Silverfin false false 31/12/2023 01/01/2023 31/12/2023 G S Allen 03/04/2008 C I Pauling 08/08/2006 P B Saunders 01/03/2023 15/03/2012 P R Ugalde 08/08/2006 22 August 2024 The principal activity of the company during the financial year was the production and sales of biscuits, scones and other baked goods. 05898794 2023-12-31 05898794 bus:Director1 2023-12-31 05898794 bus:Director2 2023-12-31 05898794 bus:Director3 2023-12-31 05898794 bus:Director4 2023-12-31 05898794 2022-12-31 05898794 core:CurrentFinancialInstruments 2023-12-31 05898794 core:CurrentFinancialInstruments 2022-12-31 05898794 core:ShareCapital 2023-12-31 05898794 core:ShareCapital 2022-12-31 05898794 core:RetainedEarningsAccumulatedLosses 2023-12-31 05898794 core:RetainedEarningsAccumulatedLosses 2022-12-31 05898794 core:PlantMachinery 2022-12-31 05898794 core:OfficeEquipment 2022-12-31 05898794 core:ComputerEquipment 2022-12-31 05898794 core:PlantMachinery 2023-12-31 05898794 core:OfficeEquipment 2023-12-31 05898794 core:ComputerEquipment 2023-12-31 05898794 bus:OrdinaryShareClass1 2023-12-31 05898794 2023-01-01 2023-12-31 05898794 bus:FilletedAccounts 2023-01-01 2023-12-31 05898794 bus:SmallEntities 2023-01-01 2023-12-31 05898794 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05898794 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05898794 bus:Director1 2023-01-01 2023-12-31 05898794 bus:Director2 2023-01-01 2023-12-31 05898794 bus:Director3 2023-01-01 2023-12-31 05898794 bus:Director4 2023-01-01 2023-12-31 05898794 core:PlantMachinery 2023-01-01 2023-12-31 05898794 core:OfficeEquipment 2023-01-01 2023-12-31 05898794 core:ComputerEquipment 2023-01-01 2023-12-31 05898794 2022-01-01 2022-12-31 05898794 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 05898794 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05898794 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05898794 (England and Wales)

FURNISS OF CORNWALL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

FURNISS OF CORNWALL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

FURNISS OF CORNWALL LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
FURNISS OF CORNWALL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
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
FURNISS OF CORNWALL LIMITED

BALANCE SHEET

As at 31 December 2023
FURNISS OF CORNWALL LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 316,957 364,831
316,957 364,831
Current assets
Stocks 4 262,484 445,862
Debtors 5 250,295 240,249
Cash at bank and in hand 14,490 15,176
527,269 701,287
Creditors: amounts falling due within one year 6 ( 445,306) ( 377,914)
Net current assets 81,963 323,373
Total assets less current liabilities 398,920 688,204
Net assets 398,920 688,204
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 398,919 688,203
Total shareholders' funds 398,920 688,204

For the financial 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.

Directors' responsibilities:

The financial statements of Furniss of Cornwall Limited (registered number: 05898794) were approved and authorised for issue by the Board of Directors on 22 August 2024. They were signed on its behalf by:

C I Pauling
Director
FURNISS OF CORNWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
FURNISS OF CORNWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 10 - 15 % reducing balance
Office equipment 20 - 33 % reducing balance
Computer equipment 20 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 38 31

3. Tangible assets

Plant and machinery Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 951,890 4,874 48,531 1,005,295
Additions 0 0 9,974 9,974
At 31 December 2023 951,890 4,874 58,505 1,015,269
Accumulated depreciation
At 01 January 2023 606,724 2,586 31,154 640,464
Charge for the financial year 49,509 393 7,946 57,848
At 31 December 2023 656,233 2,979 39,100 698,312
Net book value
At 31 December 2023 295,657 1,895 19,405 316,957
At 31 December 2022 345,166 2,288 17,377 364,831

4. Stocks

2023 2022
£ £
Stocks 262,074 445,271
Work in progress 410 591
262,484 445,862

5. Debtors

2023 2022
£ £
Trade debtors 202,594 197,779
Prepayments and accrued income 39,602 30,722
VAT recoverable 8,099 11,748
250,295 240,249

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 160,074 202,646
Other loans 161,203 131,233
Accruals 25,772 7,194
Other taxation and social security 77,551 16,299
Other creditors 20,706 20,542
445,306 377,914

The amount disclosed as other loans due in less than one year relate to invoice discounting facilities. This loan is secured against debtor balances as disclosed in note 6 to the financial statements.

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.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
300 Ordinary shares of £ 0.33 each 1 1

8. Financial commitments

Other financial commitments

2023 2022
£ £
Commitments in respect property lease 72,833 29,167
Property annual lease charge 104,000 70,000
176,833 99,167