Company No:
Contents
DIRECTORS | G S Allen |
C I Pauling | |
P B Saunders (Resigned 01 March 2023) | |
P R Ugalde |
REGISTERED OFFICE | Unit 11 Unit 11 Druids Road |
Redruth | |
TR15 3RH | |
England | |
United Kingdom |
COMPANY NUMBER | 05898794 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Lowin House | |
Tregolls Road | |
Truro | |
Cornwall TR1 2NA |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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316,957 | 364,831 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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527,269 | 701,287 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 81,963 | 323,373 | ||
Total assets less current liabilities | 398,920 | 688,204 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Furniss of Cornwall Limited (registered number:
C I Pauling
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Furniss of Cornwall Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 11 Unit 11 Druids Road, Redruth, TR15 3RH, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Plant and machinery | 10 -
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Office equipment | 20 -
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Computer equipment | 20 -
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Office equipment | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Accumulated depreciation | |||||||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||||||
At 31 December 2023 |
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At 31 December 2022 |
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2023 | 2022 | ||
£ | £ | ||
Stocks |
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Work in progress |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Prepayments and accrued income |
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VAT recoverable |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Other loans |
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Accruals |
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Other taxation and social security |
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Other creditors |
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In addition, further security is provided by:
- A debenture dated 2 May 2019 in favour of Lloyds Bank PLC incorporating fixed and floating charge over the company assets, both present and future.
- An all assets debenture dated 12 April 2019 in favour of Lloyds Bank PLC.
The assets held under hire purchase contracts are secured against the assets to which they relate.
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other financial commitments
2023 | 2022 | ||
£ | £ | ||
Commitments in respect property lease | 72,833 | 29,167 | |
Property annual lease charge | 104,000 | 70,000 | |
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