Company registration number 00465328 (England and Wales)
CARVILLS FURNISHINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
CARVILLS FURNISHINGS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
CARVILLS FURNISHINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M D Arno
Mr R G Arno
Secretary
Mr M D Arno
Company number
00465328
Registered office
112-114 High Street
Uckfield
East Sussex
TN22 1PX
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
CARVILLS FURNISHINGS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,349
Tangible assets
4
37,994
23,337
37,994
27,686
Current assets
Stocks
194,198
229,519
Debtors
5
60,313
28,064
Cash at bank and in hand
92,510
92,438
347,021
350,021
Creditors: amounts falling due within one year
6
(280,803)
(261,833)
Net current assets
66,218
88,188
Total assets less current liabilities
104,212
115,874
Creditors: amounts falling due after more than one year
7
(12,345)
Provisions for liabilities
(9,277)
(3,053)
Net assets
82,590
112,821
Capital and reserves
Called up share capital
8
5,700
5,700
Share premium account
375
375
Profit and loss reserves
76,515
106,746
Total equity
82,590
112,821
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
CARVILLS FURNISHINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 3 -
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
Mr R G Arno
Director
Company Registration No. 00465328
CARVILLS FURNISHINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information
Carvills Furnishings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 112-114 High Street, Uckfield, East Sussex, TN22 1PX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for home furnishing goods and services, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
3 years straight line basis
CARVILLS FURNISHINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings - Leasehold
10 years straight line basis
Plant and machinery
25% reducing balance basis
Fixtures, fittings and equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks and work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Work in progress is valued at the lower of cost and net realisable value.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CARVILLS FURNISHINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CARVILLS FURNISHINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 7 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
12
CARVILLS FURNISHINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
3
Intangible fixed assets
Development costs
£
Cost
At 1 March 2023 and 29 February 2024
31,099
Amortisation and impairment
At 1 March 2023
26,750
Amortisation charged for the year
4,349
At 29 February 2024
31,099
Carrying amount
At 29 February 2024
At 28 February 2023
4,349
4
Tangible fixed assets
Land and buildings - Leasehold
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
43,079
9,065
94,061
146,205
Additions
428
5,078
25,235
30,741
Disposals
(150)
(14,250)
(14,400)
At 29 February 2024
43,079
428
13,993
105,046
162,546
Depreciation and impairment
At 1 March 2023
43,079
6,184
73,605
122,868
Depreciation charged in the year
107
1,983
10,577
12,667
Eliminated in respect of disposals
(115)
(10,868)
(10,983)
At 29 February 2024
43,079
107
8,052
73,314
124,552
Carrying amount
At 29 February 2024
321
5,941
31,732
37,994
At 28 February 2023
2,881
20,456
23,337
CARVILLS FURNISHINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
52,963
19,481
Corporation tax recoverable
2,537
Prepayments and accrued income
7,350
6,046
60,313
28,064
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
6,018
3,693
Trade creditors
180,338
158,604
Corporation tax
10,628
15,569
Other taxation and social security
45,659
44,905
Other creditors
11,535
11,565
Accruals and deferred income
26,625
27,497
280,803
261,833
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
12,345
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,700
5,700
5,700
5,700
CARVILLS FURNISHINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
9
Related party transactions
The company rents its premises from Mrs V A Arno, mother of directors Mr M D and Mr R G Arno. Total rent paid in the year amounted to £36,000 (2023 - £32,000) and is charged on a fully commercial basis. No amount is outstanding at the balance sheet date (2023 - £nil).
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