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COMPANY REGISTRATION NUMBER: 10987002
Ely Farmhouse Furniture Limited
Unaudited financial statements
30 September 2024
Ely Farmhouse Furniture Limited
Statement of financial position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
206,226
159,929
Current assets
Stocks
134,776
135,050
Debtors
6
313,221
175,343
Cash at bank and in hand
3,203
2,873
---------
---------
451,200
313,266
Creditors: Amounts falling due within one year
7
( 463,539)
( 351,527)
---------
---------
Net current liabilities
( 12,339)
( 38,261)
---------
---------
Total assets less current liabilities
193,887
121,668
Creditors: Amounts falling due after more than one year
8
( 118,544)
( 71,753)
Provisions
Taxation including deferred tax
( 33,153)
( 22,584)
---------
---------
Net assets
42,190
27,331
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
42,090
27,231
-------
-------
Shareholders funds
42,190
27,331
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ely Farmhouse Furniture Limited
Statement of financial position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 13 February 2025 , and are signed on behalf of the board by:
G Thompson
J Willis
Director
Director
Company registration number: 10987002
Ely Farmhouse Furniture Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Common Road, Witchford, Ely, CB6 2HY, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
15% reducing balance
Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Office equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 15 (2023: 14 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Office Equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
7,596
69,730
137,936
19,511
234,773
Additions
3,881
86,723
2,019
92,623
Disposals
( 18,029)
( 18,029)
------
-------
---------
-------
---------
At 30 September 2024
7,596
73,611
206,630
21,530
309,367
------
-------
---------
-------
---------
Depreciation
At 1 October 2023
2,109
22,729
41,095
8,911
74,844
Charge for the year
823
9,744
30,046
2,828
43,441
Disposals
( 15,144)
( 15,144)
------
-------
---------
-------
---------
At 30 September 2024
2,932
32,473
55,997
11,739
103,141
------
-------
---------
-------
---------
Carrying amount
At 30 September 2024
4,664
41,138
150,633
9,791
206,226
------
-------
---------
-------
---------
At 30 September 2023
5,487
47,001
96,841
10,600
159,929
------
-------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
16,704
6,620
Other debtors
296,517
168,723
---------
---------
313,221
175,343
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
83,656
68,060
Trade creditors
48,712
64,074
Social security and other taxes
48,183
49,053
Other creditors
282,988
170,340
---------
---------
463,539
351,527
---------
---------
Included within other creditors is an amount of £43,109 (2023: £28,012) which is secured on the assets concerned.
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,659
19,277
Other creditors
104,885
52,476
---------
-------
118,544
71,753
---------
-------
Included within other creditors is an amount of £104,885 (2023: £52,476) which is secured on the assets concerned.
9. Directors' advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £148,181 (2023: £56,270). Interest of £2,211 (2023: £1,057) was charged at the official rate. The maximum overdrawn balance during the year was £172,763.