Registered number
01894767
(England & Wales)
FURNITAL LIMITED
Unaudited Filleted Accounts
for the year ended 30 April 2024
FURNITAL LIMITED
Registered number: 01894767
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,604,047 3,025,073
Current assets
Debtors 4 119 37,947
Cash at bank and in hand 85,290 399,279
85,409 437,226
Creditors: amounts falling due within one year 5 (25,262) (32,234)
Net current assets 60,147 404,992
Total assets less current liabilities 3,664,194 3,430,065
Provisions for liabilities (36,734) (36,734)
Net assets 3,627,460 3,393,331
Capital and reserves
Called up share capital 41,755 41,755
Revaluation reserve 6 - 154,971
Profit and loss account 3,585,705 3,196,605
Shareholders' funds 3,627,460 3,393,331
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Bonura T C Barley
Director Director
Approved by the board on 28 January 2025
FURNITAL LIMITED
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Machinery, fixtures and equipment 20% per annum reducing balance
Motor vehicles 25% per annum reducing balance
No depreciation is provided on the company's freehold properties. The properties are maintained to ensure that their value does not diminish over time. The maintenance costs are charged to profit and loss in the year incurred. In the directors' opinion, depreciation would be immaterial and has not been charged.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Motor vehicles Total
£ £ £
Cost
At 1 May 2023 3,004,611 85,141 3,089,752
Additions 999,569 - 999,569
Disposals (410,000) (54,732) (464,732)
At 30 April 2024 3,594,180 30,409 3,624,589
Depreciation
At 1 May 2023 - 64,679 64,679
Charge for the year - 3,289 3,289
On disposals - (47,426) (47,426)
At 30 April 2024 - 20,542 20,542
Net book value
At 30 April 2024 3,594,180 9,867 3,604,047
At 30 April 2023 3,004,611 20,462 3,025,073
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,476,616 1,731,645
Cumulative depreciation based on historical cost - -
1,476,616 1,731,645
4 Debtors 2024 2023
£ £
Trade debtors - 37,358
Prepayments 119 589
119 37,947
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,400 16,385
Taxation and social security costs 15,388 14,029
Other creditors 1,474 1,820
25,262 32,234
6 Revaluation reserve 2024 2023
£ £
At 1 May 2023 154,971 154,971
Adjustment for disposal of revalued land and buildings (154,971) -
At 30 April 2024 - 154,971
7 Related party transactions
The directors consider all related party transactions to have been at arms length.
8 Controlling party
The directors, Mr L Bonura and Mr T C Barley, jointly own 29% of the share capital. The remaining 71% is held by two separate trusts where Mr L Bonura is one of the trustees.
9 Other information
FURNITAL LIMITED is a private company limited by shares and incorporated in England. The accounts are presented in sterling which is the functional currency of the company. Its registered office is:
19 Gipsy Lane
Irchester
Wellingborough
Northamptonshire
NN29 7DJ
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