West Sussex Office Furniture Limited 05028257 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the manufacture of office and shop furniture. Digita Accounts Production Advanced 6.30.9574.0 true true 05028257 2023-02-01 2024-01-31 05028257 2024-01-31 05028257 bus:CompanySecretaryDirector1 1 2024-01-31 05028257 bus:Director2 1 2024-01-31 05028257 bus:Director3 1 2024-01-31 05028257 bus:OrdinaryShareClass1 2024-01-31 05028257 bus:OrdinaryShareClass2 2024-01-31 05028257 core:CurrentFinancialInstruments 2024-01-31 05028257 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 05028257 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 05028257 core:FurnitureFittingsToolsEquipment 2024-01-31 05028257 core:LandBuildings 2024-01-31 05028257 core:MotorVehicles 2024-01-31 05028257 bus:SmallEntities 2023-02-01 2024-01-31 05028257 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 05028257 bus:FullAccounts 2023-02-01 2024-01-31 05028257 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 05028257 bus:RegisteredOffice 2023-02-01 2024-01-31 05028257 bus:CompanySecretaryDirector1 2023-02-01 2024-01-31 05028257 bus:CompanySecretaryDirector1 1 2023-02-01 2024-01-31 05028257 bus:Director2 2023-02-01 2024-01-31 05028257 bus:Director2 1 2023-02-01 2024-01-31 05028257 bus:Director3 2023-02-01 2024-01-31 05028257 bus:Director3 1 2023-02-01 2024-01-31 05028257 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 05028257 bus:OrdinaryShareClass2 2023-02-01 2024-01-31 05028257 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05028257 bus:Agent1 2023-02-01 2024-01-31 05028257 core:FurnitureFittings 2023-02-01 2024-01-31 05028257 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 05028257 core:LandBuildings 2023-02-01 2024-01-31 05028257 core:LeaseholdImprovements 2023-02-01 2024-01-31 05028257 core:MotorVehicles 2023-02-01 2024-01-31 05028257 core:PlantMachinery 2023-02-01 2024-01-31 05028257 core:Vehicles 2023-02-01 2024-01-31 05028257 countries:England 2023-02-01 2024-01-31 05028257 2023-01-31 05028257 bus:CompanySecretaryDirector1 1 2023-01-31 05028257 bus:Director2 1 2023-01-31 05028257 bus:Director3 1 2023-01-31 05028257 core:FurnitureFittingsToolsEquipment 2023-01-31 05028257 core:LandBuildings 2023-01-31 05028257 core:MotorVehicles 2023-01-31 05028257 2022-02-01 2023-01-31 05028257 2023-01-31 05028257 bus:CompanySecretaryDirector1 1 2023-01-31 05028257 bus:Director2 1 2023-01-31 05028257 bus:Director3 1 2023-01-31 05028257 bus:OrdinaryShareClass1 2023-01-31 05028257 bus:OrdinaryShareClass2 2023-01-31 05028257 core:CurrentFinancialInstruments 2023-01-31 05028257 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 05028257 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 05028257 core:FurnitureFittingsToolsEquipment 2023-01-31 05028257 core:LandBuildings 2023-01-31 05028257 core:MotorVehicles 2023-01-31 05028257 bus:CompanySecretaryDirector1 1 2022-02-01 2023-01-31 05028257 bus:Director2 1 2022-02-01 2023-01-31 05028257 bus:Director3 1 2022-02-01 2023-01-31 05028257 bus:CompanySecretaryDirector1 1 2022-01-31 05028257 bus:Director2 1 2022-01-31 05028257 bus:Director3 1 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05028257

West Sussex Office Furniture Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

West Sussex Office Furniture Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

