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REGISTERED NUMBER: 04315821 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2024

FOR

COUNTRY FURNITURE BARNS LIMITED

COUNTRY FURNITURE BARNS LIMITED (REGISTERED NUMBER: 04315821)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


COUNTRY FURNITURE BARNS LIMITED (REGISTERED NUMBER: 04315821)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 854,775 535,177

CURRENT ASSETS
Stocks 518,287 612,000
Debtors 6 42,527 61,875
Cash at bank and in hand 31,358 154,204
592,172 828,079
CREDITORS
Amounts falling due within one year 7 344,350 232,864
NET CURRENT ASSETS 247,822 595,215
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,102,597

1,130,392

CREDITORS
Amounts falling due after more than
one year

8

(216,945

)

(231,390

)

PROVISIONS FOR LIABILITIES 10 (7,695 ) (4,331 )
NET ASSETS 877,957 894,671

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 877,857 894,571
SHAREHOLDERS' FUNDS 877,957 894,671

COUNTRY FURNITURE BARNS LIMITED (REGISTERED NUMBER: 04315821)

BALANCE SHEET - continued
30 APRIL 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





Mrs K Clark - Director


COUNTRY FURNITURE BARNS LIMITED (REGISTERED NUMBER: 04315821)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Country Furniture Barns Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04315821

Registered office: Country Furniture Barn
Hawkhurst Road
Flimwell
East Sussex
TN5 7QH

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 15% on reducing balance

All fixed assets are initially recorded at cost.

COUNTRY FURNITURE BARNS LIMITED (REGISTERED NUMBER: 04315821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

COUNTRY FURNITURE BARNS LIMITED (REGISTERED NUMBER: 04315821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.


COUNTRY FURNITURE BARNS LIMITED (REGISTERED NUMBER: 04315821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

COUNTRY FURNITURE BARNS LIMITED (REGISTERED NUMBER: 04315821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 619,734 5,688 17,732
Additions 320,180 1,600 -
Disposals - - -
At 30 April 2024 939,914 7,288 17,732
DEPRECIATION
At 1 May 2023 102,583 3,556 11,637
Charge for year 12,962 866 1,524
Eliminated on disposal - - -
At 30 April 2024 115,545 4,422 13,161
NET BOOK VALUE
At 30 April 2024 824,369 2,866 4,571
At 30 April 2023 517,151 2,132 6,095

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 24,675 11,803 679,632
Additions 19,650 341 341,771
Disposals (3,000 ) - (3,000 )
At 30 April 2024 41,325 12,144 1,018,403
DEPRECIATION
At 1 May 2023 21,782 4,897 144,455
Charge for year 4,500 1,055 20,907
Eliminated on disposal (1,734 ) - (1,734 )
At 30 April 2024 24,548 5,952 163,628
NET BOOK VALUE
At 30 April 2024 16,777 6,192 854,775
At 30 April 2023 2,893 6,906 535,177

COUNTRY FURNITURE BARNS LIMITED (REGISTERED NUMBER: 04315821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 33,157 36,277
Directors' current accounts - 13,315
Prepayments and accrued income 9,370 12,283
42,527 61,875

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 28,381 39,147
Trade creditors 31,371 88,937
Corporation tax 26,351 66,772
PAYE and social security 1,628 966
VAT 13,966 21,397
Other creditors 13,962 570
Net wages 44 9,843
Directors' current accounts 223,844 332
Accruals and deferred income 4,803 4,900
344,350 232,864

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 28,381 39,147
Bank loans - 2-5 years 57,645 99,941
Bank loans over 5 years 130,919 92,302
216,945 231,390

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 130,919 92,302

COUNTRY FURNITURE BARNS LIMITED (REGISTERED NUMBER: 04315821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 222,827 238,038

The bank loans are secured by charges on the freehold property. There are also fixed and floating charges over the other assets and undertakings of the company.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 7,695 4,331

Deferred
tax
£   
Balance at 1 May 2023 4,331
Provided during year 3,364
Balance at 30 April 2024 7,695

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
45 Ordinary A £1 45 45
45 Ordinary B £1 45 45
10 Ordinary C £1 10 10
100 100

COUNTRY FURNITURE BARNS LIMITED (REGISTERED NUMBER: 04315821)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
Mrs K Clark
Balance outstanding at start of year 13,315 35,688
Amounts advanced 17,442 -
Amounts repaid (233,560 ) (22,373 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (202,803 ) 13,315