9 25 September 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11446165 2023-01-01 2023-12-31 11446165 2023-12-31 11446165 2022-12-31 11446165 2022-01-01 2022-12-31 11446165 2022-12-31 11446165 2021-12-31 11446165 bus:Director2 2023-01-01 2023-12-31 11446165 core:WithinOneYear 2023-12-31 11446165 core:WithinOneYear 2022-12-31 11446165 core:ShareCapital 2023-12-31 11446165 core:ShareCapital 2022-12-31 11446165 core:RetainedEarningsAccumulatedLosses 2023-12-31 11446165 core:RetainedEarningsAccumulatedLosses 2022-12-31 11446165 bus:SmallEntities 2023-01-01 2023-12-31 11446165 bus:Audited 2023-01-01 2023-12-31 11446165 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11446165 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11446165 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 11446165
THE BRANDED FURNITURE COMPANY LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
THE BRANDED FURNITURE COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Current assets
Debtors
5
739,180
1,538,700
Cash at bank and in hand
695,347
35,084
-------------
-------------
1,434,527
1,573,784
Creditors: amounts falling due within one year
6
( 255,329)
( 545,093)
-------------
-------------
Net current assets
1,179,198
1,028,691
-------------
-------------
Total assets less current liabilities
1,179,198
1,028,691
-------------
-------------
Net assets
1,179,198
1,028,691
-------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,179,098
1,028,591
-------------
-------------
Shareholders funds
1,179,198
1,028,691
-------------
-------------
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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
M Clarridge
Director
Company registration number: 11446165
THE BRANDED FURNITURE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Branded Furniture Company Ltd, Orchard Way, Calladine Business Park, Sutton-In-Ashfield, Nottinghamshire, NG17 1JU, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements We do not consider there to be any significant judgements in the financial statements for disclosure.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 8 ).
5. Debtors
2023
2022
£
£
Trade debtors
730,537
1,528,408
Other debtors
8,643
10,292
----------
-------------
739,180
1,538,700
----------
-------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,910
1,129
Corporation tax
138,074
195,040
Social security and other taxes
12,426
41,121
Other creditors
88,919
307,803
----------
----------
255,329
545,093
----------
----------
7. Summary audit opinion
The auditor's report dated 25 September 2024 was unqualified .
The senior statutory auditor was MARK BRADSHAW , for and on behalf of Streets Audit LLP .