West Sussex Office Furniture Limited

Company Information

Directors

R Dorday

M Liddell

I Hamlett

Company secretary

R Dorday

Registered office

Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

Accountants

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
West Sussex Office Furniture Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of West Sussex Office Furniture Limited for the year ended 31 January 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of West Sussex Office Furniture Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of West Sussex Office Furniture Limited and state those matters that we have agreed to state to the Board of Directors of West Sussex Office Furniture Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than West Sussex Office Furniture Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that West Sussex Office Furniture Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of West Sussex Office Furniture Limited. You consider that West Sussex Office Furniture Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of West Sussex Office Furniture Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

25 October 2024

 

West Sussex Office Furniture Limited

(Registration number: 05028257)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

499,615

518,788

Current assets

 

Stocks

5

164,578

158,259

Debtors

6

769,872

807,804

Cash at bank and in hand

 

121,947

108,412

 

1,056,397

1,074,475

Creditors: Amounts falling due within one year

7

(777,251)

(691,056)

Net current assets

 

279,146

383,419

Total assets less current liabilities

 

778,761

902,207

Creditors: Amounts falling due after more than one year

7

(238,296)

(325,689)

Provisions for liabilities

(116,448)

(91,759)

Net assets

 

424,017

484,759

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

423,917

484,659

Shareholders' funds

 

424,017

484,759

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 25 October 2024 and signed on its behalf by:
 

.........................................
R Dorday
Company secretary and director

.........................................
I Hamlett
Director

 
     
 

West Sussex Office Furniture Limited

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 England.

The address of its registered office is:
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

These financial statements were authorised for issue by the Board on 25 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

West Sussex Office Furniture Limited

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

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

Plant & Machinery

15% Reducing balance

Motor vehicles

25% Reducing balance

Office furniture and equipment

15% Reducing balance

Property improvements

Straight line over lease period

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.

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.

 

West Sussex Office Furniture Limited

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

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.

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 53 (2023 - 52).

 

West Sussex Office Furniture Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

76,270

808,281

119,872

1,004,423

Additions

1,720

39,000

28,589

69,309

Disposals

-

-

(17,352)

(17,352)

At 31 January 2024

77,990

847,281

131,109

1,056,380

Depreciation

At 1 February 2023

40,424

360,462

84,749

485,635

Charge for the year

3,742

68,557

13,094

85,393

Eliminated on disposal

-

-

(14,263)

(14,263)

At 31 January 2024

44,166

429,019

83,580

556,765

Carrying amount

At 31 January 2024

33,824

418,262

47,529

499,615

At 31 January 2023

35,846

447,819

35,123

518,788

Included within the net book value of land and buildings above is £33,823 (2023 - £35,845) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Raw materials and consumables

155,079

146,404

Work in progress

9,499

11,855

164,578

158,259

6

Debtors

Current

2024
£

2023
£

Trade debtors

419,441

523,185

Prepayments

290,027

239,215

Other debtors

60,404

45,404

 

769,872

807,804

 

West Sussex Office Furniture Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

136,814

164,323

Trade creditors

 

448,681

414,035

Taxation and social security

 

114,712

57,420

Accruals and deferred income

 

62,007

41,910

Other creditors

 

15,037

13,368

 

777,251

691,056

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

238,296

325,689

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

75

75

75

75

Ordinary 'A' shares of £1 each

25

25

25

25

 

100

100

100

100

9

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £1,820.00 (2023 - £1,420.00) per ordinary share

 

136,500

 

106,500

         
 

West Sussex Office Furniture Limited

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

10

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

At 31 January 2024
£

I Hamlett

Balance owed (to)/from director

11,954

5,000

16,954

       
     

R Dorday

Balance owed (to)/from director

15,930

5,000

20,930

       
     

M Liddell

Balance owed (to)/from director

17,520

5,000

22,520

       
     

 

2023

At 1 February 2022
£

Advances to director
£

At 31 January 2023
£

I Hamlett

Balance owed (to)/from director

3,222

8,731

11,954

       
     

R Dorday

Balance owed (to)/from director

7,163

8,767

15,930

       
     

M Liddell

Balance owed (to)/from director

8,439

9,081

17,520