Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01false99115falsefurniture manufacturers and upholsterers.false NI010849 2023-01-01 2023-12-31 NI010849 2022-01-01 2022-12-31 NI010849 2023-12-31 NI010849 2022-12-31 NI010849 2022-01-01 NI010849 1 2023-01-01 2023-12-31 NI010849 1 2022-01-01 2022-12-31 NI010849 4 2023-01-01 2023-12-31 NI010849 4 2022-01-01 2022-12-31 NI010849 5 2023-01-01 2023-12-31 NI010849 5 2022-01-01 2022-12-31 NI010849 6 2023-01-01 2023-12-31 NI010849 6 2022-01-01 2022-12-31 NI010849 d:Exceptional 2023-01-01 2023-12-31 NI010849 d:Exceptional 2022-01-01 2022-12-31 NI010849 e:CompanySecretary1 2023-01-01 2023-12-31 NI010849 e:Director1 2023-01-01 2023-12-31 NI010849 e:Director2 2023-01-01 2023-12-31 NI010849 e:RegisteredOffice 2023-01-01 2023-12-31 NI010849 e:Agent1 2023-01-01 2023-12-31 NI010849 d:Buildings 2023-01-01 2023-12-31 NI010849 d:Buildings 2023-12-31 NI010849 d:Buildings 2022-12-31 NI010849 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI010849 d:PlantMachinery 2023-01-01 2023-12-31 NI010849 d:PlantMachinery 2023-12-31 NI010849 d:PlantMachinery 2022-12-31 NI010849 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI010849 d:MotorVehicles 2023-01-01 2023-12-31 NI010849 d:MotorVehicles 2023-12-31 NI010849 d:MotorVehicles 2022-12-31 NI010849 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI010849 d:FurnitureFittings 2023-01-01 2023-12-31 NI010849 d:FurnitureFittings 2023-12-31 NI010849 d:FurnitureFittings 2022-12-31 NI010849 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI010849 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI010849 d:FreeholdInvestmentProperty 2023-12-31 NI010849 d:FreeholdInvestmentProperty 2022-12-31 NI010849 d:CurrentFinancialInstruments 2023-12-31 NI010849 d:CurrentFinancialInstruments 2022-12-31 NI010849 d:Non-currentFinancialInstruments 2023-12-31 NI010849 d:Non-currentFinancialInstruments 2022-12-31 NI010849 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 NI010849 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 NI010849 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 NI010849 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 NI010849 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 NI010849 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 NI010849 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 NI010849 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 NI010849 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 NI010849 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 NI010849 f:UnitedKingdom 2023-01-01 2023-12-31 NI010849 f:UnitedKingdom 2022-01-01 2022-12-31 NI010849 d:UKTax 2023-01-01 2023-12-31 NI010849 d:UKTax 2022-01-01 2022-12-31 NI010849 d:ShareCapital 2023-01-01 2023-12-31 NI010849 d:ShareCapital 2023-12-31 NI010849 d:ShareCapital 2022-12-31 NI010849 d:ShareCapital 2022-01-01 NI010849 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI010849 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI010849 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 NI010849 d:RetainedEarningsAccumulatedLosses 2022-12-31 NI010849 d:RetainedEarningsAccumulatedLosses 2022-01-01 NI010849 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI010849 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 NI010849 e:OrdinaryShareClass1 2023-01-01 2023-12-31 NI010849 e:OrdinaryShareClass1 2023-12-31 NI010849 e:OrdinaryShareClass1 2022-12-31 NI010849 e:FRS102 2023-01-01 2023-12-31 NI010849 e:Audited 2023-01-01 2023-12-31 NI010849 e:FullAccounts 2023-01-01 2023-12-31 NI010849 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI010849 d:Subsidiary1 2023-01-01 2023-12-31 NI010849 d:Subsidiary1 1 2023-01-01 2023-12-31 NI010849 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 NI010849 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 NI010849 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 NI010849 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 NI010849 4 2023-01-01 2023-12-31 NI010849 6 2023-01-01 2023-12-31 NI010849 g:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: NI010849










ABBEY UPHOLSTERERS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ABBEY UPHOLSTERERS LIMITED
 

COMPANY INFORMATION


Directors
George Devlin 
Paul George Devlin 




Company secretary
George Junior Devlin



Registered number
NI010849



Registered office
1 Meadowbank Road
Trooperslane Industrial Estate

Carrickfergus

County Antrim

BT38 8YF




Independent auditors
AAB Group Accountants Limited

Howard House

30 Northland Row

Dungannon

Co. Tyrone

BT71 6AP




Bankers
AIB Business Banking
92 Ann Street

Belfast

County Antrim

BT1 3AY





 
ABBEY UPHOLSTERERS LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Analysis of net debt
 
13
Notes to the financial statements
 
14 - 26


 
ABBEY UPHOLSTERERS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the company continued to be that of furniture manufacturers and upholsterers.
There has been no significant change in these activities during the year. 

