Silverfin false false 31/05/2024 01/06/2023 31/05/2024 John Doe 31/05/2024 Angela Doe 31/05/2024 24/03/2004 Charles Doe 24/03/2004 Edward Doe 24/03/2004 Nathan Doe 13/07/2021 18 October 2024 The principal activity of the company continues to be that of the retail of carpets, furniture and home accessories. 05083419 2024-05-31 05083419 bus:Director1 2024-05-31 05083419 bus:Director2 2024-05-31 05083419 bus:Director3 2024-05-31 05083419 bus:Director4 2024-05-31 05083419 bus:Director5 2024-05-31 05083419 2023-05-31 05083419 core:CurrentFinancialInstruments 2024-05-31 05083419 core:CurrentFinancialInstruments 2023-05-31 05083419 core:Non-currentFinancialInstruments 2024-05-31 05083419 core:Non-currentFinancialInstruments 2023-05-31 05083419 core:ShareCapital 2024-05-31 05083419 core:ShareCapital 2023-05-31 05083419 core:RetainedEarningsAccumulatedLosses 2024-05-31 05083419 core:RetainedEarningsAccumulatedLosses 2023-05-31 05083419 core:Goodwill 2023-05-31 05083419 core:ComputerSoftware 2023-05-31 05083419 core:Goodwill 2024-05-31 05083419 core:ComputerSoftware 2024-05-31 05083419 core:LandBuildings 2023-05-31 05083419 core:LeaseholdImprovements 2023-05-31 05083419 core:PlantMachinery 2023-05-31 05083419 core:Vehicles 2023-05-31 05083419 core:FurnitureFittings 2023-05-31 05083419 core:LandBuildings 2024-05-31 05083419 core:LeaseholdImprovements 2024-05-31 05083419 core:PlantMachinery 2024-05-31 05083419 core:Vehicles 2024-05-31 05083419 core:FurnitureFittings 2024-05-31 05083419 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-05-31 05083419 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-05-31 05083419 core:MoreThanFiveYears 2024-05-31 05083419 core:MoreThanFiveYears 2023-05-31 05083419 2022-05-31 05083419 core:AcceleratedTaxDepreciationDeferredTax 2024-05-31 05083419 core:AcceleratedTaxDepreciationDeferredTax 2023-05-31 05083419 core:OtherDeferredTax 2024-05-31 05083419 core:OtherDeferredTax 2023-05-31 05083419 bus:OrdinaryShareClass1 2024-05-31 05083419 bus:OrdinaryShareClass2 2024-05-31 05083419 bus:OrdinaryShareClass3 2024-05-31 05083419 bus:OrdinaryShareClass4 2024-05-31 05083419 bus:OrdinaryShareClass5 2024-05-31 05083419 core:WithinOneYear 2024-05-31 05083419 core:WithinOneYear 2023-05-31 05083419 core:BetweenOneFiveYears 2024-05-31 05083419 core:BetweenOneFiveYears 2023-05-31 05083419 2023-06-01 2024-05-31 05083419 bus:FilletedAccounts 2023-06-01 2024-05-31 05083419 bus:SmallEntities 2023-06-01 2024-05-31 05083419 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05083419 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05083419 bus:Director1 2023-06-01 2024-05-31 05083419 bus:Director2 2023-06-01 2024-05-31 05083419 bus:Director3 2023-06-01 2024-05-31 05083419 bus:Director4 2023-06-01 2024-05-31 05083419 bus:Director5 2023-06-01 2024-05-31 05083419 core:Goodwill core:TopRangeValue 2023-06-01 2024-05-31 05083419 core:ComputerSoftware core:TopRangeValue 2023-06-01 2024-05-31 05083419 core:Goodwill 2023-06-01 2024-05-31 05083419 core:LandBuildings core:BottomRangeValue 2023-06-01 2024-05-31 05083419 core:LandBuildings core:TopRangeValue 2023-06-01 2024-05-31 05083419 core:LeaseholdImprovements core:TopRangeValue 2023-06-01 2024-05-31 05083419 core:PlantMachinery 2023-06-01 2024-05-31 05083419 core:Vehicles 2023-06-01 2024-05-31 05083419 core:FurnitureFittings 2023-06-01 2024-05-31 05083419 2022-06-01 2023-05-31 05083419 core:ComputerSoftware 2023-06-01 2024-05-31 05083419 core:LandBuildings 2023-06-01 2024-05-31 05083419 core:LeaseholdImprovements 2023-06-01 2024-05-31 05083419 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 05083419 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 05083419 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 05083419 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 05083419 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 05083419 bus:OrdinaryShareClass3 2023-06-01 2024-05-31 05083419 bus:OrdinaryShareClass3 2022-06-01 2023-05-31 05083419 bus:OrdinaryShareClass4 2023-06-01 2024-05-31 05083419 bus:OrdinaryShareClass4 2022-06-01 2023-05-31 05083419 bus:OrdinaryShareClass5 2023-06-01 2024-05-31 05083419 bus:OrdinaryShareClass5 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05083419 (England and Wales)

JOHN DOE CARPETS & FURNITURE LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

