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REGISTERED NUMBER: 08006296 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

TIMELESS HANDMADE FURNITURE LIMITED

TIMELESS HANDMADE FURNITURE LIMITED (REGISTERED NUMBER: 08006296)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TIMELESS HANDMADE FURNITURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: C Austin





REGISTERED OFFICE: Unit 7G
West Lane trading Estate
Sittingbourne
Kent
ME10 3TT





REGISTERED NUMBER: 08006296 (England and Wales)





ACCOUNTANTS: The Accountancy Practice Ltd
10 Churchill Square
Kings Hill
West Malling
Kent
ME19 5YU

TIMELESS HANDMADE FURNITURE LIMITED (REGISTERED NUMBER: 08006296)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 10,352 13,886
10,352 13,886

CURRENT ASSETS
Stocks 5,750 2,800
Debtors 6 47,100 20,700
Cash at bank 1,605 31,478
54,455 54,978
CREDITORS
Amounts falling due within one year 7 14,198 17,646
NET CURRENT ASSETS 40,257 37,332
TOTAL ASSETS LESS CURRENT
LIABILITIES

50,609

51,218

PROVISIONS FOR LIABILITIES - 1,273
NET ASSETS 50,609 49,945

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 50,608 49,944
SHAREHOLDERS' FUNDS 50,609 49,945

TIMELESS HANDMADE FURNITURE LIMITED (REGISTERED NUMBER: 08006296)

STATEMENT OF FINANCIAL POSITION - continued
29 FEBRUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 November 2024 and were signed by:





C Austin - Director


TIMELESS HANDMADE FURNITURE LIMITED (REGISTERED NUMBER: 08006296)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Timeless Handmade Furniture Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the total value, excluding value added tax, of sales earned during the year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


TIMELESS HANDMADE FURNITURE LIMITED (REGISTERED NUMBER: 08006296)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 3,000
AMORTISATION
At 1 March 2023
and 29 February 2024 3,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 26,901 19,656 748 47,305
DEPRECIATION
At 1 March 2023 22,010 11,160 249 33,419
Charge for year 1,223 2,124 187 3,534
At 29 February 2024 23,233 13,284 436 36,953
NET BOOK VALUE
At 29 February 2024 3,668 6,372 312 10,352
At 28 February 2023 4,891 8,496 499 13,886

TIMELESS HANDMADE FURNITURE LIMITED (REGISTERED NUMBER: 08006296)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 34,400 8,000
Other debtors 12,700 12,700
47,100 20,700

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 4,389 5,166
Taxation and social security 8,780 11,140
Other creditors 1,029 1,340
14,198 17,646