Business review
 
Turnover has increased by 18% to £9.9m (2022: £8.4m). Overall, a net profit before tax of £603k was achieved for the year ended 31 December 2023 compared to a net profit before tax of £1.5m reported for the year ended 31 December 2022. The company asset base remains strong, with net assets of £4.6m at 31 December 2023 (2022: £4.1m). The company's directors are satisfied with the company's performance in the year and the emphasis going forward continues to be on securing turnover that will result in sustainable profitability and cash flow.

Principal risks and uncertainties
 
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks relate to competition, quality of performance and raw material costs.
The company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risks, liquidity risk and interest rate risk. The board reviews and agrees policies for the prudent management of these risks as follows: 
Liquidity Risk
The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure that the company has sufficient available funds for operations and planned expansions.
l
nterest rate cash flow risk
The company has significant interest bearing liabilities. The Directors are aware that a change  in interest rates will have a significant! impact on the financial performance of the business, and keeps the terms of its loan  providers under regular review.
Price risk
The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the costs of managing exposure to commodity price risk exceed  any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change  in size and nature. The company has no exposure to equity securities price risk as it holds no listed or other equity investments.
Credit risk
The company's credit risk is primarily attributable to its trade debtors, which is minimised  by the number of long established customers and its emphasis  on good credit  management.

Page 1

 
ABBEY UPHOLSTERERS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The directors have determined that the following financial key performance indicators are the most effective measures of progress towards the company's objectives.

2023
2022
        £
        £
Increase/(Decrease) in sales

18.2%

107.2%
 
Gross profit margin

22%

19.5%
 
Shareholders' Equity

£4.6m

£4.1m
 

Other key performance indicators
 
Environment
The company recognises its responsibility to carry out its operations whilst minimising environmental impacts. The directors continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
Health  & Safety
The company is committed  to achieving the highest practicable standards in health and safety management and strives to make its factory and offices safe environments for employees and customers alike.
Human  Resources
The company's most important resource is its people, their knowledge and experience is crucial  to meeting customer requirements. Retention of key staff is critical.


This report was approved by the board on 2 October 2024 and signed on its behalf.



Paul George Devlin
Director

Page 2

 
ABBEY UPHOLSTERERS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

George Devlin 
Paul George Devlin 

Auditors

The auditorsAAB Group Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £512,057 (2022 - £1,479,991).

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Future developments

The directors plan is to continue to secure and retain projects which ensures that the company will continue a steady pace of growth in existing and new sectors.

Page 3

 
ABBEY UPHOLSTERERS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

This report was approved by the board on 2 October 2024 and signed on its behalf.
 





Paul George Devlin
Director

Page 4

 
ABBEY UPHOLSTERERS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABBEY UPHOLSTERERS LIMITED
 

Opinion


We have audited the financial statements of ABBEY UPHOLSTERERS LIMITED (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
ABBEY UPHOLSTERERS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABBEY UPHOLSTERERS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
ABBEY UPHOLSTERERS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABBEY UPHOLSTERERS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Page 7

 
ABBEY UPHOLSTERERS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABBEY UPHOLSTERERS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Feargal P. McCormack (Senior statutory auditor)
for and on behalf of
AAB Group Accountants Limited
Statutory Auditors
Howard House
30 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

2 October 2024
Page 8

 
ABBEY UPHOLSTERERS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
9,906,343
8,379,746

Cost of sales
  
(7,722,333)
(6,744,695)

Gross profit
  
2,184,010
1,635,051

Distribution costs
  
(493,016)
(304,708)

Administrative expenses
  
(914,014)
(1,329,965)

Exceptional administrative expenses
  
-
(1,225,168)

Other operating income
  
44,739
57,684

Exceptional other operating income
  
-
2,750,000

Operating profit
  
821,719
1,582,894

Interest payable and similar expenses
  
(218,331)
(75,490)

Profit before tax
  
603,388
1,507,404

Tax on profit
  
(91,331)
(27,413)

Profit for the financial year
  
512,057
1,479,991

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 26 form part of these financial statements.

