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 |