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REGISTERED NUMBER: 03238693 (England and Wales)











Financial Statements for the Year Ended 31 March 2024

for

JONES THE FURNISHERS LIMITED

JONES THE FURNISHERS LIMITED (REGISTERED NUMBER: 03238693)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JONES THE FURNISHERS LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTOR: A Evans



SECRETARY: A Evans



REGISTERED OFFICE: Jones The Furnishers
Kettering Road
Northampton
Northamptonshire
NN1 4AU



REGISTERED NUMBER: 03238693 (England and Wales)



ACCOUNTANT: Mourne & Co
10 Market Street
Chapel-en-le-Frith
High Peak
Derbyshire
SK23 0HH



BANKERS: Barclays Bank Plc
Nottingham Corporate Banking Centre
14 Park Row
Nottingham
NG1 6EX

JONES THE FURNISHERS LIMITED (REGISTERED NUMBER: 03238693)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 1 1
Tangible assets 6 3 3
4 4

CURRENT ASSETS
Stocks 7 205,842 197,445
Debtors 8 23,774 21,531
Cash at bank and in hand 130,688 177,259
360,304 396,235
CREDITORS
Amounts falling due within one year 9 131,826 169,507
NET CURRENT ASSETS 228,478 226,728
TOTAL ASSETS LESS CURRENT
LIABILITIES

228,482

226,732

CAPITAL AND RESERVES
Called up share capital 11 600 600
Retained earnings 12 227,882 226,132
SHAREHOLDERS' FUNDS 228,482 226,732

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

JONES THE FURNISHERS LIMITED (REGISTERED NUMBER: 03238693)

Balance Sheet - continued
31 March 2024


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 director and authorised for issue on 30 September 2024 and were signed by:





A Evans - Director


JONES THE FURNISHERS LIMITED (REGISTERED NUMBER: 03238693)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Jones The Furnishers 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The principal accounting policies adopted in the preparation of the financial statements are set out below.

The financial statements have been prepared under the historic cost convention, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below.

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

Turnover is recognised at the point when a customer takes full possession of the goods or the goods become unconditionally available. Deposits received in advance with an order are reflected in the balance sheet as a liability.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being carried in the balance sheet at its nominal value of £1.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - in accordance with the property
Fixtures & fittings - at variable rates on reducing balance
Motor vehicles - 25% on reducing balance

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

JONES THE FURNISHERS LIMITED (REGISTERED NUMBER: 03238693)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments; trade debtors, trade creditors, bank loans and directors loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

JONES THE FURNISHERS LIMITED (REGISTERED NUMBER: 03238693)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 1
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

6. TANGIBLE FIXED ASSETS
Leasehold Fixtures Motor
property & fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 1 16,854 21,500 38,355
DEPRECIATION
At 1 April 2023
and 31 March 2024 - 16,853 21,499 38,352
NET BOOK VALUE
At 31 March 2024 1 1 1 3
At 31 March 2023 1 1 1 3

7. STOCKS
31.3.24 31.3.23
£    £   
Stock 205,842 197,445

8. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Prepayments 3,774 1,531

Amounts falling due after more than one year:
Long term deposit (AIS) 20,000 20,000

Aggregate amounts 23,774 21,531

JONES THE FURNISHERS LIMITED (REGISTERED NUMBER: 03238693)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 67,501 76,204
Taxation 1,607 7,737
Social security & other taxes 2,720 3,337
VAT 10,802 24,753
Customer deposits 44,836 46,545
Directors' current accounts 41 927
Accrued expenses 4,319 10,004
131,826 169,507

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 40,000 40,000
Between one and five years 160,000 160,000
200,000 200,000

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
500 Ordinary £1 500 500
100 Ordinary B £1 100 100
600 600

12. RESERVES
Retained
earnings
£   

At 1 April 2023 226,132
Profit for the year 6,250
Dividends (4,500 )
At 31 March 2024 227,882

13. ULTIMATE CONTROLLING PARTY

The company was throughout the year under the control of the director A Evans by virtue of his majority holding in the issued ordinary share capital.