Page 9

 
ABBEY UPHOLSTERERS LIMITED
REGISTERED NUMBER: NI010849

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
5,650,889
4,664,811

Investments
 14 
1
1

Investment property
  
240,000
240,000

  
5,890,890
4,904,812

Current assets
  

Stocks
 16 
1,875,500
1,781,196

Debtors: amounts falling due within one year
 17 
1,679,035
2,137,087

Cash at bank and in hand
 18 
215,189
285,808

  
3,769,724
4,204,091

Creditors: amounts falling due within one year
 19 
(2,360,564)
(3,017,097)

Net current assets
  
 
 
1,409,160
 
 
1,186,994

Total assets less current liabilities
  
7,300,050
6,091,806

Creditors: amounts falling due after more than one year
 20 
(2,538,164)
(1,818,036)

Provisions for liabilities
  

Deferred tax
 23 
(187,728)
(211,669)

  
 
 
(187,728)
 
 
(211,669)

Net assets
  
4,574,158
4,062,101


Capital and reserves
  

Called up share capital 
  
12,500
12,500

Profit and loss account
  
4,561,658
4,049,601

  
4,574,158
4,062,101


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2024.




Paul George Devlin
Director

The notes on pages 14 to 26 form part of these financial statements.

Page 10

 
ABBEY UPHOLSTERERS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
12,500
2,569,610
2,582,110


Comprehensive income for the year

Profit for the year
-
1,479,991
1,479,991



At 1 January 2023
12,500
4,049,601
4,062,101


Comprehensive income for the year

Profit for the year
-
512,057
512,057
Total comprehensive income for the year
-
512,057
512,057


At 31 December 2023
12,500
4,561,658
4,574,158


The notes on pages 14 to 26 form part of these financial statements.

Page 11

 
ABBEY UPHOLSTERERS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
512,057
1,479,991

Adjustments for:

Depreciation of tangible assets
169,675
1,416,423

Loss on disposal of tangible assets
(36,776)
-

Taxation charge
322,967
(71,191)

(Increase) in stocks
(94,304)
(566,087)

Decrease/(increase) in debtors
226,547
(741,285)

(Decrease)/increase in creditors
(911,090)
1,185,913

Net cash generated from operating activities

189,076
2,703,764


Cash flows from investing activities

Purchase of tangible fixed assets
(1,149,559)
(2,332,085)

Sale of tangible fixed assets
62,812
-

Net cash from investing activities

(1,086,747)
(2,332,085)

Cash flows from financing activities

New secured loans
1,000,000
-

Repayment of loans
(245,154)
(350,919)

Repayment of/new finance leases
(89,362)
(75,472)

Net cash used in financing activities
665,484
(426,391)

Net (decrease) in cash and cash equivalents
(232,187)
(54,712)

Cash and cash equivalents at beginning of year
285,808
340,520

Cash and cash equivalents at the end of year
53,621
285,808


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
215,189
285,808

Bank overdrafts
(161,568)
-

53,621
285,808


The notes on pages 14 to 26 form part of these financial statements.

Page 12

 
ABBEY UPHOLSTERERS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
New finance leases
At 31 December 2023
£

£

£

£

Cash at bank and in hand

285,808

(70,619)

-

215,189

Bank overdrafts

-

(161,568)

-

(161,568)

Debt due after 1 year

(1,491,249)

(785,340)

-

(2,276,589)

Debt due within 1 year

(336,274)

46,275

-

(289,999)

Finance leases

(412,783)

89,362

(32,230)

(355,651)


(1,954,498)
(881,890)
(32,230)
(2,868,618)

The notes on pages 14 to 26 form part of these financial statements.

Page 13

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Abbey Upholsterers Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 1 Meadowbank Road, Trooperslane Industrial Esates, Carrickfergus, County Antrim, BT38 8YF.
The principal activity of the company continued to be that of furniture manufacturers and upholsterers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

Page 15

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Nil
Plant and machinery
-
6.67-10% Reducing balance
Motor vehicles
-
20% Reducing balance
Fixtures and fittings
-
10-25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 17

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods

Page 18

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Furniture manufacture and upholstery
9,906,343
8,379,746

9,906,343
8,379,746


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
9,906,343
8,379,746

9,906,343
8,379,746



5.


