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REGISTERED NUMBER: 01331689 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FURNITUBES INTERNATIONAL LIMITED

FURNITUBES INTERNATIONAL LIMITED (REGISTERED NUMBER: 01331689)

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


FURNITUBES INTERNATIONAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: T D Barratt
C I M Barratt





REGISTERED OFFICE: Crowe U.K. LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH





REGISTERED NUMBER: 01331689 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH

FURNITUBES INTERNATIONAL LIMITED (REGISTERED NUMBER: 01331689)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 27,208 -
Tangible assets 5 66,287 89,653
93,495 89,653

CURRENT ASSETS
Stocks 6 371,410 460,785
Debtors 7 981,582 730,060
Cash at bank and in hand 15,072 23,065
1,368,064 1,213,910
CREDITORS
Amounts falling due within one year 8 722,751 606,815
NET CURRENT ASSETS 645,313 607,095
TOTAL ASSETS LESS CURRENT
LIABILITIES

738,808

696,748

CREDITORS
Amounts falling due after more than one
year

9

(30,000

)

(50,000

)

PROVISIONS FOR LIABILITIES 12 (13,487 ) (18,536 )
NET ASSETS 695,321 628,212

CAPITAL AND RESERVES
Called up share capital 13 50,001 50,001
Retained earnings 14 645,320 578,211
SHAREHOLDERS' FUNDS 695,321 628,212

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.

FURNITUBES INTERNATIONAL LIMITED (REGISTERED NUMBER: 01331689)

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 9 September 2024 and were signed on its behalf by:





C I M Barratt - Director


FURNITUBES INTERNATIONAL LIMITED (REGISTERED NUMBER: 01331689)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Furnitubes International 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.

Going concern
Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has positive reserves and cash balances. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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 at the date of dispatch when the risks and rewards of ownership pass 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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the life of the lease
Plant and machinery - 33% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Office 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 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.


FURNITUBES INTERNATIONAL LIMITED (REGISTERED NUMBER: 01331689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Creditors
Short term creditors are measured at the transaction price.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 15 ) .

FURNITUBES INTERNATIONAL LIMITED (REGISTERED NUMBER: 01331689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 33,385
At 31 December 2023 33,385
AMORTISATION
Charge for year 6,177
At 31 December 2023 6,177
NET BOOK VALUE
At 31 December 2023 27,208

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 8,134 10,881 14,304
Additions - 569 -
Disposals - - (4,712 )
At 31 December 2023 8,134 11,450 9,592
DEPRECIATION
At 1 January 2023 903 8,382 2,665
Charge for year 120 903 786
Eliminated on disposal - - (899 )
At 31 December 2023 1,023 9,285 2,552
NET BOOK VALUE
At 31 December 2023 7,111 2,165 7,040
At 31 December 2022 7,231 2,499 11,639

FURNITUBES INTERNATIONAL LIMITED (REGISTERED NUMBER: 01331689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 55,679 174,630 263,628
Additions - 1,417 1,986
Disposals (46,684 ) (4,485 ) (55,881 )
At 31 December 2023 8,995 171,562 209,733
DEPRECIATION
At 1 January 2023 51,401 110,624 173,975
Charge for year 534 15,825 18,168
Eliminated on disposal (44,541 ) (3,257 ) (48,697 )
At 31 December 2023 7,394 123,192 143,446
NET BOOK VALUE
At 31 December 2023 1,601 48,370 66,287
At 31 December 2022 4,278 64,006 89,653

6. STOCKS
2023 2022
£    £   
Stocks 371,410 460,785

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 516,968 189,187
Other debtors 464,614 540,873
981,582 730,060

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,000 20,000
Trade creditors 180,675 259,592
Taxation and social security 84,053 52,624
Other creditors 438,023 274,599
722,751 606,815

In June 2020, the company obtained a Coronavirus Business Interruption Loan of £100,000 repayable in instalments over 5 years. Interest is charged at 2.99% and the loan is secured by government backed guarantee. At the balance sheet date, the balance of the loan was £50,000 (2022: £70,000).

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 30,000 50,000

FURNITUBES INTERNATIONAL LIMITED (REGISTERED NUMBER: 01331689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 125,000 122,613
Between one and five years 124,583 189,583
249,583 312,196

11. SECURED DEBTS

Invoice financing creditor of £215,453 (2022: £118,457) included in creditors due in less than one year is secured on the assets of the company. RBS Invoice Finance Limited holds a floating charge over the assets of the company in respect of invoice financing liabilities.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 13,487 18,536

Deferred
tax
£   
Balance at 1 January 2023 18,536
Released during year (5,049 )
Balance at 31 December 2023 13,487

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary £1.00 50,000 50,000
1 Ordinary A £1.00 1 1
50,001 50,001

Ordinary
Full voting rights. Entitlement to dividends. Entitled to a distribution on winding up.

Ordinary A
No voting rights. Entitlement to dividends. No entitlement to a distribution on winding up.

14. RESERVES
Retained
earnings
£   

At 1 January 2023 578,211
Profit for the year 67,109
At 31 December 2023 645,320

FURNITUBES INTERNATIONAL LIMITED (REGISTERED NUMBER: 01331689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independent administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,918 (2022: £12,329). At the balance sheet date, accrued contributions amounted to £1,921 (2022: £2,400).

16. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

17. ULTIMATE CONTROLLING PARTY

The controlling party is BAMUK Group Limited.

The ultimate controlling parties are Mr T D Barratt and Mrs C I M Barratt.