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REGISTERED NUMBER: 06821260 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Furniture Factory Outlets Limited

Furniture Factory Outlets Limited (Registered number: 06821260)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Furniture Factory Outlets Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: J R Mack
R J Mack
Mrs S Mack



REGISTERED OFFICE: Sandfield Mill
Church Lane
Saul
Gloucestershire
GL2 7LA



REGISTERED NUMBER: 06821260 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: Lloyds Bank
12 Rowcroft
Stroud
GL5 3BD

Furniture Factory Outlets Limited (Registered number: 06821260)

Statement of Financial Position
30 April 2024

30/4/24 30/4/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,202 13,150

CURRENT ASSETS
Stocks 133,000 144,000
Debtors 5 72,884 92,903
Cash at bank 234,234 168,426
440,118 405,329
CREDITORS
Amounts falling due within one year 6 222,831 212,760
NET CURRENT ASSETS 217,287 192,569
TOTAL ASSETS LESS CURRENT
LIABILITIES

234,489

205,719

CREDITORS
Amounts falling due after more than one
year

7

(13,494

)

(22,996

)

PROVISIONS FOR LIABILITIES (3,268 ) (2,498 )
NET ASSETS 217,727 180,225

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 217,627 180,125
SHAREHOLDERS' FUNDS 217,727 180,225

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Furniture Factory Outlets Limited (Registered number: 06821260)

Statement of Financial Position - continued
30 April 2024


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 Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





J R Mack - Director


Furniture Factory Outlets Limited (Registered number: 06821260)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

Furniture Factory Outlets 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Computer equipment - Straight line over 3 years

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

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.

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.

Furniture Factory Outlets Limited (Registered number: 06821260)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
Cost
At 1 May 2023 17,830 349 18,179
Additions 9,585 227 9,812
At 30 April 2024 27,415 576 27,991
Depreciation
At 1 May 2023 4,680 349 5,029
Charge for year 5,684 76 5,760
At 30 April 2024 10,364 425 10,789
Net book value
At 30 April 2024 17,051 151 17,202
At 30 April 2023 13,150 - 13,150

Furniture Factory Outlets Limited (Registered number: 06821260)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
Cost
At 1 May 2023
and 30 April 2024 17,500
Depreciation
At 1 May 2023 4,375
Charge for year 3,281
At 30 April 2024 7,656
Net book value
At 30 April 2024 9,844
At 30 April 2023 13,125

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Trade debtors 51,770 66,131
Other debtors 21,114 26,772
72,884 92,903

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Bank loans and overdrafts 6,000 6,000
Hire purchase contracts 3,502 3,502
Trade creditors 99,491 84,359
Taxation and social security 17,436 21,720
Other creditors 96,402 97,179
222,831 212,760

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/4/24 30/4/23
£    £   
Bank loans 6,500 12,500
Hire purchase contracts 6,994 10,496
13,494 22,996

Furniture Factory Outlets Limited (Registered number: 06821260)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

30/4/24 30/4/23
£    £   
J R Mack and Mrs S Mack
Balance outstanding at start of year 9,880 1,379
Amounts advanced - 24,396
Amounts repaid (9,880 ) (15,895 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 9,880

The above loan to the directors was interest free and had no fixed repayment terms.