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
The Odd Chair Company Limited
Company Information
for the year ended 31 December 2023
Directors
James COOK
Victoria 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
The Odd Chair Company Limited
Statement of financial position
as at 31 December 2023
Tangible assets
74,072
26,006
Inventories
359,960
333,900
Cash at bank and in hand
412,644
244,347
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
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
The Odd Chair Company Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 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.
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.
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.
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.
The Odd Chair Company Limited
Notes to the Accounts
for the year ended 31 December 2023
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
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
At 31 December 2023
-
54,416
19,656
-
74,072
At 31 December 2022
-
-
21,210
4,796
26,006
Carrying values included above held under finance leases and hire purchase contracts:
£
£
The Odd Chair Company Limited
Notes to the Accounts
for the year ended 31 December 2023
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
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
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
39,586
-
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).