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REGISTERED NUMBER: SC476440 (Scotland)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

EK Furniture Outlet Limited

EK Furniture Outlet Limited (Registered number: SC476440)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EK Furniture Outlet Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: J Tennyson
Mrs E Tennyson





REGISTERED OFFICE: 6 Lithgow Place
East Kilbride
G74 1PW





REGISTERED NUMBER: SC476440 (Scotland)





ACCOUNTANTS: Andersons
53 Wellhall Road
Hamilton
Lanarkshire
ML3 9BY

EK Furniture Outlet Limited (Registered number: SC476440)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,899 21,586

CURRENT ASSETS
Stocks 141,849 177,507
Debtors 5 62,867 129,195
Cash at bank and in hand 464,114 326,644
668,830 633,346
CREDITORS
Amounts falling due within one year 6 360,284 305,450
NET CURRENT ASSETS 308,546 327,896
TOTAL ASSETS LESS CURRENT
LIABILITIES

325,445

349,482

CREDITORS
Amounts falling due after more than one year 7 12,500 22,500
NET ASSETS 312,945 326,982

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 312,925 326,962
SHAREHOLDERS' FUNDS 312,945 326,982

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

EK Furniture Outlet Limited (Registered number: SC476440)

Balance Sheet - continued
29 February 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





J Tennyson - Director


EK Furniture Outlet Limited (Registered number: SC476440)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

EK Furniture Outlet Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

EK Furniture Outlet Limited (Registered number: SC476440)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 68,683
Additions 6,019
At 29 February 2024 74,702
DEPRECIATION
At 1 March 2023 47,097
Charge for year 10,706
At 29 February 2024 57,803
NET BOOK VALUE
At 29 February 2024 16,899
At 28 February 2023 21,586

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 691 1,191
Other debtors 62,176 128,004
62,867 129,195

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 82,786 87,561
Taxation and social security 91,253 102,309
Other creditors 176,245 105,580
360,284 305,450

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 12,500 22,500

EK Furniture Outlet Limited (Registered number: SC476440)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
J Tennyson
Balance outstanding at start of year 40,000 -
Amounts advanced - 40,000
Amounts repaid (40,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 40,000

Mrs E Tennyson
Balance outstanding at start of year 40,000 -
Amounts advanced - 40,000
Amounts repaid (40,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 40,000

9. ULTIMATE CONTROLLING PARTY

The directors jointly control the company.