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Company registration number:
NI033090
C.F.C. Interiors Ltd
Financial statements
28 February 2024
C.F.C. Interiors Ltd
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
C.F.C. Interiors Ltd
Directors and other information
|
|
|
|
Directors |
Mr N Wilson MBE |
|
|
Mrs A Wilson |
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|
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|
|
|
|
Secretary |
Mrs A Wilson |
|
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|
|
Company number |
NI033090 |
|
|
|
|
|
|
|
Registered office |
73 Church Street |
|
|
Cookstown |
|
|
Co Tyrone |
|
|
|
|
|
|
|
Auditor |
ASM (D) Ltd |
|
|
79 Cunninghams Lane |
|
|
Dungannon |
|
|
Co Tyrone |
|
|
BT71 6BX |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Danske Bank |
|
|
38 James Street |
|
|
Cookstown |
|
|
Co Tyrone |
|
|
|
|
|
Bank of Ireland |
|
|
32 James Street |
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|
Cookstown |
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|
Co Tyrone |
|
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|
|
|
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Solicitors |
Doris & McMahon |
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63 James Street |
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Cookstown |
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Co Tyrone |
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|
C.F.C. Interiors Ltd
Strategic report
Year ended 28 February 2024
Review of business and future developments
The profit and loss account for the year is set out on page 9.
The results for the year reflect the lower turnover which was in line with management's expectations. The directors are pleased that margins were maintained. Sales and profits for the current year are expected to be at a similar level.
Health and safety
The company consider the highest standards of health and safety as an integral part of its success and regard the health and safety of its employees, clients and anyone else who interfaces with its business activities of paramount importance.
Human resources
The company's most important resource is its people; their knowledge and experience is crucial to meeting clients' requirements. Retention of key staff is critical and the company has invested in relevant employment training and development.
Financial risk management objectives and policies
The company's operations require it to deal with financial risks that include the effects of changes in material price and liquidity. The company has in place a risk management programme that seeks to limit the adverse effects of these or any other factors on the financial performance of the company. The policies are set by the director in conjunction with company advisors and are implemented by the company's finance department.
Liquidity risk
The company actively maintains, when necessary a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds, to meet all its expected and planned commitments.
Dividends
Dividends of £65,000 were paid by the company during the year (2023: £80,000).
Directors
The directors of the company during the year are shown on page 1
This report was approved by the board of directors on 21 November 2024 and signed on behalf of the board by:
Mr N Wilson MBE
Director
C.F.C. Interiors Ltd
Directors report
Year ended 28 February 2024
The directors present their report and the financial statements of the company for the year ended 28 February 2024.
Directors
The directors who served the company during the year were as follows:
|
Mr N Wilson MBE |
Mrs A Wilson |
|
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on
21 November 2024
and signed on behalf of the board by:
Mr N Wilson MBE
Director
C.F.C. Interiors Ltd
Independent auditor's report to the members of
C.F.C. Interiors Ltd
Year ended 28 February 2024
Opinion
We have audited the financial statements of C.F.C. Interiors Ltd (the 'company') for the year ended 28 February 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 28 February 2024 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 auditor’s 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 UK, including the FRC’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 auditor’s report thereon. The directors are responsible for the other information. Our 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 has 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 where 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 the 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, 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.
Auditor's 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which they operate and considered the risk of acts by the company that were contrary to appliable law and regulations, including fraud. We considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the following areas: mismanagement of payments, posting of unusual journals together with complex transactions, revenue recognition and subjectivity of valuations used for land and buildings. We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included: enquires of management about their own identification and assessment of risks of irregularities, specific tests of detail over payments, sample testing of journals posted during the year, verifying the underlying assumptions adopted for the property valuations, specific tests of detail over revenue recognition and a review of areas of judgement for indicators of management bias to address the risks. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 2006. Our 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.
