Relate AccountsProduction v2.7.3 v2.7.3 2023-02-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts Retail of Furniture and household goods.


The company changed its name from Magherafelt Discount Store limited to Furniture World MF Limited on the 13th September 2019.
23 October 2024 10 12
NI609003 2024-01-31 NI609003 2023-01-31 NI609003 2022-01-31 NI609003 2023-02-01 2024-01-31 NI609003 2022-02-01 2023-01-31 NI609003 uk-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI609003 uk-curr:PoundSterling 2023-02-01 2024-01-31 NI609003 uk-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI609003 uk-bus:FullAccounts 2023-02-01 2024-01-31 NI609003 uk-core:ShareCapital 2024-01-31 NI609003 uk-core:ShareCapital 2023-01-31 NI609003 uk-core:RetainedEarningsAccumulatedLosses 2024-01-31 NI609003 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI609003 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-01-31 NI609003 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI609003 uk-bus:FRS102 2023-02-01 2024-01-31 NI609003 uk-core:PlantMachinery 2023-02-01 2024-01-31 NI609003 uk-core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 NI609003 uk-core:CurrentFinancialInstruments 2024-01-31 NI609003 uk-core:CurrentFinancialInstruments 2023-01-31 NI609003 uk-core:WithinOneYear 2024-01-31 NI609003 uk-core:WithinOneYear 2023-01-31 NI609003 uk-core:WithinOneYear 2024-01-31 NI609003 uk-core:WithinOneYear 2023-01-31 NI609003 uk-core:AfterOneYear 2024-01-31 NI609003 uk-core:AfterOneYear 2023-01-31 NI609003 uk-core:BetweenTwoFiveYears 2024-01-31 NI609003 uk-core:BetweenTwoFiveYears 2023-01-31 NI609003 uk-core:OtherMiscellaneousReserve 2023-01-31 NI609003 uk-core:OtherMiscellaneousReserve 2023-02-01 2024-01-31 NI609003 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 NI609003 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-01-31 NI609003 uk-core:OtherDeferredTax 2024-01-31 NI609003 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-01-31 NI609003 uk-core:OtherMiscellaneousReserve 2024-01-31 NI609003 2023-02-01 2024-01-31 NI609003 uk-bus:Director1 2023-02-01 2024-01-31 NI609003 uk-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI609003
 
 
Furniture World MF Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 January 2024



Furniture World MF Limited
Company Registration Number: NI609003
BALANCE SHEET
as at 31 January 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 50,880 55,375
───────── ─────────
 
Current Assets
Stocks 5 419,197 537,542
Debtors 6 26,188 26,964
Cash and cash equivalents 493 2,169
───────── ─────────
445,878 566,675
───────── ─────────
Creditors: amounts falling due within one year 7 (400,792) (542,697)
───────── ─────────
Net Current Assets 45,086 23,978
───────── ─────────
Total Assets less Current Liabilities 95,966 79,353
 
Creditors:
amounts falling due after more than one year 8 (13,476) (24,659)
 
Provisions for liabilities 9 (11,110) (10,631)
───────── ─────────
Net Assets 71,380 44,063
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 71,280 43,963
───────── ─────────
Equity attributable to owners of the company 71,380 44,063
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 23 October 2024
           
________________________________          
R Ferguson          
Director          
           



Furniture World MF Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. General Information
 
Furniture World MF Limited is a company limited by shares incorporated in Northern Ireland. 26 Rainey Street, Magherafelt, Co Londonderry, BT45 5AQ is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 10% Straight line
  Fixtures, fittings and equipment - 15% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 10, (2023 - 12).
 
  2024 2023
  Number Number
 
Total 10 12
  ═════════ ═════════
         
4. Tangible assets
  Plant and Fixtures, Total
  machinery fittings and  
    equipment  
  £ £ £
Cost
At 1 February 2023 46,450 32,249 78,699
Additions 3,750 - 3,750
  ───────── ───────── ─────────
At 31 January 2024 50,200 32,249 82,449
  ───────── ───────── ─────────
Depreciation
At 1 February 2023 13,540 9,784 23,324
Charge for the financial year 5,020 3,225 8,245
  ───────── ───────── ─────────
At 31 January 2024 18,560 13,009 31,569
  ───────── ───────── ─────────
Net book value
At 31 January 2024 31,640 19,240 50,880
  ═════════ ═════════ ═════════
At 31 January 2023 32,910 22,465 55,375
  ═════════ ═════════ ═════════
       
5. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 419,197 537,542
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2024 2023
  £ £
 
Trade debtors 17,790 20,760
Amounts owed by connected parties (Note 11) 8,398 6,204
  ───────── ─────────
  26,188 26,964
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank loan 10,658 9,395
Trade creditors 305,383 463,637
Taxation 62,890 43,989
Director's current account 109 6,057
Other creditors 16,441 14,310
Accruals:
Pension accrual 11 9
Other accruals 5,300 5,300
  ───────── ─────────
  400,792 542,697
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 13,476 24,659
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 10,658 9,395
Repayable between two and five years 13,476 24,659
  ───────── ─────────
  24,134 34,054
  ═════════ ═════════
 
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 10,631 10,631 11,463
Charged to profit and loss 479 479 (832)
  ───────── ───────── ─────────
At financial year end 11,110 11,110 10,631
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 January 2024.
           
11. Related party transactions
  Balance Movement Balance Maximum
  2024 in year 2023 in year
  £ £ £ £
 
Furniture World (Cookstown) Limited 8,398 2,194 6,204 -
  ═════════ ═════════ ═════════ ═════════
 
Mr Ferguson a director in Furniture World MF limited is also a director of Furniture World (Cookstown) Limited, during the year Furniture World paid expenes on behalf of Furniture World (Cookstown) Limited.
   
12. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.