Funky Furniture Hire (Properties) Limited Filleted Accounts Cover
Funky Furniture Hire (Properties) Limited
Company No. 07896493
Information for Filing with The Registrar
29 February 2024
Funky Furniture Hire (Properties) Limited Directors Report Registrar
The Directors present their report and the accounts for the year ended 29 February 2024.
Principal activities
The principal activity of the company during the year under review was furniture hire.
Directors
The Directors who served at any time during the year were as follows:
F. Mansfield
G. Mansfield
L.R. Mansfield
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
G. Mansfield
Director
29 November 2024
Funky Furniture Hire (Properties) Limited Balance Sheet Registrar
at
29 February 2024
Company No.
07896493
Notes
2024
2023
£
£
Fixed assets
Intangible assets
4
--
Tangible assets
5
6,051,0335,582,787
Investment property
6
837,416-
Investments
7
9,298-
6,897,7475,582,787
Current assets
Debtors
8
727,6831,554,217
Cash at bank and in hand
797,978222,077
1,525,6611,776,294
Creditors: Amount falling due within one year
9
(3,211,017)
(1,974,433)
Net current liabilities
(1,685,356)
(198,139)
Total assets less current liabilities
5,212,3915,384,648
Creditors: Amounts falling due after more than one year
10
(2,153,266)
(2,273,386)
Provisions for liabilities
Deferred taxation
(135,395)
(188,074)
Net assets
2,923,7302,923,188
Capital and reserves
Called up share capital
22
Revaluation reserve
11
228,875341,375
Profit and loss account
11
2,694,8532,581,811
Total equity
2,923,7302,923,188
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year 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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 29 November 2024 and signed on its behalf by:
G. Mansfield
Director
29 November 2024
Funky Furniture Hire (Properties) Limited Notes to the Accounts Registrar
for the year ended 29 February 2024
1
General information
Funky Furniture Hire (Properties) Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 07896493
Its registered office is:
Ground Floor Building C
Concentric
Warrington Road
Warrington
WA3 6WX
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• 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 economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
25% Reducing balance
Motor vehicles
25% Reducing balance
Furniture, fittings and equipment
20% Reducing balance
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Investments
Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other 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.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
54
4
Intangible fixed assets
Goodwill
Total
£
£
Cost
At 1 March 2023
30,00030,000
At 29 February 2024
30,00030,000
Amortisation and impairment
At 1 March 2023
30,00030,000
At 29 February 2024
30,00030,000
Net book values
At 29 February 2024
--
At 28 February 2023
--
5
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost or revaluation
At 1 March 2023
5,093,745179,457285,951877,9886,437,141
Additions
1,050,15826,9219,95070,2951,157,324
Disposals
(600,000)
---
(600,000)
At 29 February 2024
5,543,903206,378295,901948,2836,994,465
Depreciation
At 1 March 2023
-60,801153,525640,028854,354
Charge for the year
-14,71440,29734,06789,078
At 29 February 2024
-75,515193,822674,095943,432
Net book values
At 29 February 2024
5,543,903130,863102,079274,1886,051,033
At 28 February 2023
5,093,745
118,656
132,426
237,960
5,582,787
6
Investment property
Freehold Investment Property
£
Valuation
Additions
837,416
At 29 February 2024
837,416
7
Investments
Other investments
Total
£
£
Cost or valuation
Additions
9,298
9,298
At 29 February 2024
9,298
9,298
Provisions/Impairment
Net book values
At 29 February 2024
9,298
9,298
8
Debtors
2024
2023
£
£
Trade debtors
20,56549,963
VAT recoverable
17,41219,716
Loans to directors
-140,186
Other debtors
70,182190,737
Prepayments and accrued income
619,5241,153,615
727,6831,554,217
9
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
87,36385,196
Other loans
-10,000
Obligations under finance lease and hire purchase contracts
37,38748,843
Trade creditors
15,6226,128
Taxes and social security
246,872
91,270
Loans from directors
319,610-
Other creditors
2,399,5861,528,030
Accruals and deferred income
104,577204,966
3,211,0171,974,433
10
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,707,6321,796,203
Other loans
440,000430,000
Obligations under finance lease and hire purchase contracts
5,63447,183
2,153,2662,273,386
11
Reserves
Revaluation Reserve
Total other reserves
£
£
At 1 March 2022
368,685
368,685
Deferred taxation
(27,310)
(27,310)
At 28 February 2023 and 1 March 2023
341,375
341,375
Movement on revaluation reserve
(150,000)
(150,000)
Deferred taxation
37,500
37,500
At 29 February 2024
228,875228,875
Revaluation reserve - reflects the revaluation of property other than investment properties.
Profit and loss account - includes all current and prior period retained profits and losses.
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