Alistair Cooke FCA
(Senior Statutory Auditor)
For and on behalf of
ASM (D) Ltd
Chartered Accountants
79 Cunninghams Lane
Dungannon
Co Tyrone
BT71 6BX
21 November 2024
C.F.C. Interiors Ltd
Statement of comprehensive income
Year ended 28 February 2024
|
|
|
|
2024 |
|
2023 |
|
|
|
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
4 |
|
6,749,994 |
|
7,780,574 |
|
|
Cost of sales |
|
|
|
(
3,951,028) |
|
(
4,662,164) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Gross profit |
|
|
|
2,798,966 |
|
3,118,410 |
|
|
|
|
|
|
|
|
|
|
|
Distribution costs |
|
|
|
(
1,525,501) |
|
(
1,475,489) |
|
|
Administrative expenses |
|
|
|
(
1,142,000) |
|
(
1,032,858) |
|
|
Other operating income |
|
5 |
|
326 |
|
14,718 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Operating profit |
|
6 |
|
131,791 |
|
624,781 |
|
|
|
|
|
|
|
|
|
|
|
Interest payable and similar expenses |
|
9 |
|
(
3,193) |
|
(
3,381) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit before taxation |
|
|
|
128,598 |
|
621,400 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit |
|
10 |
|
(
30,174) |
|
(
119,890) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit for the financial year and total comprehensive income |
|
|
|
98,424 |
|
501,510 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
C.F.C. Interiors Ltd
Statement of financial position
28 February 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
12 |
- |
|
|
|
- |
|
|
Tangible assets |
|
13 |
2,976,076 |
|
|
|
2,995,396 |
|
|
Investments |
|
14 |
86 |
|
|
|
86 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
2,976,162 |
|
|
|
2,995,482 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
15 |
2,447,087 |
|
|
|
2,177,186 |
|
|
Debtors |
|
16 |
146,801 |
|
|
|
81,594 |
|
|
Cash at bank and in hand |
|
|
1,155,537 |
|
|
|
1,415,242 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
3,749,425 |
|
|
|
3,674,022 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
17 |
(
1,510,114) |
|
|
|
(
1,482,889) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
2,239,311 |
|
|
|
2,191,133 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
5,215,473 |
|
|
|
5,186,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
18 |
|
|
(
101,722) |
|
|
|
(
105,960) |
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income |
|
21 |
|
|
(
14,024) |
|
|
|
(
14,350) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
5,099,727 |
|
|
|
5,066,305 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
22 |
|
|
500,000 |
|
|
|
500,000 |
Profit and loss account |
|
23 |
|
|
4,599,727 |
|
|
|
4,566,305 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
5,099,727 |
|
|
|
5,066,305 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
21 November 2024
, and are signed on behalf of the board by:
Mr N Wilson MBE
Director
Company registration number:
NI033090
C.F.C. Interiors Ltd
Statement of changes in equity
Year ended 28 February 2024
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 March 2022 |
|
500,000 |
|
4,144,795 |
4,644,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
501,510 |
501,510 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
501,510 |
501,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
80,000) |
(
80,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
80,000) |
(
80,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 28 February 2023 and 1 March 2023 |
|
500,000 |
|
4,566,303
|
5,066,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
98,424 |
98,424 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
98,424 |
98,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
65,000) |
(
65,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
65,000) |
(
65,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 28 February 2024 |
|
500,000 |
|
4,599,727 |
5,099,727 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C.F.C. Interiors Ltd
Statement of cash flows
Year ended 28 February 2024
|
|
2024 |
|
2023 |
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit for the financial year |
|
98,424 |
|
501,510 |
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
Depreciation of tangible assets |
|
122,385 |
|
59,546 |
|
Government grant income |
|
(
326) |
|
(
326) |
|
Interest payable and similar expenses |
|
3,193 |
|
3,381 |
|
Tax on profit |
|
30,174 |
|
119,890 |
|
Accrued expenses/(income) |
|
85,144 |
|
3,176 |
|
|
|
|
|
|
|
Changes in: |
|
|
|
|
|
Stocks |
|
(
269,901) |
|
18,385 |
|
Trade and other debtors |
|
(
65,207) |
|
(
10,008) |
|
Trade and other creditors |
|
(
9,640) |
|
(
498,030) |
|
|
|
_______ |
|
_______ |
|
Cash generated from operations |
|
(
5,754) |
|
197,524 |
|
|
|
|
|
|
|
Interest paid |
|
(
3,193) |
|
(
3,381) |
|
Tax paid |
|
(
57,967) |
|
(
229,796) |
|
|
|
_______ |
|
_______ |
|
Net cash used in operating activities |
|
(
66,914) |
|
(
