Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-2972023-03-01falseFurniture wholesale6truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07900925 2023-03-01 2024-02-29 07900925 2022-09-01 2023-02-28 07900925 2024-02-29 07900925 2023-02-28 07900925 2022-09-01 07900925 c:Director1 2023-03-01 2024-02-29 07900925 d:MotorVehicles 2023-03-01 2024-02-29 07900925 d:MotorVehicles 2024-02-29 07900925 d:MotorVehicles 2023-02-28 07900925 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07900925 d:OfficeEquipment 2023-03-01 2024-02-29 07900925 d:OfficeEquipment 2024-02-29 07900925 d:OfficeEquipment 2023-02-28 07900925 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07900925 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07900925 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-01 2024-02-29 07900925 d:PatentsTrademarksLicencesConcessionsSimilar 2024-02-29 07900925 d:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 07900925 d:CurrentFinancialInstruments 2024-02-29 07900925 d:CurrentFinancialInstruments 2023-02-28 07900925 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 07900925 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 07900925 d:ShareCapital 2024-02-29 07900925 d:ShareCapital 2023-02-28 07900925 d:RetainedEarningsAccumulatedLosses 2024-02-29 07900925 d:RetainedEarningsAccumulatedLosses 2023-02-28 07900925 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 07900925 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 07900925 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-02-29 07900925 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-02-28 07900925 c:FRS102 2023-03-01 2024-02-29 07900925 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 07900925 c:FullAccounts 2023-03-01 2024-02-29 07900925 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07900925 2 2023-03-01 2024-02-29 07900925 6 2023-03-01 2024-02-29 07900925 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 07900925









TFW FURNITURE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
TFW FURNITURE LIMITED
REGISTERED NUMBER: 07900925

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
31,063
37,029

Investments
 6 
2
2

  
31,065
37,031

Current assets
  

Stocks
  
450,941
427,442

Debtors: amounts falling due within one year
 7 
613,416
581,206

Cash at bank and in hand
  
167,022
47,228

  
1,231,379
1,055,876

Creditors: amounts falling due within one year
 8 
(760,869)
(458,869)

Net current assets
  
 
 
470,510
 
 
597,007

Total assets less current liabilities
  
501,575
634,038

Provisions for liabilities
  

Deferred tax
 9 
(7,766)
(9,258)

Other provisions
 10 
(20,000)
(20,000)

Net assets
  
473,809
604,780


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
473,807
604,778

  
473,809
604,780


Page 1

 
TFW FURNITURE LIMITED
REGISTERED NUMBER: 07900925
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2024.




Mr D Lovett
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
TFW FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

TFW Furniture Limited ("the Company") is a private Company limited by shares, incorporated in England and Wales. The registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.
These accounts represent a 12 month period to 29 February 2024.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
TFW FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
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 Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
TFW FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
25% straight line

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
TFW FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of income and retained earnings.

 
2.14

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.16

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.

Page 6

 
TFW FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 7).


4.


Intangible assets






Patents

£



Cost


At 1 March 2023
5,000



At 29 February 2024

5,000



Amortisation


At 1 March 2023
5,000



At 29 February 2024

5,000



Net book value



At 29 February 2024
-



At 28 February 2023
-



Page 7

 
TFW FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
40,647
33,166
73,813


Additions
-
11,249
11,249


Disposals
-
(188)
(188)



At 29 February 2024

40,647
44,227
84,874



Depreciation


At 1 March 2023
11,012
25,772
36,784


Charge for the year on owned assets
10,158
6,869
17,027



At 29 February 2024

21,170
32,641
53,811



Net book value



At 29 February 2024
19,477
11,586
31,063



At 28 February 2023
29,635
7,394
37,029


6.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
2



At 29 February 2024
2




Page 8

 
TFW FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
296,824
224,894

Amounts owed by group undertakings
160,307
155,652

Other debtors
64,077
89,026

Prepayments
92,208
111,634

613,416
581,206



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
144,505
121,320

Trade creditors
405,090
156,606

Amounts owed to group undertakings
-
6,645

Other taxation and social security
83,466
27,183

Obligations under finance lease and hire purchase contracts
-
4,869

Other creditors
127,808
142,246

760,869
458,869



9.


Deferred taxation






29 February  2024
6 months ended
28 February
2023


£

£






At beginning of period/year
(9,258)
(10,861)


Credited/(charged) to profit or loss
1,492
1,603



At end of period/year
(7,766)
(9,258)

Page 9

 
TFW FURNITURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(7,766)
(9,258)


10.


Provisions






Provision for dilapadations

£





At 1 March 2023
20,000



At 29 February 2024
20,000

The above provision is in relation to dilapidation costs for which it is probable that the Company will incur costs at the expiry dates of their leases within 12 months of the balance sheet date. The above provision represents the directors' best estimate of these costs at the balance sheet date.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,477 (2023 - £4,528). At the balance sheet date, contributions due to the fund were £578 (2023 - £506).


12.


Transactions with directors

29 February
28 February
2024
2023
£
£
Balance brought forward

24,586

119,746
 
Advances and interest

109,628

29,840
 
Repayments

(125,000)

(125,000)
 
Balance carried forward
9,214

24,586
 

Interest is charged at the H M Revenue & Customs beneficial loan rate applicable on each transaction during the period.

 
Page 10