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Registered number: 04836620
Times Furniture Company Limited
Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 04836620
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 6,047
- 6,047
CURRENT ASSETS
Debtors 6 7,342 615
Cash at bank and in hand 8,906 15,998
16,248 16,613
Creditors: Amounts Falling Due Within One Year 7 (13,986 ) (2,739 )
NET CURRENT ASSETS (LIABILITIES) 2,262 13,874
TOTAL ASSETS LESS CURRENT LIABILITIES 2,262 19,921
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,149 ) (1,149 )
NET ASSETS 1,113 18,772
CAPITAL AND RESERVES
Called up share capital 8 3 3
Profit and Loss Account 1,110 18,769
SHAREHOLDERS' FUNDS 1,113 18,772
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D J Perrin
Director
8 October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Times Furniture Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04836620 . The registered office is 550 Valley Road, Basford Nottingham, Nottinghamshire, NG5 1JJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% Striaght Line
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 33% Stright Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 27,663 12,724 358 40,745
Disposals (27,663 ) (12,724 ) (358 ) (40,745 )
Depreciation
As at 1 August 2023 23,070 11,270 358 34,698
Disposals (23,070 ) (11,270 ) (358 ) (34,698 )
As at 31 July 2024 - - - -
Net Book Value
As at 31 July 2024 - - - -
As at 1 August 2023 4,593 1,454 - 6,047
5. Stocks
2024 2023
£ £
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 7,000 -
VAT 342 615
7,342 615
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 84 84
Accruals and deferred income 2,600 2,600
Director's loan account 11,302 55
13,986 2,739
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
9. Related Party Transactions
At the balance sheet date £11,302 (2023: £55) was due from the company to Mr D J Perrin, the Director. The amount is unsecured, interest free and has no fixed repayment date.
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