35,653) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of tangible assets |
|
(
103,064) |
|
(
304,466) |
|
|
|
_______ |
|
_______ |
|
Net cash used in investing activities |
|
(
103,064) |
|
(
304,466) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from borrowings |
|
- |
|
(
51,981) |
|
Proceeds from loans from group undertakings |
|
- |
|
(
2,484) |
|
Proceeds from loans from participating interests |
|
(
25,053) |
|
26,128 |
|
Government grant income |
|
326 |
|
326 |
|
Equity dividends paid |
|
(
65,000) |
|
(
80,000) |
|
|
|
_______ |
|
_______ |
|
Net cash used in financing activities |
|
(
89,727) |
|
(
108,011) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
(
259,705) |
|
(
448,130) |
|
Cash and cash equivalents at beginning of year |
|
1,415,242 |
|
1,863,372 |
|
|
|
_______ |
|
_______ |
|
Cash and cash equivalents at end of year |
|
1,155,537 |
|
1,415,242 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
C.F.C. Interiors Ltd
Notes to the financial statements
Year ended 28 February 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 73 Church Street, Cookstown, Co Tyrone.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Website |
- |
25 % |
straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold property |
- |
2 % |
straight line |
|
Leasehold property |
- |
2 % |
straight line |
|
Plant and machinery |
- |
25 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
10 % |
straight line |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Turnover
No analysis of turnover by activity or geographical area has been provided as, in the opinion of the directors, such disclosure would be seriously prejudicial to the interests of the company.
5.
Other operating income
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Rental income |
|
- |
142 |
|
Government grant income |
|
326 |
326 |
|
Other operating income |
|
- |
14,250 |
|
|
|
_______ |
_______ |
|
|
|
326 |
14,718 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
122,385 |
59,546 |
|
Fees payable for the audit of the financial statements |
|
|
6,718 |
9,500 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
7.
Employee information
The average number of persons employed by the company during the year, including the directors, amounted to:
|
|
|
2024 |
2023 |
|
Administrative staff |
|
11 |
12 |
|
Selling and distribution staff |
|
67 |
60 |
|
|
|
_______ |
_______ |
|
|
|
78 |
72 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The aggregate payroll costs incurred during the year were:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
1,628,866 |
1,593,994 |
|
Other pension costs |
|
30,544 |
28,596 |
|
|
|
_______ |
_______ |
|
|
|
1,659,410 |
1,622,590 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Remuneration |
|
14,560 |
14,840 |
|
Benefits in kind |
|
1,116 |
563 |
|
|
|
_______ |
_______ |
|
|
|
15,676 |
15,403 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Interest payable and similar expenses
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
3,193 |
72 |
|
Other loans made to the company: |
|
|
|
|
|
|
Other interest payable |
|
- |
3,309 |
|
|
|
|
_______ |
_______ |
|
|
|
|
3,193 |
3,381 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
10.
Tax on profit
Major components of tax expense
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
34,412 |
57,967 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Deferred tax: |
|
|
|
|
Origination and reversal of timing differences |
|
(
4,238) |
61,923 |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
30,174 |
119,890 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2023: higher than) the
standard rate of corporation tax in the UK
of
25.00
% (2023: 19.00%).
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Profit before taxation |
|
128,598 |
621,400 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Profit multiplied by rate of tax |
|
32,150 |
118,066 |
|
Effect of expenses not deductible for tax purposes |
|
183 |
(
61) |
|
Marginal relief |
|
(
1,414) |
- |
|
Over provision in prior year deferred tax |
|
- |
(
10,569) |
|
Differences in tax rates used for current tax and deferred tax |
|
(
745) |
25,430 |
|
Effect of superdeduction |
|
- |
(
12,976) |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
30,174 |
119,890 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Dividends
Equity dividends
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |
|
65,000 |
80,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 March 2023 and 28 February 2024 |
31,760 |
31,760 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 March 2023 and 28 February 2024 |
31,760 |
31,760 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 28 February 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 28 February 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
13.
