Lord Browns Furniture Ltd 05591106 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is retail of furniture. Digita Accounts Production Advanced 6.30.9574.0 true true 05591106 2023-04-01 2024-03-31 05591106 2024-03-31 05591106 core:RetainedEarningsAccumulatedLosses 2024-03-31 05591106 core:ShareCapital 2024-03-31 05591106 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 05591106 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 05591106 core:CurrentFinancialInstruments 2024-03-31 05591106 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05591106 core:Non-currentFinancialInstruments 2024-03-31 05591106 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05591106 core:FurnitureFittingsToolsEquipment 2024-03-31 05591106 core:MotorVehicles 2024-03-31 05591106 1 2024-03-31 05591106 bus:SmallEntities 2023-04-01 2024-03-31 05591106 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05591106 bus:FilletedAccounts 2023-04-01 2024-03-31 05591106 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05591106 bus:RegisteredOffice 2023-04-01 2024-03-31 05591106 bus:Director1 2023-04-01 2024-03-31 05591106 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05591106 core:Goodwill 2023-04-01 2024-03-31 05591106 core:FurnitureFittings 2023-04-01 2024-03-31 05591106 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05591106 core:LeaseholdImprovements 2023-04-01 2024-03-31 05591106 core:MotorVehicles 2023-04-01 2024-03-31 05591106 core:OfficeEquipment 2023-04-01 2024-03-31 05591106 countries:EnglandWales 2023-04-01 2024-03-31 05591106 1 2023-04-01 2024-03-31 05591106 2023-03-31 05591106 core:FurnitureFittingsToolsEquipment 2023-03-31 05591106 core:MotorVehicles 2023-03-31 05591106 1 2023-03-31 05591106 2022-02-01 2023-03-31 05591106 2023-03-31 05591106 core:RetainedEarningsAccumulatedLosses 2023-03-31 05591106 core:ShareCapital 2023-03-31 05591106 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 05591106 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 05591106 core:CurrentFinancialInstruments 2023-03-31 05591106 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05591106 core:Non-currentFinancialInstruments 2023-03-31 05591106 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05591106 core:FurnitureFittingsToolsEquipment 2023-03-31 05591106 core:MotorVehicles 2023-03-31 05591106 1 2023-03-31 05591106 1 2022-02-01 2023-03-31 05591106 1 2022-01-31 iso4217:GBP xbrli:pure

Registration number: 05591106

Lord Browns Furniture Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Lord Browns Furniture Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Lord Browns Furniture Ltd

(Registration number: 05591106)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

112,849

65,562

Current assets

 

Stocks

5

325,515

326,050

Debtors

6

18,848

7,782

Cash at bank and in hand

 

96,960

109,466

 

441,323

443,298

Creditors: Amounts falling due within one year

7

(55,738)

(94,575)

Net current assets

 

385,585

348,723

Total assets less current liabilities

 

498,434

414,285

Creditors: Amounts falling due after more than one year

7

(54,414)

(24,886)

Provisions for liabilities

(42,838)

(33,856)

Net assets

 

401,182

355,543

Capital and reserves

 

Called up share capital

100

100

Retained earnings

401,082

355,443

Shareholders' funds

 

401,182

355,543

 

Lord Browns Furniture Ltd

(Registration number: 05591106)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 October 2024 and signed on its behalf by:
 

.........................................
HA Lord
Director

 

Lord Browns Furniture Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Macmahon Leggate Accountants
First Floor Kingsway House
Kingsway
Burnley
BB11 1BJ
England

These financial statements were authorised for issue by the Board on 10 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Lord Browns Furniture Ltd

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Leasehold improvements

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Lord Browns Furniture Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Lord Browns Furniture Ltd

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 10).

 

Lord Browns Furniture Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

-

123,594

123,594

Additions

1,580

65,250

66,830

At 31 March 2024

1,580

188,844

190,424

Depreciation

At 1 April 2023

-

58,032

58,032

Charge for the year

326

19,217

19,543

At 31 March 2024

326

77,249

77,575

Carrying amount

At 31 March 2024

1,254

111,595

112,849

At 31 March 2023

-

65,562

65,562

5

Stocks

2024
£

2023
£

Other inventories

325,515

326,050

6

Debtors

2024
£

2023
£

Trade debtors

1,740

-

Other debtors

15,838

6,000

Prepayments

1,270

1,782

18,848

7,782

 

Lord Browns Furniture Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

26,203

15,672

Trade creditors

 

18,536

21,176

Taxation and social security

 

9,349

46,882

Accruals and deferred income

 

1,500

1,500

Other creditors

 

150

9,345

 

55,738

94,575


Creditors include finance lease and hire purchase contracts which are secured of £16,703 (2023 - £6,172).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

54,414

24,886


Creditors include finance lease and hire purchase contracts which are secured of £41,521 (2023 - £2,052).

 

Lord Browns Furniture Ltd

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,893

22,834

Hire purchase contracts

41,521

2,052

54,414

24,886

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,500

9,500

Hire purchase contracts

16,703

6,172

26,203

15,672

Hire purchase contracts are secured on the assets to which they relate.

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

There are no repayment terms on this loan

251

(43,559)

35,044

(8,264)

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

There are no repayment terms on this loan

(4,303)

(55,593)

60,147

251