IRIS Accounts Production v24.3.2.46 07129804 Board of Directors Board of Directors 1.5.23 30.4.24 30.4.24 Medium entities manufacturer of furniture. true true false true true false false true false Auditors Opinion These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 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REGISTERED NUMBER: 07129804 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

ANDREW PAUL FURNITURE LTD

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 7

Balance Sheet 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


ANDREW PAUL FURNITURE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: P J Bradbery
A W Cooke





REGISTERED OFFICE: First Floor
49 High Street
Hucknall
Nottinghamshire
NG15 7AW





BUSINESS ADDRESS: Unit 2, Meadow Lane
Long Eaton
Nottingham
NG10 2GD





REGISTERED NUMBER: 07129804 (England and Wales)





AUDITORS: Lemans
Statutory Auditor
29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report for the year ended 30 April 2024.

Andrew Paul Furniture has been manufacturing sofas and chairs for leading brands since May 2010 in Long Eaton, a recognised Centre of Excellence for upholstered furniture in the UK.

The company employs highly skilled wood machinists, framemakers and upholsterers to manufacture modern designs to high specifications, using traditional methods and latest technology.

REVIEW OF BUSINESS
Market conditions have been difficult following unprecedented years that followed the Covid period.
Like all manufacturers in the furniture trade, business has been very difficult and cutbacks in all areas of the business have had to be made.

The decision has been made to move our main manufacturing plant back to Meadow Lane, hence the lease will not be renewed at Unit A, Fields Farm Road. The move will take place during August 2024, this will reduce the companies' overheads dramatically, along with continued restructuring, APF's future will be more positive.

APF will continue to develop their own range of furniture, which to date has been positively accepted within the retail sector. APF will now focus on making their range a recognised brand.
The business will continue to expand their customer base to minimise negative exposure.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors consider the principal risk and uncertainty to the business to be the UK economy and competition in the upholstery market. The Directors and management will continue to work to improve on customer relations and confidence.

The company has experienced a slight downturn in trade and in recent years has made losses. The effects of this have adversely affected the cash flow position. The company has undertaken a restructuring programme, making cut backs to outgoings, in order to return the company to a profit making position. Although the directors have undertaken restructuring measures, there is an element of doubt as to the entity's ability to continue as a going concern. The company has made arrangements with its bankers, who have confirmed that they will continue to support the company for the foreseeable future. The company has an unlimited multi-party guarantee in place with associated companies, to secure present and future indebtedness to its bankers. The company is currently trading profitably and has a healthy order book, with measures taken to reduce costs the directors are confident that the company will return to profitability.

FINANCIAL KEY PERFORMANCE INDICATORS
30.4.24 30.4.23
£    £   

Turnover 12,944,655 14,242,283

Gross Profit 6,539,632 6,993,827

Net Pre-Tax Loss (107,779 ) (342,825 )

ON BEHALF OF THE BOARD:





A W Cooke - Director


30 January 2025

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

P J Bradbery
A W Cooke

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Lemans, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A W Cooke - Director


30 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDREW PAUL FURNITURE LTD

Qualified Opinion
We have audited the financial statements of Andrew Paul Furniture Ltd (the 'company') for the year ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company’s affairs as at 30 April 2024 and of its loss for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
Sufficient appropriate audit evidence regarding the stock and work in progress at 30 April 2024 and 2023 was unable to be obtained. Consequently, we were unable to determine whether any adjustments to these amounts were necessary. In addition, were any adjustment to the gross profit to be required, the strategic report would also need to be amended.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Uncertainty related to going concern
We draw attention to note 23 in the financial statements, which indicates that an uncertainty exists that may cast doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Key audit matters
Except for the matters described in the basis for qualified opinion section and uncertainty related to going concern section, we have determined that there are no other key audit matters to be communicated in our report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, we were unable to obtain sufficient appropriate audit evidence concerning the valuation of stock and work in progress held at 30 April 2024 and 2023. We have concluded that where the other information refers to stock and work in progress, such as the gross profit, we were unable to determine whether these amounts were misstated for the same reason.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDREW PAUL FURNITURE LTD


Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

Arising solely from the limitation on the scope of our work relating to stock and work in progress, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made.



Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDREW PAUL FURNITURE LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional scepticism throughout the planning and
performance of the audit;
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control;
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity's internal control;
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management. We are required to communicate with those charged with governance
regarding, among other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Karen Mealand (Senior Statutory Auditor)
for and on behalf of Lemans
Statutory Auditor
29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA

30 January 2025

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   

TURNOVER 3 12,944,655 14,242,283

Cost of sales 6,405,023 7,248,456
GROSS PROFIT 6,539,632 6,993,827

Administrative expenses 6,746,346 7,424,334
(206,714 ) (430,507 )

Other operating income 148,221 122,506
OPERATING LOSS 5 (58,493 ) (308,001 )


Interest payable and similar expenses 6 49,286 34,824
LOSS BEFORE TAXATION (107,779 ) (342,825 )

Tax on loss 7 (102,709 ) (304,758 )
LOSS FOR THE FINANCIAL YEAR (5,070 ) (38,067 )

Retained earnings at beginning of year 603,976 808,043

Dividends 8 - (166,000 )

RETAINED EARNINGS AT END OF
YEAR

598,906

603,976

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 422,962 470,154
Investments 10 1 1
422,963 470,155

CURRENT ASSETS
Stocks 11 814,373 693,539
Debtors 12 1,676,082 1,661,127
Cash at bank and in hand 75 492,025
2,490,530 2,846,691
CREDITORS
Amounts falling due within one year 13 2,107,894 2,471,886
NET CURRENT ASSETS 382,636 374,805
TOTAL ASSETS LESS CURRENT
LIABILITIES

805,599

844,960

CREDITORS
Amounts falling due after more than one
year

14

(109,933

)

(159,615

)

PROVISIONS FOR LIABILITIES 18 (96,756 ) (81,365 )
NET ASSETS 598,910 603,980

CAPITAL AND RESERVES
Called up share capital 19 4 4
Retained earnings 20 598,906 603,976
SHAREHOLDERS' FUNDS 598,910 603,980

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:




P J Bradbery - Director



A W Cooke - Director


ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (499,121 ) (183,455 )
Interest paid (9,926 ) (8,876 )
Interest element of hire purchase payments
paid

(6,295

)

(6,172

)
Invoice discounting costs (33,065 ) (19,776 )
Taxation refund 146,539 183,182
Net cash from operating activities (401,868 ) (35,097 )

Cash flows from investing activities
Purchase of tangible fixed assets (49,216 ) (20,868 )
Purchase of fixed asset investments - (1 )
Net cash from investing activities (49,216 ) (20,869 )

Cash flows from financing activities
Loan repayments in year (50,000 ) (50,000 )
Capital repayments in year 5,057 (32,169 )
Amount introduced by directors - 107,029
Amount withdrawn by directors (117,218 ) -
Equity dividends paid - (166,000 )
Net cash from financing activities (162,161 ) (141,140 )

Decrease in cash and cash equivalents (613,245 ) (197,106 )
Cash and cash equivalents at beginning of
year

2

492,025

689,131

Cash and cash equivalents at end of year 2 (121,220 ) 492,025

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.4.24 30.4.23
£    £   
Loss before taxation (107,779 ) (342,825 )
Depreciation charges 96,408 109,800
Loss on disposal of fixed assets - 904
Finance costs 49,286 34,824
37,915 (197,297 )
Increase in stocks (120,834 ) (67,895 )
(Increase)/decrease in trade and other debtors (43,393 ) 581,097
Decrease in trade and other creditors (372,809 ) (499,360 )
Cash generated from operations (499,121 ) (183,455 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 75 492,025
Bank overdrafts (121,295 ) -
(121,220 ) 492,025
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 492,025 689,131