JOHN DOE CARPETS & FURNITURE LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

JOHN DOE CARPETS & FURNITURE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
JOHN DOE CARPETS & FURNITURE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 4,360 12,183
Tangible assets 4 1,393,410 1,039,749
1,397,770 1,051,932
Current assets
Stocks 5 1,166,293 1,054,300
Debtors 6 436,173 705,741
Cash at bank and in hand 398 15,242
1,602,864 1,775,283
Creditors: amounts falling due within one year 7 ( 1,958,278) ( 1,639,123)
Net current (liabilities)/assets (355,414) 136,160
Total assets less current liabilities 1,042,356 1,188,092
Creditors: amounts falling due after more than one year 8 ( 431,173) ( 510,236)
Provision for liabilities 9 ( 127,574) ( 81,043)
Net assets 483,609 596,813
Capital and reserves
Called-up share capital 10 7 4
Profit and loss account 483,602 596,809
Total shareholders' funds 483,609 596,813

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of John Doe Carpets & Furniture Limited (registered number: 05083419) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Nathan Doe
Director

18 October 2024

JOHN DOE CARPETS & FURNITURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
JOHN DOE CARPETS & FURNITURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

John Doe Carpets & Furniture Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Howard House, 46 - 50 Sawmills Road, Diss, IP22 4DA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Computer software 3 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 50 years straight line
Leasehold improvements 5 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 81 75

3. Intangible assets

Goodwill Computer software Total
£ £ £
Cost
At 01 June 2023 100,000 41,599 141,599
At 31 May 2024 100,000 41,599 141,599
Accumulated amortisation
At 01 June 2023 100,000 29,416 129,416
Charge for the financial year 0 7,823 7,823
At 31 May 2024 100,000 37,239 137,239
Net book value
At 31 May 2024 0 4,360 4,360
At 31 May 2023 0 12,183 12,183

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 June 2023 797,632 74,967 68,329 338,298 228,016 1,507,242
Additions 0 0 20,775 0 25,657 46,432
Disposals 0 0 0 ( 29,035) 0 ( 29,035)
Transfers 417,079 0 0 0 0 417,079
At 31 May 2024 1,214,711 74,967 89,104 309,263 253,673 1,941,718
Accumulated depreciation
At 01 June 2023 62,944 15,894 49,473 179,021 160,161 467,493
Charge for the financial year 24,294 14,993 6,839 39,586 19,706 105,418
Disposals 0 0 0 ( 24,603) 0 ( 24,603)
At 31 May 2024 87,238 30,887 56,312 194,004 179,867 548,308
Net book value
At 31 May 2024 1,127,473 44,080 32,792 115,259 73,806 1,393,410
At 31 May 2023 734,688 59,073 18,856 159,277 67,855 1,039,749

5. Stocks

2024 2023
£ £
Finished goods 1,166,293 1,054,300

6. Debtors

2024 2023
£ £
Trade debtors 190,057 186,595
Amounts owed by related parties 0 300,082
Amounts owed by directors 137,073 88,537
Prepayments 10,836 7,769
Corporation tax 0 21,691
Other debtors 98,207 101,067
436,173 705,741

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 316,249 280,130
Trade creditors 1,261,632 1,132,576
Amounts owed to related parties 107,508 0
Accruals 25,405 30,409
Corporation tax 5,357 27,242
Other taxation and social security 206,891 126,690
Obligations under finance leases and hire purchase contracts 26,616 34,555
Other creditors 8,620 7,521
1,958,278 1,639,123

The bank overdraft is secured by a fixed and floating charge over the assets of the company.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 415,516 467,784
Obligations under finance leases and hire purchase contracts 15,657 42,452
431,173 510,236

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 142,174 381,100

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 81,043) ( 92,737)
(Charged)/credited to the Income Statement ( 46,531) 11,694
At the end of financial year ( 127,574) ( 81,043)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 128,449) ( 81,043)
Other timing differences 875 0
( 127,574) ( 81,043)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary A shares of £ 1.00 each 2 2
2 Ordinary B shares of £ 1.00 each 2 2
1 Ordinary C share of £ 1.00 (2023: nil shares) 1 0
1 Ordinary D share of £ 1.00 (2023: nil shares) 1 0
1 Ordinary E share of £ 1.00 (2023: nil shares) 1 0
7 4

On 29 March 2023, 3 new shares were allotted to Nathan Doe (1 Ordinary C share), Charles Doe (1 Ordinary D share), and Megan Doe (1 Ordinary E share). All shares were allotted at par value.

11. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Other 6,070 2,982

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 2,207 2,982
between one and five years 3,863 0
6,070 2,982

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted £41,803 (2023: £36,471).

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 8,620 7,521
Other pensions commitments not shown in the Balance Sheet 41,803 36,471
50,423 43,992

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director loan accounts 137,073 88,537

At the balance sheet date, the director's loan accounts showed overdrawn balances of £137,073 (2023: £88,537). Interest had been charged on the overdrawn balances of £3,385. These amounts are included in other debtors, and will be repaid in full within nine months of the year end.