Company Registration No. 03406972 (England and Wales)
Curtis Furniture Limited
Financial Statements
for the period ended 29 February 2024
PAGES FOR FILING WITH REGISTRAR
Curtis Furniture Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Curtis Furniture Limited
Statement Of Financial Position
as at 29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
12,000
13,500
Tangible assets
4
1,017,939
1,007,450
1,029,939
1,020,950
Current assets
Stocks
379,940
451,164
Debtors
5
1,823,640
2,429,356
Cash at bank and in hand
1,930,446
509,682
4,134,026
3,390,202
Creditors: amounts falling due within one year
6
(2,863,913)
(2,360,822)
Net current assets
1,270,113
1,029,380
Total assets less current liabilities
2,300,052
2,050,330
Creditors: amounts falling due after more than one year
7
(214,948)
(205,134)
Net assets
2,085,104
1,845,196
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,085,103
1,845,195
Total equity
2,085,104
1,845,196

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Curtis Furniture Limited
Statement Of Financial Position (continued)
as at 29 February 2024
- 2 -

For the financial period ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
Mr A C Reynolds
Director
Company Registration No. 03406972
Curtis Furniture Limited
Notes to the financial statements
for the period ended 29 February 2024
- 3 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Curtis Furniture Limited is a wholly owned subsidiary of Curtis Furniture Holdings Limited.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.

Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Other intangibles
10% on cost
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% on cost
Motor vehicles
20% on cost
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Finished goods and work in progress are valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in this valuation.

Curtis Furniture Limited
Notes to the financial statements (continued)
for the period ended 29 February 2024
1
Accounting policies
(continued)
- 4 -
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
106
95
Curtis Furniture Limited
Notes to the financial statements (continued)
for the period ended 29 February 2024
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 March 2023 and 29 February 2024
15,000
Amortisation and impairment
At 1 March 2023
1,500
Amortisation charged for the period
1,500
At 29 February 2024
3,000
Carrying amount
At 29 February 2024
12,000
At 28 February 2023
13,500
4
Tangible fixed assets
Plant and equipment
Motor     vehicles
Total
£
£
£
Cost
At 1 March 2023
1,314,402
171,437
1,485,839
Additions
142,093
19,519
161,612
Disposals
-
0
(15,650)
(15,650)
At 29 February 2024
1,456,495
175,306
1,631,801
Depreciation
At 1 March 2023
459,356
19,034
478,390
Depreciation charged in the period
123,420
27,702
151,122
Eliminated in respect of disposals
-
0
(15,650)
(15,650)
At 29 February 2024
582,776
31,086
613,862
Carrying amount
At 29 February 2024
873,719
144,220
1,017,939
At 28 February 2023
855,047
152,403
1,007,450
Curtis Furniture Limited
Notes to the financial statements (continued)
for the period ended 29 February 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
761,075
1,595,705
Corporation tax recoverable
111,750
96,130
Amounts owed by group undertakings
240,000
180,000
Other debtors
474,423
323,601
Prepayments and accrued income
236,392
233,920
1,823,640
2,429,356
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,045
10,000
Obligations under finance leases
91,240
81,429
Trade creditors
1,998,255
1,523,673
Corporation tax
50,923
-
0
Other taxation and social security
276,760
372,023
Other creditors
322,024
201,092
Accruals and deferred income
114,666
172,605
2,863,913
2,360,822

All assets of the company are held as security and formally charged to the bank by way of a debenture.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
Obligations under finance leases
195,661
174,716
Other creditors
6,787
7,918
214,948
205,134

Obligations held under finance leases are secured on the assets to which they relate.

Curtis Furniture Limited
Notes to the financial statements (continued)
for the period ended 29 February 2024
- 7 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
792,200
256,144
9
Controlling party

The company's ultimate parent undertaking is Curtis Furniture Holdings Limited, which is registered in England and Wales, its registered office is Unit 1B, Haigh Park Road, Leeds, LS10 1RT. Consolidated accounts are not prepared. The individual company's accounts are available from Companies House, Cardiff, CF4 3UZ.

 

The directors are considered to be the ultimate controlling party.

10
Company information

Curtis Furniture Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1B, Haigh Park Road, Leeds, West Yorkshire, LS10 1RT.

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