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 492,025 (491,950 ) 75
Bank overdrafts - (121,295 ) (121,295 )
492,025 (613,245 ) (121,220 )
Debt
Finance leases (93,709 ) (5,057 ) (98,766 )
Debts falling due within 1 year (50,000 ) - (50,000 )
Debts falling due after 1 year (100,000 ) 50,000 (50,000 )
(243,709 ) 44,943 (198,766 )
Total 248,316 (568,302 ) (319,986 )

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

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

1. STATUTORY INFORMATION

Andrew Paul Furniture Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

30.4.24 30.4.23
£    £   
Sale of goods 12,944,655 14,242,283
12,944,655 14,242,283

4. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 4,439,878 4,906,340
Social security costs 381,017 452,345
Other pension costs 84,705 94,526
4,905,600 5,453,211

The average number of employees during the year was as follows:
30.4.24 30.4.23

Manufacturing and administration 178 190

30.4.24 30.4.23
£    £   
Directors' remuneration 18,200 18,192

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

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

5. OPERATING LOSS

The operating loss is stated after charging:

30.4.24 30.4.23
£    £   
Hire of plant and machinery 118,317 117,778
Depreciation - owned assets 73,893 88,004
Depreciation - assets on hire purchase contracts 22,515 21,798
Loss on disposal of fixed assets - 904
Auditors' remuneration 19,000 18,950
Operating leases 555,739 553,036

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Bank loan interest 9,926 8,876
Hire purchase interest 6,295 6,172
Finance service charges 20,000 14,833
Finance discounting charges 13,065 4,943
49,286 34,824

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax (77,564 ) (289,185 )
Under/(Over) provision in prior year (40,536 ) -
Total current tax (118,100 ) (289,185 )

Deferred tax 15,391 (15,573 )
Tax on loss (102,709 ) (304,758 )

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

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

7. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.24 30.4.23
£    £   
Loss before tax (107,779 ) (342,825 )
Loss multiplied by the standard rate of corporation tax in the UK of
23.474% (2023 - 19.500%)

(25,300

)

(66,851

)

Effects of:
Depreciation in excess of capital allowances 10,719 15,963
Adjustments to tax charge in respect of previous periods (40,536 ) -
Deferred tax 15,391 (15,573 )
Disposal of fixed assets - 176
Adjustments to tax charge in respect of research and development (62,983 ) (238,473 )
Total tax credit (102,709 ) (304,758 )

8. DIVIDENDS
30.4.24 30.4.23
£    £   
Ordinary shares of £1 each
Dividend paid - 166,000

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 108,211 394,263 99,643
Additions 1,450 2,867 373
At 30 April 2024 109,661 397,130 100,016
DEPRECIATION
At 1 May 2023 28,980 146,715 46,279
Charge for year 11,956 37,273 13,349
At 30 April 2024 40,936 183,988 59,628
NET BOOK VALUE
At 30 April 2024 68,725 213,142 40,388
At 30 April 2023 79,231 247,548 53,364

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

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

9. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 85,280 87,152 774,549
Additions 41,990 2,536 49,216
At 30 April 2024 127,270 89,688 823,765
DEPRECIATION
At 1 May 2023 41,591 40,830 304,395
Charge for year 15,282 18,548 96,408
At 30 April 2024 56,873 59,378 400,803
NET BOOK VALUE
At 30 April 2024 70,397 30,310 422,962
At 30 April 2023 43,689 46,322 470,154

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2023 141,800 29,500 171,300
Additions - 41,990 41,990
At 30 April 2024 141,800 71,490 213,290
DEPRECIATION
At 1 May 2023 39,350 18,347 57,697
Charge for year 15,367 7,148 22,515
At 30 April 2024 54,717 25,495 80,212
NET BOOK VALUE
At 30 April 2024 87,083 45,995 133,078
At 30 April 2023 102,450 11,153 113,603

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 1
NET BOOK VALUE
At 30 April 2024 1
At 30 April 2023 1

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

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

10. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Bradbery & Cooke Limited
Registered office: 1st Floor, 49 High Street, Hucknall, Nottingham, NG15 7AW
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1 1

