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Registration number: NI610742

Inspired Furniture Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Inspired Furniture Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Inspired Furniture Ltd

Company Information

Directors

Jonathon Orr

Mr Ronald McCulloch

Registered office

6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

Accountants

Hopper & Co
Chartered Accountants
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

 

Inspired Furniture Ltd

(Registration number: NI610742)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

254,418

345,201

Current assets

 

Stocks

5

178,805

218,659

Debtors

6

180,002

49,832

Cash at bank and in hand

 

170,273

231,411

 

529,080

499,902

Creditors: Amounts falling due within one year

7

(249,623)

(260,253)

Net current assets

 

279,457

239,649

Total assets less current liabilities

 

533,875

584,850

Creditors: Amounts falling due after more than one year

7

(91,853)

(129,034)

Net assets

 

442,022

455,816

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

442,021

455,815

Shareholders' funds

 

442,022

455,816

For the financial 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.

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 15 October 2024 and signed on its behalf by:
 

 

Inspired Furniture Ltd

(Registration number: NI610742)
Balance Sheet as at 31 January 2024

.........................................
Jonathon Orr
Director

.........................................
Mr Ronald McCulloch
Director

 

Inspired Furniture Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG
Northern Ireland

The principal place of business is:
45 Ruskey Road
Coagh
Cookstown
Northern Ireland
BT80 0AH

These financial statements were authorised for issue by the Board on 15 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared 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.

 

Inspired Furniture Ltd

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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.

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

Motor Vehicles

25% reducing balance

Computer & Office Equipment

20% straight line

Plant & Machinery

25% straight line

Fixtures & Fittings

20% straight line

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.

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.

 

Inspired Furniture Ltd

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Inspired Furniture Ltd

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

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 0 (2023 - 19).

 

Inspired Furniture Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

637,513

85,647

723,160

Additions

6,682

-

6,682

Disposals

-

(5,450)

(5,450)

At 31 January 2024

644,195

80,197

724,392

Depreciation

At 1 February 2023

342,825

35,134

377,959

Charge for the year

83,759

12,449

96,208

Eliminated on disposal

-

(4,193)

(4,193)

At 31 January 2024

426,584

43,390

469,974

Carrying amount

At 31 January 2024

217,611

36,807

254,418

At 31 January 2023

294,688

50,513

345,201

5

Stocks

2024
£

2023
£

Work in progress

28,000

38,500

Other inventories

150,805

180,159

178,805

218,659

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

162,475

46,350

Amounts owed by related parties

11

1,322

-

Prepayments

 

-

3,021

Other debtors

 

16,205

461

   

180,002

49,832

7

Creditors

Creditors: amounts falling due within one year

 

Inspired Furniture Ltd

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

50,781

65,126

Trade creditors

 

107,203

100,987

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

-

932

Taxation and social security

 

78,338

62,400

Accruals and deferred income

 

8,239

8,199

Other creditors

 

5,062

22,609

 

249,623

260,253

 

Inspired Furniture Ltd

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

91,853

129,034

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £0.01 each

100

1

100

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

49,167

74,167

Hire purchase contracts

42,686

54,867

91,853

129,034

Current loans and borrowings

2024
£

2023
£

Bank borrowings

25,000

25,000

Hire purchase contracts

25,781

40,126

50,781

65,126

10

Dividends

2024

2023

£

£

Final dividend of £80.00 (2023 - £60.00) per ordinary share

80,000

60,000

 

 

The directors are recommending a final dividend of £80.00 (2023 - £80.00) per share totalling £80,000.00 (2023 - £80,000.00). This dividend has not been accrued in the balance sheet.

11

Related party transactions

 

Inspired Furniture Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

13,149

68,495