1 March 2023 v2024.61.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP055061202023-03-012024-02-29055061202024-02-29055061202023-02-2805506120core:WithinOneYear2024-02-2905506120core:WithinOneYear2023-02-2805506120core:AfterOneYear2024-02-2905506120core:AfterOneYear2023-02-2805506120core:ShareCapital2024-02-2905506120core:ShareCapital2023-02-2805506120core:RetainedEarningsAccumulatedLosses2024-02-2905506120core:RetainedEarningsAccumulatedLosses2023-02-2805506120bus:Director12023-03-012024-02-2905506120bus:Director22023-03-012024-02-2905506120bus:RegisteredOffice2023-03-012024-02-2905506120core:FurnitureFittingsToolsEquipment2023-03-012024-02-2905506120core:MotorVehicles2023-03-012024-02-2905506120core:OfficeEquipment2023-03-012024-02-29055061202022-03-012023-02-2805506120core:PlantMachinery2023-03-0105506120core:PlantMachinery2023-03-012024-02-2905506120core:PlantMachinery2024-02-2905506120core:PlantMachinery2023-02-2805506120core:CostValuation2023-03-0105506120core:CostValuation2024-02-290550612012023-03-012024-02-2905506120countries:EnglandWales2023-03-012024-02-2905506120bus:AuditExemptWithAccountantsReport2023-03-012024-02-2905506120bus:PrivateLimitedCompanyLtd2023-03-012024-02-2905506120bus:SmallEntities2023-03-012024-02-2905506120bus:FullAccounts2023-03-012024-02-29
Company registration number:
05506120
Furniture 4 Events Ltd
Unaudited Filleted Financial Statements for the year ended
29 February 2024
Furniture 4 Events Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Furniture 4 Events Ltd
Year ended
29 February 2024
As described on the statement of financial position, the Board of Directors of
Furniture 4 Events Ltd
are responsible for the preparation of the
financial statements
for the year ended
29 February 2024
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Sum It Accounts Ltd
29 Greenlands Road
Newbury
Berkshire
RG14 7JS
United Kingdom
Date:
26 November 2024
Furniture 4 Events Ltd
Statement of Financial Position
29 February 2024
20242023
Note££
Fixed assets    
Tangible assets 5
584,055
 
450,245
 
Investments 6
1,002
 
1,002
 
585,057
 
451,247
 
Current assets    
Stocks
36,220
 
18,741
 
Debtors 7
698,816
 
531,751
 
Cash at bank and in hand
2,761
 
2,938
 
737,797
 
553,430
 
Creditors: amounts falling due within one year 8
(1,082,502
)
(958,246
)
Net current liabilities
(344,705
)
(404,816
)
Total assets less current liabilities 240,352   46,431  
Creditors: amounts falling due after more than one year 9
(351,454
)
(225,573
)
Net liabilities
(111,102
)
(179,142
)
Capital and reserves    
Called up share capital
74
 
74
 
Profit and loss account
(111,176
)
(179,216
)
Shareholders deficit
(111,102
)
(179,142
)
For the year ending
29 February 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
26 November 2024
, and are signed on behalf of the board by:
Mr Patrick Chichester
Mr Andrew Best
DirectorDirector
Company registration number:
05506120
Furniture 4 Events Ltd
Notes to the Financial Statements
Year ended
29 February 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Farm Old Street
,
Priors Court
,
Hermitage
,
RG18 9JT
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Exception from preparing consolidated financial statements.

The entity has taken advantage of the option not to prepare consolidated
financial statements
contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements 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 amounts 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 if the revisions effects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
There were no judgements or material estimation uncertainties affecting the reported financial performance in the current or prior year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance
Office equipment
25% reducing balance

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

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.

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.

Finance leases and hire purchase contracts

Assets obtained under hire purchase contract and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding each period.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
16
(2023:
15.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 March 2023
2,285,024
 
Additions
321,455
 
Disposals
(88,828
)
At
29 February 2024
2,517,651
 
Depreciation  
At
1 March 2023
1,834,779
 
Charge
168,686
 
Disposals
(69,869
)
At
29 February 2024
1,933,596
 
Carrying amount  
At
29 February 2024
584,055
 
At 28 February 2023
450,245
 

6 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 March 2023
1,002
 
At
29 February 2024
1,002
 
Impairment  
At
1 March 2023
and
29 February 2024
-  
Carrying amount  
At
29 February 2024
1,002
 
At 28 February 2023
1,002
 
Subsidiary Undertakings
The following were subsidiary undertakings of the Company :
Name : Acorn Furniture Hire Limited (formerly Ice Magic Events Limited)
Country of Incorporation : England & Wales
Class of shares : Ordinary
Holding : 100%
Principal activity : Provision of ice sculptures for events
Name : Ice Magic Rentals UK Limited
Country of incorporation : England & Wales
Class of shares : Ordinary
Holding : 100%
Principle activity : Dormant
The aggregate of the share capital and reserves as at 29 February 2024 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Aggregate of share capital & reserves 29 February 2024
Acorn Furniture Hire Limited : £2
Ice Magic Rentals UK Limited : £42,405
Profit / Loss 29 February 2024
Acorn Furniture Hire Limited : £0
Ice Magic Rentals UK Limited : £0

7 Debtors

20242023
££
Trade debtors
150,833
 
213,278
 
Other debtors
547,983
 
318,473
 
698,816
 
531,751
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
86,667
 
90,000
 
Trade creditors
220,245
 
85,462
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
37,361
 
37,361
 
Taxation and social security
308,065
 
346,807
 
Other creditors
430,164
 
398,616
 
1,082,502
 
958,246
 
Other creditors falling due in one year contains net obligations under finance lease and hire purchase contracts of £102,464 (2023 : £91,542). Security has been given on these obligations.

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
87,500
 
174,167
 
Other creditors
263,954
 
51,406
 
351,454
 
225,573
 
Other creditors falling due after one year is made up entirely of net obligations under finance lease and hire purchase contracts. Security has been given on these obligations.

11 Controlling party

The Company is controlled by Mr P Chichester by virtue of his 85.6% shareholding.