Tangible assets
|
|
Freehold property |
Long leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 March 2023 |
1,986,739 |
1,041,337 |
65,309 |
769,044 |
351,683 |
4,214,112 |
|
|
Additions |
- |
- |
- |
72,904 |
30,160 |
103,064 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 28 February 2024 |
1,986,739 |
1,041,337 |
65,309 |
841,948 |
381,843 |
4,317,176 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 March 2023 |
286,739 |
191,337 |
61,759 |
576,961 |
101,919 |
1,218,715 |
|
|
Charge for the year |
- |
- |
888 |
59,056 |
62,441 |
122,385 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 28 February 2024 |
286,739 |
191,337 |
62,647 |
636,017 |
164,360 |
1,341,100 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 28 February 2024 |
1,700,000 |
850,000 |
2,662 |
205,931 |
217,483 |
2,976,076 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 28 February 2023 |
1,700,000 |
850,000 |
3,550 |
192,083 |
249,764 |
2,995,397
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
14.
Investments
|
|
Shares in group undertakings |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 March 2023 and 28 February 2024 |
86 |
86 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 March 2023 and 28 February 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 28 February 2024 |
86 |
86 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 28 February 2023 |
86 |
86 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
15.
Stocks
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Finished goods and goods for resale |
|
2,447,087 |
2,177,186 |
|
|
|
_______ |
_______ |
|
|
|
|
|
16.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
50,105 |
35,648 |
|
Amounts owed by group undertakings |
|
42,125 |
- |
|
Prepayments and accrued income |
|
54,571 |
45,946 |
|
|
|
_______ |
_______ |
|
|
|
146,801 |
81,594 |
|
|
|
_______ |
_______ |
|
|
|
|
|
17.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Payments received on account |
|
683,074 |
553,758 |
|
Trade creditors |
|
408,430 |
571,703 |
|
Amounts owed to undertakings in which the company has a participating interest |
|
1,075 |
26,128 |
|
Accruals and deferred income |
|
228,176 |
143,032 |
|
Corporation tax |
|
34,412 |
57,967 |
|
Social security and other taxes |
|
152,515 |
127,817 |
|
Other creditors |
|
2,432 |
2,484 |
|
|
|
_______ |
_______ |
|
|
|
1,510,114 |
1,482,889 |
|
|
|
_______ |
_______ |
|
|
|
|
|
18.
Provisions
|
|
Deferred tax (note 19) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 March 2023 |
105,960 |
105,960 |
|
|
|
|
Charges against provisions |
(
4,238) |
(
4,238) |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 28 February 2024 |
101,722 |
101,722 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
19.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Included in provisions (note 18) |
|
101,722 |
105,960 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
101,722 |
105,960 |
|
|
|
_______ |
_______ |
|
|
|
|
|
20.
Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £
30,544
(2023: £
28,596
).
21.
Government grants
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
At start of year |
|
14,350 |
14,676 |
|
Grants received or receivable |
|
(-) |
(-) |
|
Released to the profit or loss |
|
(326) |
(326) |
|
|
|
_______ |
_______ |
|
At end of year |
|
14,024 |
14,350 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The amounts recognised in the financial statements for government grants are as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Recognised in creditors: |
|
|
|
|
Deferred government grants due after more than one year |
|
14,024 |
14,350 |
|
|
|
_______ |
_______ |
|
Recognised in other operating income: |
|
|
|
|
Government grants released to profit or loss |
|
326 |
326 |
|
|
|
_______ |
_______ |
|
|
|
|
|
22.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary Shares shares of £
1.00 each |
|
500,000 |
|
500,000 |
|
500,000 |
|
500,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
23.
Reserves
Profit and loss accountThis reserve records cumulative profits or losses, net of dividends paid. This reserve is distributable in full
.
24.
Analysis of changes in net debt
|
|
At 1 March 2023 |
Cash flows |
At 28 February 2024 |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cash and cash equivalents |
1,415,242 |
(259,705) |
1,155,537 |
|
|
|
|
|
|
|
|
|
|
|
25.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
|
2024 |
|
2024 |
|
|
|
|
£ |
|
£ |
|
|
|
Key management personel |
15,676 |
|
(
2,432) |
|
|
|
Other related parties |
152,724 |
|
685 |
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
The company has in place an intercompany guarantee in favour of Killymoon Bespoke Living Ltd.
Key management includes the Board of Directors who have responsibility of planning, directing and controlling the activities of the group
. Other related parties include entities with common directors
.Advantage has been taken of the exemption under FRS102 not to disclose any transactions with entities that are part of the group.