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Registration number: 09647172

Focus Fireplaces (Showroom) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Focus Fireplaces (Showroom) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Focus Fireplaces (Showroom) Limited

(Registration number: 09647172)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

127,683

89,283

Current assets

 

Stocks

5

366,535

328,458

Debtors

6

21,379

13,889

Cash at bank and in hand

 

256,579

284,258

 

644,493

626,605

Creditors: Amounts falling due within one year

7

(438,687)

(459,734)

Net current assets

 

205,806

166,871

Total assets less current liabilities

 

333,489

256,154

Creditors: Amounts falling due after more than one year

7

(52,316)

(45,739)

Provisions for liabilities

(29,380)

(19,498)

Net assets

 

251,793

190,917

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

251,693

190,817

Shareholders' funds

 

251,793

190,917

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

 

Focus Fireplaces (Showroom) Limited

(Registration number: 09647172)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 3 February 2025 and signed on its behalf by:
 

.........................................
Mr Stephen Paul Byers
Director

.........................................
Mr Michael White
Director

 
     
 

Focus Fireplaces (Showroom) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 22
The Bull Commercial Centre
Stockton On The Forest
York
YO32 9LE

These financial statements were authorised for issue by the Board on 3 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Invoices for services not yet supplied is carried forward to the period in which the service will be undertaken.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Focus Fireplaces (Showroom) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Office equipment

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Focus Fireplaces (Showroom) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Focus Fireplaces (Showroom) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 13).

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

24,676

17,757

118,937

161,370

Additions

-

5,580

63,237

68,817

Disposals

-

-

(16,248)

(16,248)

At 30 September 2024

24,676

23,337

165,926

213,939

Depreciation

At 1 October 2023

13,385

5,421

53,281

72,087

Charge for the year

1,129

2,687

10,691

14,507

Eliminated on disposal

-

-

(338)

(338)

At 30 September 2024

14,514

8,108

63,634

86,256

Carrying amount

At 30 September 2024

10,162

15,229

102,292

127,683

At 30 September 2023

11,291

12,336

65,656

89,283

Included within the net book value of land and buildings above is £10,162 (2023 - £11,291) in respect of short leasehold land and buildings.
 

 

Focus Fireplaces (Showroom) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Stocks

2024
£

2023
£

Work in progress

62,315

78,645

Finished goods and goods for resale

304,220

249,813

366,535

328,458

6

Debtors

Current

2024
£

2023
£

Trade debtors

18,410

12,985

Prepayments

1,637

904

Other debtors

1,332

-

 

21,379

13,889

 

Focus Fireplaces (Showroom) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

31,809

22,116

Trade creditors

 

75,440

108,139

Amounts owed to group undertakings and undertakings in which the company has a participating interest

231,851

247,441

Taxation and social security

 

68,443

44,576

Accruals and deferred income

 

3,259

2,977

Other creditors

 

27,885

34,485

 

438,687

459,734

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

52,316

45,739

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Focus Fireplaces (Showroom) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £38,640 (2023 - £38,640).

10

Parent and ultimate parent undertaking

The ultimate parent is FFS (York) Limited, incorporated in England and Wales.

 

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,807

20,816

Hire purchase contracts

41,509

24,923

52,316

45,739

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,072

9,072

Hire purchase contracts

22,737

13,044

31,809

22,116