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Company No: 08635011 (England and Wales)

DSR FURNISHINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

DSR FURNISHINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

DSR FURNISHINGS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
DSR FURNISHINGS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 10,059 2,000
Tangible assets 4 19,366 27,458
29,425 29,458
Current assets
Stocks 5 165,000 125,000
Debtors 6 103,905 30,597
Cash at bank and in hand 127,613 250,400
396,518 405,997
Creditors: amounts falling due within one year 7 ( 410,397) ( 310,384)
Net current (liabilities)/assets (13,879) 95,613
Total assets less current liabilities 15,546 125,071
Creditors: amounts falling due after more than one year 8 ( 14,142) ( 24,790)
Net assets 1,404 100,281
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 1,304 100,181
Total shareholder's funds 1,404 100,281

For the financial year ending 30 November 2023 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 DSR Furnishings Limited (registered number: 08635011) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Parker
Director

29 October 2024

DSR FURNISHINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
DSR FURNISHINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
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

DSR Furnishings 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 281 Ballards Lane, North Finchley, N12 8NR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 Statement of Income and Retained Earnings 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 Statement of Income and Retained Earnings 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
Website costs 10 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.

Other intangible assets

Website costs are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All Website costs are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten 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:

Plant and machinery 5 years straight line
Vehicles 3 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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 Statement of Income and Retained Earnings 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 based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 17 16

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 December 2022 20,000 0 20,000
Additions 0 10,208 10,208
At 30 November 2023 20,000 10,208 30,208
Accumulated amortisation
At 01 December 2022 18,000 0 18,000
Charge for the financial year 2,000 149 2,149
At 30 November 2023 20,000 149 20,149
Net book value
At 30 November 2023 0 10,059 10,059
At 30 November 2022 2,000 0 2,000

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 December 2022 27,685 10,000 16,592 25,932 80,209
Additions 3,346 0 0 3,134 6,480
Disposals 0 0 0 ( 15,820) ( 15,820)
Transfers 0 ( 10,000) 0 0 ( 10,000)
At 30 November 2023 31,031 0 16,592 13,246 60,869
Accumulated depreciation
At 01 December 2022 14,007 0 16,448 22,296 52,751
Charge for the financial year 3,336 0 36 1,200 4,572
Disposals 0 0 0 ( 15,820) ( 15,820)
At 30 November 2023 17,343 0 16,484 7,676 41,503
Net book value
At 30 November 2023 13,688 0 108 5,570 19,366
At 30 November 2022 13,678 10,000 144 3,636 27,458

5. Stocks

2023 2022
£ £
Stocks 165,000 125,000

Stock recognised in cost of sales during the year as an expense was £1,462,031 (2022: £1,348,654).

6. Debtors

2023 2022
£ £
Trade debtors 18,910 877
Amounts owed by directors 43,627 ( 125)
Prepayments 30,434 29,845
Other debtors 10,934 0
103,905 30,597

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,648 10,648
Trade creditors 304,197 174,284
Amounts owed to parent undertakings 24,050 50
Accruals 5,000 9,367
Other taxation and social security 64,064 114,072
Other creditors 2,438 1,963
410,397 310,384

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

2023 2022
£ £
Bank loans 14,142 24,790

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100