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REGISTERED NUMBER: 04487406 (England and Wales)















Warings Furniture Limited

Unaudited Financial Statements

for the year ended

31 December 2023






Warings Furniture Limited (Registered number: 04487406)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6

Chartered Accountants' Report 7

Warings Furniture Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: S P Smith
R Waring
G Waring





REGISTERED OFFICE: The Furniture Station
Watton Road
Larling
Norfolk
NR16 2RA





REGISTERED NUMBER: 04487406 (England and Wales)





ACCOUNTANTS: Haines Watts
8 Hopper Way
Diss
Norfolk
IP22 4GT

Warings Furniture Limited (Registered number: 04487406)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,672,022 1,776,078

CURRENT ASSETS
Stocks 1,668,445 2,163,975
Debtors 5 284,136 741,604
1,952,581 2,905,579
CREDITORS
Amounts falling due within one year 6 (1,355,787 ) (2,380,907 )
NET CURRENT ASSETS 596,794 524,672
TOTAL ASSETS LESS CURRENT LIABILITIES 2,268,816 2,300,750

CREDITORS
Amounts falling due after more than one year 7 (349,677 ) (675,338 )

PROVISIONS FOR LIABILITIES (123,686 ) (124,586 )
NET ASSETS 1,795,453 1,500,826

CAPITAL AND RESERVES
Called up share capital 1,500 1,500
Retained earnings 1,793,953 1,499,326
1,795,453 1,500,826

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 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 24 September 2024 and were signed on its behalf by:





R Waring - Director


Warings Furniture Limited (Registered number: 04487406)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Warings 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Tangible fixed assets
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.
Freehold property - 1% - 10% on cost
Short leasehold - 1% - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Land is not depreciated.

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

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 and 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.

Warings Furniture Limited (Registered number: 04487406)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 71 (2022 - 80 ) .

4. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2023 732,567 1,191,763 903,726
Additions 63,495 - 22,080
Disposals - - -
At 31 December 2023 796,062 1,191,763 925,806
DEPRECIATION
At 1 January 2023 54,397 626,904 568,198
Charge for year 5,227 87,236 71,412
Eliminated on disposal - - -
At 31 December 2023 59,624 714,140 639,610
NET BOOK VALUE
At 31 December 2023 736,438 477,623 286,196
At 31 December 2022 678,170 564,859 335,528

Warings Furniture Limited (Registered number: 04487406)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 17,467 590,507 88,877 3,524,907
Additions - - 29,634 115,209
Disposals - (42,750 ) - (42,750 )
At 31 December 2023 17,467 547,757 118,511 3,597,366
DEPRECIATION
At 1 January 2023 15,634 414,543 69,153 1,748,829
Charge for year 367 43,991 11,032 219,265
Eliminated on disposal - (42,750 ) - (42,750 )
At 31 December 2023 16,001 415,784 80,185 1,925,344
NET BOOK VALUE
At 31 December 2023 1,466 131,973 38,326 1,672,022
At 31 December 2022 1,833 175,964 19,724 1,776,078

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 210,755 115,422 200,933 527,110
DEPRECIATION
At 1 January 2023 12,294 26,916 105,885 145,095
Charge for year 19,846 22,286 40,157 82,289
At 31 December 2023 32,140 49,202 146,042 227,384
NET BOOK VALUE
At 31 December 2023 178,615 66,220 54,891 299,726
At 31 December 2022 198,461 88,506 95,048 382,015

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 162,428 605,905
Tax - 6,067
Prepayments and accrued income 121,708 129,632
284,136 741,604

Warings Furniture Limited (Registered number: 04487406)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 300,972 731,937
Hire purchase contracts 197,539 210,512
Trade creditors 597,318 1,079,206
Corporation tax (106,256 ) (103,539 )
Social security and other taxes 34,852 39,222
VAT 196,670 302,755
Other creditors 12,295 14,162
Directors' current accounts 32,446 80,202
Accruals and deferred income 89,951 26,450
1,355,787 2,380,907

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 25,872 192,472
Bank loans more 5 yr by instal 204,820 189,725
Hire purchase contracts 118,985 293,141
349,677 675,338

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 204,820 189,725

8. RELATED PARTY DISCLOSURES

At the year end the company owed the directors £32,446 (2022- £81,202 )in relation to a loan with no set repayment terms.







Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Warings Furniture Limited


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 Income Statement 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 Warings Furniture Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Warings Furniture Limited, 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 Warings Furniture Limited and state those matters that we have agreed to state to the Board of Directors of Warings Furniture Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Warings Furniture Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Warings Furniture Limited 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 Warings Furniture Limited. You consider that Warings Furniture Limited 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 Warings Furniture Limited. 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.






Haines Watts
8 Hopper Way
Diss
Norfolk
IP22 4GT


Date: .............................................