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Registered Number: 08528403


 

 

 

EARLWOOD FURNITURE LTD


Abridged Accounts
 


Period of accounts

Start date: 01 June 2023

End date: 31 May 2024
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 May 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Swan Saunders Limited
31 May 2024



....................................................

Swan Saunders Limited

Oak Lodge Business Centre
129 School Lane
Little Melton
Norwich
NR93LB
13 February 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 47,250    52,500 
Tangible fixed assets 4 14,923    20,811 
62,173    73,311 
Current assets      
Stocks 15,000    15,000 
Debtors 101,259    64,814 
Cash at bank and in hand 167,077    153,453 
283,336    233,267 
Creditors: amount falling due within one year (43,379)   (30,898)
Net current assets 239,957    202,369 
 
Total assets less current liabilities 302,130    275,680 
Net assets 302,130    275,680 
 

Capital and reserves
     
Called up share capital 5 5    5 
Profit and loss account 302,125    275,675 
Shareholders' funds 302,130    275,680 
 


For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 13 February 2025 and were signed on its behalf by:


-------------------------------
Lisa Ashby
Director
2
General Information
Earlwood Furniture Ltd is a private company, limited by shares, registered in , registration number 08528403, registration address Oak Lodge Business Centre , 129 School Lane,, Little Melton, Norwich,, NR9 3LB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Computer Equipment 33% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 3 (2023 : 4).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 June 2023 105,000    105,000 
Additions  
Disposals  
At 31 May 2024 105,000    105,000 
Amortisation
At 01 June 2023 52,500    52,500 
Charge for year 5,250    5,250 
On disposals  
At 31 May 2024 57,750    57,750 
Net book values
At 31 May 2024 47,250    47,250 
At 31 May 2023 52,500    52,500 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 June 2023 45,688    6,062    51,750 
Additions 395    2,071    2,466 
Disposals    
At 31 May 2024 46,083    8,133    54,216 
Depreciation
At 01 June 2023 25,752    5,187    30,939 
Charge for year 7,240    1,114    8,354 
On disposals    
At 31 May 2024 32,992    6,301    39,293 
Net book values
Closing balance as at 31 May 2024 13,091    1,832    14,923 
Opening balance as at 01 June 2023 19,936    875    20,811 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Class A shares of £1.00 each  
1 Class B share of £1.00 each  
1 Class C share of £1.00 each  
1 Class D share of £1.00 each  
 

3