Ashgrove Contract Furniture Limited NI038994 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is manufacturing furniture Digita Accounts Production Advanced 6.30.9574.0 true true NI038994 2023-03-01 2024-02-29 NI038994 2024-02-29 NI038994 bus:OrdinaryShareClass1 2024-02-29 NI038994 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-02-29 NI038994 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-02-29 NI038994 core:CurrentFinancialInstruments 2024-02-29 NI038994 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 NI038994 core:Non-currentFinancialInstruments 2024-02-29 NI038994 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 NI038994 core:FurnitureFittingsToolsEquipment 2024-02-29 NI038994 core:MotorVehicles 2024-02-29 NI038994 core:OtherPropertyPlantEquipment 2024-02-29 NI038994 bus:SmallEntities 2023-03-01 2024-02-29 NI038994 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 NI038994 bus:FilletedAccounts 2023-03-01 2024-02-29 NI038994 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 NI038994 bus:RegisteredOffice 2023-03-01 2024-02-29 NI038994 bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 NI038994 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 NI038994 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI038994 core:FurnitureFittings 2023-03-01 2024-02-29 NI038994 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 NI038994 core:MotorVehicles 2023-03-01 2024-02-29 NI038994 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 NI038994 core:PlantMachinery 2023-03-01 2024-02-29 NI038994 countries:NorthernIreland 2023-03-01 2024-02-29 NI038994 2023-02-28 NI038994 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-02-28 NI038994 core:FurnitureFittingsToolsEquipment 2023-02-28 NI038994 core:MotorVehicles 2023-02-28 NI038994 core:OtherPropertyPlantEquipment 2023-02-28 NI038994 core:PreviouslyStatedAmount 2023-02-28 NI038994 2021-09-01 2023-02-28 NI038994 2023-02-28 NI038994 bus:OrdinaryShareClass1 2023-02-28 NI038994 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 NI038994 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 NI038994 core:CurrentFinancialInstruments 2023-02-28 NI038994 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 NI038994 core:Non-currentFinancialInstruments 2023-02-28 NI038994 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 NI038994 core:FurnitureFittingsToolsEquipment 2023-02-28 NI038994 core:MotorVehicles 2023-02-28 NI038994 core:OtherPropertyPlantEquipment 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI038994

Ashgrove Contract Furniture Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Ashgrove Contract Furniture Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Ashgrove Contract Furniture Limited

(Registration number: NI038994)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

322,507

298,421

Current assets

 

Stocks

5

798,679

599,835

Debtors

6

887,273

953,035

Cash at bank and in hand

 

177,410

132,780

 

1,863,362

1,685,650

Creditors: Amounts falling due within one year

7

(338,777)

(477,855)

Net current assets

 

1,524,585

1,207,795

Total assets less current liabilities

 

1,847,092

1,506,216

Creditors: Amounts falling due after more than one year

7

(54,390)

(65,362)

Provisions for liabilities

(66,752)

(46,293)

Net assets

 

1,725,950

1,394,561

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

1,725,948

1,394,559

Shareholders' funds

 

1,725,950

1,394,561

 

Ashgrove Contract Furniture Limited

(Registration number: NI038994)
Balance Sheet as at 29 February 2024

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2023
 

.........................................
Mr Liam Dempsey
Company secretary and director

 

Ashgrove Contract Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
48 Doury Road
Ballymena
Co Antrim
BT43 6JB

These financial statements were authorised for issue by the director on 28 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The director has assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The director notes the positive trading at the date of sign off of the financial statements and believe that the company will continue as a going concern and be able to realise its assests and discharge its liabilities in the normal course of business.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants relating to revenue are recognised in income on the accruals basis on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Any grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs shall be recognised in income in the period in which it becomes receivable.

 

Ashgrove Contract Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance basis

Fixtures and fittings

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Ashgrove Contract Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 37 (2023 - 38).

 

Ashgrove Contract Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & equipment
£

Total
£

Cost or valuation

At 1 March 2023

38,370

428,516

586,239

1,053,125

Additions

-

103,722

61,254

164,976

Disposals

-

(74,527)

-

(74,527)

At 29 February 2024

38,370

457,711

647,493

1,143,574

Depreciation

At 1 March 2023

28,607

255,991

470,106

754,704

Charge for the year

2,197

47,384

39,465

89,046

Eliminated on disposal

-

(22,683)

-

(22,683)

At 29 February 2024

30,804

280,692

509,571

821,067

Carrying amount

At 29 February 2024

7,566

177,019

137,922

322,507

At 28 February 2023

9,763

172,525

116,133

298,421

5

Stocks

2024
£

2023
£

Stock and Work in progress

798,679

599,835

6

Debtors

Current

2024
£

2023
£

Trade debtors

645,545

886,268

Prepayments

14,362

11,490

Other debtors

227,366

55,277

 

887,273

953,035

 

Ashgrove Contract Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and overdrafts

9

49,016

68,735

Trade creditors

 

208,073

269,207

Taxation and social security

 

12,447

12,711

Accruals and deferred income

 

7,550

3,550

Other creditors

 

61,691

123,652

 

338,777

477,855

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

54,390

65,362

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

2 Ordinary shares of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,480

22,368

Hire purchase contracts

41,910

42,994

54,390

65,362

Current loans and borrowings

 

Ashgrove Contract Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2024
£

2023
£

Bank borrowings

10,654

10,654

Hire purchase contracts

38,362

58,081

49,016

68,735