11. STOCKS
30.4.24 30.4.23
£    £   
Raw materials 602,838 565,823
Work-in-progress 125,230 96,145
Finished goods 86,305 31,571
814,373 693,539

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 963,171 742,379
Amounts owed by participating interests 487,960 669,937
Corporation tax 77,564 106,002
Prepayments 147,387 142,809
1,676,082 1,661,127

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts (see note 15) 171,295 50,000
Hire purchase contracts (see note 16) 38,833 34,094
Trade creditors 1,062,834 1,256,738
Amounts owed to participating interests 16,249 -
Social security and other taxes 305,963 420,400
Directors' current accounts 176,129 293,347
Accrued expenses 336,591 417,307
2,107,894 2,471,886

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans (see note 15) 50,000 100,000
Hire purchase contracts (see note 16) 59,933 59,615
109,933 159,615

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

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

15. LOANS

An analysis of the maturity of loans is given below:

30.4.24 30.4.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 121,295 -
Bank loans 50,000 50,000
171,295 50,000

Amounts falling due between one and two years:
Bank loans 50,000 50,000

Amounts falling due between two and five years:
Bank loans - 50,000

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 38,833 34,094
Between one and five years 59,933 59,615
98,766 93,709

Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year 239,505 555,739
Between one and five years 37,500 277,005
277,005 832,744

17. SECURED DEBTS

A fixed and floating debenture was signed on 25 January 2016 to secure all liabilities due to National Westminster Bank Plc.

A fixed and floating charge was signed on 4 August 2022 to secure all liabilities due to RBS Invoice Finance Limited.

The company has an unlimited multi-party guarantee in place with associated companies, to secure present and future indebtedness to its bankers.

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

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

18. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax 96,756 81,365

Deferred
tax
£   
Balance at 1 May 2023 81,365
Provided during year 15,391
Balance at 30 April 2024 96,756

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
4 Ordinary £1 4 4

20. RESERVES
Retained
earnings
£   

At 1 May 2023 603,976
Deficit for the year (5,070 )
At 30 April 2024 598,906

21. CAPITAL COMMITMENTS
30.4.24 30.4.23
£    £   
Contracted but not provided for in the
financial statements - 39,990

ANDREW PAUL FURNITURE LTD (REGISTERED NUMBER: 07129804)

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

22. RELATED PARTY DISCLOSURES

Andrew Paul Furniture Ltd, Tenet Furniture Products Ltd and Stevenson & Key (Frames) Ltd are companies under common control.


30.4.24 30.4.23
During the year the company has transacted sales as follows: £    £   
Stevenson & Key (Frames) Ltd 192,418 435,816


30.4.24 30.4.23
During the year the company has transacted purchases as follows: £    £   
Stevenson & Key (Frames) Ltd 1,531,133 1,753,776
Tenet Furniture Products Ltd 36,016 33,304


30.4.24 30.4.23
During the year the company has paid rent as follows: £    £   
Tenet Furniture Products Ltd 216,996 225,996


30.4.24 30.4.23
Debtors includes amounts due from: £    £   
Stevenson & Key (Frames) Ltd - 85,729
Tenet Furniture Products Ltd 487,960 584,208


30.4.24 30.4.23
Creditors includes amounts due to: £    £   
Stevenson & Key (Frames) Ltd 16,249 -

The company has an unlimited multi-party guarantee in place with associated companies, to secure present and future indebtedness to its bankers.

23. GOING CONCERN

The directors have undertaken restructuring measures to reduce costs and return the company to a profit making position. The company's bankers have confirmed that they will continue to support the company through this period of restructuring. The company has an unlimited multi-party guarantee in place with associated companies, to secure present and future indebtedness to its bankers. Although the directors have undertaken restructuring measures, there is an element of doubt as to the entity's ability to continue as a going concern. The company is currently trading profitably and has a healthy order book, the directors are confident that this will continue. The directors believe it is appropriate to prepare the accounts on a going concern basis.