4 28/02/2024 2024-02-28 false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2023-03-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI602238 2023-03-01 2024-02-28 NI602238 2024-02-28 NI602238 2023-02-28 NI602238 2022-03-01 2023-02-28 NI602238 2023-02-28 NI602238 2022-02-28 NI602238 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-28 NI602238 core:MotorVehicles 2023-03-01 2024-02-28 NI602238 bus:Director1 2023-03-01 2024-02-28 NI602238 core:MotorVehicles 2023-02-28 NI602238 core:MotorVehicles 2024-02-28 NI602238 core:WithinOneYear 2024-02-28 NI602238 core:WithinOneYear 2023-02-28 NI602238 core:ShareCapital 2024-02-28 NI602238 core:ShareCapital 2023-02-28 NI602238 core:RetainedEarningsAccumulatedLosses 2024-02-28 NI602238 core:RetainedEarningsAccumulatedLosses 2023-02-28 NI602238 core:MotorVehicles 2023-02-28 NI602238 bus:SmallEntities 2023-03-01 2024-02-28 NI602238 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 NI602238 bus:FullAccounts 2023-03-01 2024-02-28 NI602238 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 NI602238 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28
Company registration number: NI602238
Pamabre Furnishings Ltd
Unaudited filleted financial statements
28 February 2024
Pamabre Furnishings Ltd
Contents
Statement of financial position
Notes to the financial statements
Pamabre Furnishings Ltd
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 13,449 17,932
________ ________
13,449 17,932
Current assets
Stocks 60,500 58,500
Debtors 6 5,737 -
Cash at bank and in hand 69,449 38,516
________ ________
135,686 97,016
Creditors: amounts falling due
within one year 7 ( 83,561) ( 80,147)
________ ________
Net current assets 52,125 16,869
________ ________
Total assets less current liabilities 65,574 34,801
Provisions for liabilities ( 3,362) ( 4,641)
________ ________
Net assets 62,212 30,160
________ ________
Capital and reserves
Called up share capital 11 11
Profit and loss account 62,201 30,149
________ ________
Shareholders funds 62,212 30,160
________ ________
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 October 2024 , and are signed on behalf of the board by:
Paul McLarnon
Director
Company registration number: NI602238
Pamabre Furnishings Ltd
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 249 Antrim Road, Belfast, Co Antrim, BT15 2GZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Motor vehicles Total
£ £
Cost
At 1 March 2023 and 28 February 2024 32,999 32,999
________ ________
Depreciation
At 1 March 2023 15,067 15,067
Charge for the year 4,483 4,483
________ ________
At 28 February 2024 19,550 19,550
________ ________
Carrying amount
At 28 February 2024 13,449 13,449
________ ________
At 28 February 2023 17,932 17,932
________ ________
6. Debtors
2024 2023
£ £
Other debtors 5,737 -
________ ________
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 34,406 33,814
Corporation tax 24,740 11,488
Social security and other taxes 13,930 7,270
Other creditors 10,485 27,575
________ ________
83,561 80,147
________ ________
8. Directors advances, credits and guarantees
At the year end the company was owed by its directors £5,737 (2023 - owed to directors £16,385). The loan is interest free and repayable on demand.
9. Controlling party
The company is controlled by Paul McLarnon who owns 91% of the ordinary share capital.