Registered number
05716419
Regal Furnishing Limited
Filleted Accounts
31 March 2024
Regal Furnishing Limited
Registered number: 05716419
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 82,123 84,536
Current assets
Stocks 144,763 169,900
Debtors 5 417,698 377,336
Cash at bank and in hand 828,636 618,713
1,391,097 1,165,949
Creditors: amounts falling due within one year 6 (189,389) (156,227)
Net current assets 1,201,708 1,009,722
Total assets less current liabilities 1,283,831 1,094,258
Provisions for liabilities (2,016) (1,788)
Net assets 1,281,815 1,092,470
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,281,814 1,092,469
Shareholder's funds 1,281,815 1,092,470
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B Hartley
Director
Approved by the board on 13 July 2024
Regal Furnishing Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 19 19
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 50,000
At 31 March 2024 50,000
Amortisation
At 1 April 2023 50,000
At 31 March 2024 50,000
Net book value
At 31 March 2024 -
Goodwill has been written off in equal annual instalments over 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 73,153 98,088 76,091 247,332
Additions - 432 - 432
At 31 March 2024 73,153 98,520 76,091 247,764
Depreciation
At 1 April 2023 - 91,968 70,828 162,796
Charge for the year - 1,530 1,315 2,845
At 31 March 2024 - 93,498 72,143 165,641
Net book value
At 31 March 2024 73,153 5,022 3,948 82,123
At 31 March 2023 73,153 6,120 5,263 84,536
5 Debtors 2024 2023
£ £
Trade debtors 75,405 37,044
Other debtors 342,293 340,292
417,698 377,336
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 26,096 41,684
Taxation and social security costs 134,149 102,899
Other creditors 29,144 11,644
189,389 156,227
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
B Hartley
Interest bearing loan 251,623 - (970) 250,653
251,623 - (970) 250,653
8 Controlling party
B Hartley was the controlling party in the year.
9 Other information
Regal Furnishing Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4 Merlin Way
Quarry Hill Industrial Estate
Ilkeston
Derby
DE7 4RA
Regal Furnishing Limited 05716419 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 B Hartley No description of principal activity 05716419 2022-04-01 2023-03-31 05716419 core:WithinOneYear 2023-03-31 05716419 core:ShareCapital 2023-03-31 05716419 core:RetainedEarningsAccumulatedLosses 2023-03-31 05716419 2023-04-01 2024-03-31 05716419 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05716419 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05716419 bus:Director40 2023-04-01 2024-03-31 05716419 1 2023-04-01 2024-03-31 05716419 2 2023-04-01 2024-03-31 05716419 core:LandBuildings 2023-04-01 2024-03-31 05716419 core:PlantMachinery 2023-04-01 2024-03-31 05716419 core:Vehicles 2023-04-01 2024-03-31 05716419 bus:Director1 2023-04-01 2024-03-31 05716419 bus:Director1 1 2023-04-01 2024-03-31 05716419 countries:England 2023-04-01 2024-03-31 05716419 bus:FRS102 2023-04-01 2024-03-31 05716419 bus:FilletedAccounts 2023-04-01 2024-03-31 05716419 2024-03-31 05716419 core:WithinOneYear 2024-03-31 05716419 core:ShareCapital 2024-03-31 05716419 core:RetainedEarningsAccumulatedLosses 2024-03-31 05716419 core:Goodwill 2024-03-31 05716419 core:LandBuildings 2024-03-31 05716419 core:PlantMachinery 2024-03-31 05716419 core:Vehicles 2024-03-31 05716419 bus:Director1 1 2024-03-31 05716419 2023-03-31 05716419 core:Goodwill 2023-03-31 05716419 core:LandBuildings 2023-03-31 05716419 core:PlantMachinery 2023-03-31 05716419 core:Vehicles 2023-03-31 05716419 bus:Director1 1 2023-03-31 iso4217:GBP xbrli:pure