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REGISTERED NUMBER: 03592200 (England and Wales)












THE FAMILY FURNISHERS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






THE FAMILY FURNISHERS LTD (REGISTERED NUMBER: 03592200)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6

Chartered Certified Accountants' Report 7

THE FAMILY FURNISHERS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr P C Sandy
Mrs V M Sandy
Mr C P Sandy





SECRETARY: Miss S M Sandy





REGISTERED OFFICE: 8-10 Catherine Street
Hereford
Herefordshire
HR1 2DU





REGISTERED NUMBER: 03592200 (England and Wales)





ACCOUNTANTS: Lockett & Co
Chartered Certified Accountants
Shelton House
Coningsby Street
Hereford
Herefordshire
HR1 2DY

THE FAMILY FURNISHERS LTD (REGISTERED NUMBER: 03592200)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 245,741 250,219
Investment property 5 55,000 55,000
300,741 305,219

CURRENT ASSETS
Stocks 54,648 50,610
Debtors 6 28,597 15,948
Investments 7 - 150,000
Cash at bank and in hand 1,310,564 1,134,408
1,393,809 1,350,966
CREDITORS
Amounts falling due within one year 8 59,712 53,693
NET CURRENT ASSETS 1,334,097 1,297,273
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,634,838

1,602,492

PROVISIONS FOR LIABILITIES 8,964 7,566
NET ASSETS 1,625,874 1,594,926

CAPITAL AND RESERVES
Called up share capital 100 100
Profit and loss reserve - non distributable 9 22,378 22,683
Retained earnings 1,603,396 1,572,143
SHAREHOLDERS' FUNDS 1,625,874 1,594,926

THE FAMILY FURNISHERS LTD (REGISTERED NUMBER: 03592200)

BALANCE SHEET - continued
31 DECEMBER 2023


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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





Mr P C Sandy - Director


THE FAMILY FURNISHERS LTD (REGISTERED NUMBER: 03592200)

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

1. STATUTORY INFORMATION

The Family Furnishers Ltd 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, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below.

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 represents the fair value of goods sold to the extent that there is a right to consideration. Turnover from the sale of goods is recognised at the point of sale.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost of each asset, less its estimated residual value, over its expected useful life:

Freehold landNo depreciation
Freehold buildings2%Straight line basis
Leasehold property improvementsStraight line basis over the term of the lease
Plant and equipment10%Reducing balance basis, 3 years Straight line basis
Fixtures and fittings10%Reducing balance basis
Motor vehicles25%Reducing balance basis
Computer equipment33%Reducing balance basis

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and, estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets and financial liabilities are recognised on the balance sheet when the entity becomes party to the contractual provisions of the financial instrument.

Debtors and Creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Loans are initially recognised at the transaction price including transaction costs. Subsequent to initial recognition, loans are stated at amortised cost using the effective interest rate method, less impairment.


THE FAMILY FURNISHERS LTD (REGISTERED NUMBER: 03592200)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 310,918 93,321 404,239
Additions - 9,563 9,563
At 31 December 2023 310,918 102,884 413,802
DEPRECIATION
At 1 January 2023 91,309 62,711 154,020
Charge for year 4,838 9,203 14,041
At 31 December 2023 96,147 71,914 168,061
NET BOOK VALUE
At 31 December 2023 214,771 30,970 245,741
At 31 December 2022 219,609 30,610 250,219

THE FAMILY FURNISHERS LTD (REGISTERED NUMBER: 03592200)

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 55,000
NET BOOK VALUE
At 31 December 2023 55,000
At 31 December 2022 55,000

Investment property was valued on an open market freehold basis on 31 December 2023 by one of the directors, Mr P C Sandy, based on a previous professional valuation deemed to still be appropriate.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,474 1,973
Other debtors 22,123 13,975
28,597 15,948

7. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Loan - 150,000

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 13,043
Trade creditors 1,630 7,121
Taxation and social security 52,191 27,905
Other creditors 5,891 5,624
59,712 53,693

9. RESERVES
Profit
and loss
reserve -
non
distributable
£   
At 1 January 2023 22,683
Transfer between reserves (305 )

At 31 December 2023 22,378

This non-distributable reserve relates to unrealised gains less attributable deferred tax, on investment property carried at fair value, transferred from profit and loss reserve.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE FAMILY FURNISHERS LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Family Furnishers Ltd for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of The Family Furnishers Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Family Furnishers Ltd and state those matters that we have agreed to state to the Board of Directors of The Family Furnishers Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Family Furnishers Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Family Furnishers Ltd. You consider that The Family Furnishers Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Family Furnishers Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Lockett & Co
Chartered Certified Accountants
Shelton House
Coningsby Street
Hereford
Herefordshire
HR1 2DY


16 September 2024