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REGISTERED NUMBER: 10686398 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2023

FOR

LINKS FURNITURE LIMITED

LINKS FURNITURE LIMITED (REGISTERED NUMBER: 10686398)

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










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


LINKS FURNITURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







Directors: M G Doouss
A J Doouss





Registered office: Aspect Gate
1 Olds Approach
Watford
Hertfordshire
WD18 9RF





Registered number: 10686398 (England and Wales)

LINKS FURNITURE LIMITED (REGISTERED NUMBER: 10686398)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £ £ £
Fixed assets
Intangible assets 4 200,000 -
Tangible assets 5 397,754 235,619
597,754 235,619

Current assets
Stocks 6 341,439 371,258
Debtors 7 944,288 673,983
Cash at bank 489,382 648,774
1,775,109 1,694,015
Creditors
Amounts falling due within one year 8 1,294,441 913,322
Net current assets 480,668 780,693
Total assets less current liabilities 1,078,422 1,016,312

Creditors
Amounts falling due after more than one
year

9

(87,500

)

(163,085

)

Provisions for liabilities 11 (75,800 ) (58,590 )
Net assets 915,122 794,637

LINKS FURNITURE LIMITED (REGISTERED NUMBER: 10686398)

BALANCE SHEET - continued
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £ £ £
Capital and reserves
Called up share capital 12 200,000 200,000
Retained earnings 715,122 594,637
Shareholders' funds 915,122 794,637

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd August 2024 and were signed on its behalf by:





A J Doouss - Director


LINKS FURNITURE LIMITED (REGISTERED NUMBER: 10686398)

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


1. Statutory information

Links Furniture 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold improvements2% straight line basis
Plant & machinery20% straight line basis
Furniture & fittings20% straight line basis
Motor vehicles30% reducing balance basis
Office equipment20% straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

LINKS FURNITURE LIMITED (REGISTERED NUMBER: 10686398)

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


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances,are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducing all of its liabilities.
Basic financial liabilities, including trade and other payables are measured at the transaction price.

LINKS FURNITURE LIMITED (REGISTERED NUMBER: 10686398)

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


2. Accounting policies - continued
Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are
discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Research & development
Expenditure on research and development is written off in the year in which it is incurred.


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.

LINKS FURNITURE LIMITED (REGISTERED NUMBER: 10686398)

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


2. Accounting policies - continued

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 (including officers)

The average number of employees during the year was 21 (2022 - 17 ) .

4. Intangible fixed assets
Goodwill
£
Cost
Additions 250,000
At 31st December 2023 250,000
Amortisation
Charge for year 50,000
At 31st December 2023 50,000
Net book value
At 31st December 2023 200,000

5. Tangible fixed assets
Leasehold Plant & Furniture &
improvements machinery fittings
£ £ £
Cost
At 1st January 2023 66,164 123,795 16,771
Additions 54,507 162,020 -
At 31st December 2023 120,671 285,815 16,771
Depreciation
At 1st January 2023 3,308 44,706 12,935
Charge for year 2,413 56,455 1,457
At 31st December 2023 5,721 101,161 14,392
Net book value
At 31st December 2023 114,950 184,654 2,379
At 31st December 2022 62,856 79,089 3,836

LINKS FURNITURE LIMITED (REGISTERED NUMBER: 10686398)

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


5. Tangible fixed assets - continued

Motor Office
vehicles equipment Totals
£ £ £
Cost
At 1st January 2023 64,640 100,117 371,487
Additions 22,490 11,166 250,183
At 31st December 2023 87,130 111,283 621,670
Depreciation
At 1st January 2023 37,671 37,248 135,868
Charge for year 8,091 19,632 88,048
At 31st December 2023 45,762 56,880 223,916
Net book value
At 31st December 2023 41,368 54,403 397,754
At 31st December 2022 26,969 62,869 235,619

6. Stocks
31.12.23 31.12.22
£ £
Stocks 341,439 371,258

7. Debtors: amounts falling due within one year
31.12.23 31.12.22
£ £
Trade debtors 852,354 653,760
Other debtors 53,347 8,613
Prepayments & accrued income 38,587 11,610
944,288 673,983

LINKS FURNITURE LIMITED (REGISTERED NUMBER: 10686398)

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


8. Creditors: amounts falling due within one year
31.12.23 31.12.22
£ £
Bank loans & overdrafts 87,500 87,500
Trade creditors 176,850 129,851
Amounts owed to group undertakings 557,663 326,356
Amounts owed to related parties 1,284 423
Corporation tax 82,433 120,236
Social security & other taxes 86,915 35,295
Other creditors 2,515 345
Accrued expenses 299,281 213,316
1,294,441 913,322

9. Creditors: amounts falling due after more than one year
31.12.23 31.12.22
£ £
Bank loans - one to two years 87,500 163,085

10. Secured debts

The following secured debts are included within creditors:

31.12.23 31.12.22
£ £
Bank loans 175,000 250,585

The bank borrowings of the company are secured via fixed and floating charges over the assets of the company. The company's immediate and ultimate parent company has also provided a cross guarantee of the bank borrowings of the company and has provided security in respect of these guarantees by virtue of fixed and floating charges over its assets.

11. Provisions for liabilities
31.12.23 31.12.22
£ £
Deferred tax 75,800 58,590

Deferred tax
£
Balance at 1st January 2023 58,590
Provided during year 17,210
Balance at 31st December 2023 75,800

LINKS FURNITURE LIMITED (REGISTERED NUMBER: 10686398)

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


12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £ £
200,000 Ordinary £1 200,000 200,000

13. Contingent liabilities

There were no contingent liabilities or lease commitments as at 31st December 2023.

14. Off-balance sheet arrangements

The total amount of guarantees not included in the balance sheet is £119,894 (2022: £124,702). The company has provided a cross guarantee in respect of bank borrowings of the immediate and ultimate parent company. The company has provided security in respect of these guarantees by virtue of fixed and floating charges over its assets.

15. 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.

The following transactions with related parties took place during the year, on normal commercial terms:



Loans
Creditor
balance
£   £   
Entities with common key management personnel8611,284

16. Ultimate controlling party

The ultimate controlling party is Romead Holdings Limited.

Registered number:10680889
Registered office:Aspect Gate
1 Olds Approach
Watford
Hertfordshire
WD18 9RF