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COMPANY REGISTRATION NUMBER: 07507298
ADAMS UPHOLSTERY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
ADAMS UPHOLSTERY LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
14,680
16,880
Current assets
Stocks
12,113
11,786
Debtors
7
134,365
93,047
----------
----------
146,478
104,833
Creditors: amounts falling due within one year
8
137,555
93,786
----------
----------
Net current assets
8,923
11,047
---------
---------
Total assets less current liabilities
23,603
27,927
Creditors: amounts falling due after more than one year
9
16,667
24,667
Provisions
Taxation including deferred tax
3,523
3,207
---------
---------
Net assets
3,413
53
---------
---------
ADAMS UPHOLSTERY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
3,412
52
-------
----
Shareholder funds
3,413
53
-------
----
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.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act 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 9 October 2024 , and are signed on behalf of the board by:
Mr A R Richardson
Director
Company registration number: 07507298
ADAMS UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
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, 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
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director. The director considers that the uncertainty caused in the upholstery industry as a result of Coronavirus and the recovery from the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the cost of living crisis, and world economic impact of the war in Ukraine.
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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures, fittings & equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
153,303
----------
Amortisation
At 1 February 2023 and 31 January 2024
153,303
----------
Carrying amount
At 31 January 2024
----------
At 31 January 2023
----------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 February 2023
15,369
66,130
81,499
Additions
2,693
2,693
---------
---------
---------
At 31 January 2024
18,062
66,130
84,192
---------
---------
---------
Depreciation
At 1 February 2023
11,343
53,276
64,619
Charge for the year
1,680
3,213
4,893
---------
---------
---------
At 31 January 2024
13,023
56,489
69,512
---------
---------
---------
Carrying amount
At 31 January 2024
5,039
9,641
14,680
---------
---------
---------
At 31 January 2023
4,026
12,854
16,880
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
84,580
38,839
Other debtors
49,785
54,208
----------
---------
134,365
93,047
----------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,288
9,620
Trade creditors
16,237
12,311
Corporation tax
81,883
50,747
Social security and other taxes
23,817
15,243
Other creditors
6,330
5,865
----------
---------
137,555
93,786
----------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,667
24,667
---------
---------
10. Director's advances, credits and guarantees
The director received both salary and dividends from the company in the year.
11. Related party transactions
The company was under the control of Mr A R Richardson throughout the current and previous year. Mr A R Richardson is the managing director and majority shareholder.