 4GU United Kingdom
Accountants
Stewart Advisory Limited Cotton Court Church Street Preston PR1 3BY
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The Odd Chair Company Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
74,072 
26,006 
Current assets
Inventories
359,960 
333,900 
Debtors
228,435 
166,668 
Cash at bank and in hand
412,644 
244,347 
1,001,039 
744,915 
Creditors: amounts falling due within one year
(356,923)
(231,889)
Net current assets
644,116 
513,026 
Total assets less current liabilities
718,188 
539,032 
Creditors: amounts falling due after more than one year
(60,479)
(30,833)
Net assets
657,709 
508,199 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
657,609 
508,099 
Shareholders' funds
657,709 
508,199 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by
Victoria COOK Director Company Registration No. 02720588
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The Odd Chair Company Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
The Odd Chair Company Limited is a private company, limited by shares, registered in England and Wales, registration number 02720588. The registered office is Unit 15, Centurion Industrial Estate, Centurion Way, Leylan, PR25 4GU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Inventory
Stock of finished goods been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due in accordance with the scheme.
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The Odd Chair Company Limited Notes to the Accounts for the year ended 31 December 2023
Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on cost (Leasehold improvements)
Motor vehicles
35% on reducing balance
Fixtures & fittings
20% on reducing balance
Computer equipment
25% on cost
4
Tangible fixed assets
Land & buildings 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 January 2023
359,098 
- 
93,345 
28,947 
481,390 
Additions
- 
76,740 
3,360 
- 
80,100 
At 31 December 2023
359,098 
76,740 
96,705 
28,947 
561,490 
Depreciation
At 1 January 2023
359,098 
- 
72,135 
24,151 
455,384 
Charge for the year
- 
22,324 
4,914 
4,796 
32,034 
At 31 December 2023
359,098 
22,324 
77,049 
28,947 
487,418 
Net book value
At 31 December 2023
- 
54,416 
19,656 
- 
74,072 
At 31 December 2022
- 
- 
21,210 
4,796 
26,006 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
54,416 
- 
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The Odd Chair Company Limited Notes to the Accounts for the year ended 31 December 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
188,435 
142,668 
Accrued income and prepayments
18,000 
2,000 
Other debtors
22,000 
22,000 
228,435 
166,668 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
10,648 
10,000 
Obligations under finance leases and hire purchase contracts
5,897 
- 
Trade creditors
201,419 
82,232 
Taxes and social security
77,934 
39,601 
Other creditors
8,931 
2,867 
Loans from directors
49,444 
97,189 
Accruals
2,650 
- 
356,923 
231,889 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
20,893 
30,833 
Obligations under finance leases and hire purchase contracts
39,586 
- 
60,479 
30,833 
8
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than five years
108,000 
101,000 
9
Average number of employees
During the year the average number of employees was 18 (2022: 17).
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