Other operating income

2023
2022
£
£

Net rents receivable
21,600
21,199

Government grants receivable
-
5,920

Sundry income
23,139
30,565

44,739
57,684



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Impairment of tangible fixed assets
6,417
15,298

Other operating lease rentals
62,045
179,540

Profit on disposal of tangible fixed assets
(36,776)
-


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
8,150
8,150
Page 19

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,272,538
2,583,623

Social security costs
315,684
318,772

Cost of defined contribution scheme
62,248
50,402

3,650,470
2,952,797


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Sales and distribution
13
11



Administration
2
2



Production
100
86

115
99


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
21,606
7,800

21,606
7,800



10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
198,665
65,571

Finance leases and hire purchase contracts
19,666
7,700

Other interest payable
-
2,219

218,331
75,490

Page 20

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
115,302
(3,936)


115,302
(3,936)


Total current tax
115,302
(3,936)

Deferred tax


Origination and reversal of timing differences
(23,971)
31,349

Total deferred tax
(23,971)
31,349


Tax on profit
91,331
27,413

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
603,388
1,507,404


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
141,796
286,407

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(1,293)
1,483

Capital allowances for year in excess of depreciation
30,722
(270,259)

Adjustments to tax charge in respect of prior periods
-
(3,936)

Unrelieved tax losses carried forward
(55,923)
-

Change in unrecognised deferred tax assets
-
(17,631)

Deferred Tax
(23,971)
31,349

Total tax charge for the year
91,331
27,413


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Exceptional items

2023
2022
£
£


Exceptional items - other operating income
-
(2,750,000)

Exceptional items - Impairment of fixed assets
-
1,225,168

-
(1,524,832)


13.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
4,875,168
2,121,442
584,788
190,607
7,772,005


Additions
1,126,209
20,313
35,267
-
1,181,789


Disposals
-
-
(128,754)
-
(128,754)



At 31 December 2023

6,001,377
2,141,755
491,301
190,607
8,825,040



Depreciation


At 1 January 2023
1,225,168
1,308,360
420,467
153,199
3,107,194


Charge for the year on owned assets
-
107,952
43,381
18,342
169,675


Disposals
-
-
(102,718)
-
(102,718)



At 31 December 2023

1,225,168
1,416,312
361,130
171,541
3,174,151



Net book value



At 31 December 2023
4,776,209
725,443
130,171
19,066
5,650,889



At 31 December 2022
3,650,000
813,082
164,321
37,408
4,664,811

Page 22

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Abbeyville Developments Limited
Northern Ireland
Ordinary
100%


15.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
240,000



At 31 December 2023
240,000



At 31 December 2023





16.


Stocks

2023
2022
£
£

Materials and work in progress
1,875,500
1,781,196

1,875,500
1,781,196


Page 23

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

2023
2022
£
£


Trade debtors
1,646,054
1,771,009

Other debtors
-
110,290

Prepayments and accrued income
32,981
24,283

Tax recoverable
-
231,505

1,679,035
2,137,087



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
215,189
285,808

Less: bank overdrafts
(161,568)
-

53,621
285,808



19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
161,568
-

Bank loans
267,562
298,055

Trade creditors
1,288,202
2,257,885

Corporation tax
115,402
-

Other taxation and social security
298,380
84,793

Obligations under finance lease and hire purchase contracts
94,076
85,996

Other creditors
72,437
193,725

Accruals and deferred income
62,937
96,643

2,360,564
3,017,097



20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,276,589
1,491,249

Net obligations under finance leases and hire purchase contracts
261,575
326,787

2,538,164
1,818,036


Page 24

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
267,562
298,055


267,562
298,055

Amounts falling due 1-2 years

Bank loans
287,182
303,940


287,182
303,940

Amounts falling due 2-5 years

Bank loans
1,989,407
1,187,309


1,989,407
1,187,309


2,544,151
1,789,304


Bank loans repayable after more than 5 years bear interest of 3% plus bank of England base rate and are repayable on monthly installments. 


22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
94,076
85,996

Between 1-5 years
261,575
326,787

355,651
412,783

Page 25

 
ABBEY UPHOLSTERERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Deferred taxation




2023


£






At beginning of year
(211,669)


Charged to profit or loss
23,941



At end of year
(187,728)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(187,728)
(211,669)

(187,728)
(211,669)


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



12,500 (2022 - 12,500) Ordinary Shares shares of £1.00 each
12,500
12,500



25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £62,248 (2022 - £50,402).


26.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


27.


Controlling party

The ultimate controlling party is Paul Devlin by virtue of his shareholding in the company. 


Page 26