Company registration number 00520353 (England and Wales)
SHERBORNE UPHOLSTERY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
SHERBORNE UPHOLSTERY LIMITED
COMPANY INFORMATION
Directors
Christopher David Fort
Daniel Atkinson
Gary Broom
Secretary
Daniel Atkinson
Company number
00520353
Registered office
Pasture Lane
Clayton
Bradford
West Yorkshire
BD14 6LT
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
SHERBORNE UPHOLSTERY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 30
SHERBORNE UPHOLSTERY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

Review of the business

The Company’s turnover dropped by 20% from the previous year. This was expected due to an increase in competitor discounting and the loss of a large contract with a major customer. At the beginning of the financial year, the Company had closed a production site and rationalised operations to one location. This process also included a necessary reduction in employees with a large re-organisation expense. A 2.2% increase in gross profit showed the benefits of operating from one site with a reduction in direct and indirect expenses for the financial year. As a business, we continue to maintain strong relationships with customers and look for new suppliers and look to increase our market share in our core product range.

With the work and legal support required to transfer to an Employment Ownership Trust Model taking place during the year now coming to a conclusion, the business succession has now been resolved for the future in the long term.

Principal risks and uncertainties

The company operates in a price sensitive market.

Key performance indicators

The company's key financial and other performance indicators during the year were as follows:

 

 

Unit

2024

2023

Turnover

£

18,986,079

23,054,530

Gross margin

%

26

24

Profit before tax

£

22,291

199,777

By order of the board

Daniel Atkinson
Secretary
11 February 2025
SHERBORNE UPHOLSTERY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company is the manufacture of upholstered furniture.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Christopher David Fort
Kathleen Fort
(Resigned 30 July 2024)
Daniel Atkinson
Gary Broom
Financial instruments
Objectives and policies

The company utilises appropriate financial instruments in order to conduct its business activities.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors, trade creditors and finance lease agreements. The main purpose of these instruments is to finance the business' operations.

 

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank deposit accounts. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

 

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

 

The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

Future developments

The Company has been working very hard throughout 2024, on new product designs and technical innovation to bring a number of new products and designs to the market in the new financial period. The business is very cautious in the outlook for the future due to the general economic decline which has occurred since the last election, but are doing everything required to find new business, reduce costs, innovate in design and maintain customer satisfaction. The Company is looking forward to operating under the Employer Ownership Trust model with a strong balance sheet, no debt and an engaged workforce.

Auditor

In accordance with the company's articles, a resolution proposing that BHP LLP be reappointed as auditor of the company will be put at a General Meeting.

SHERBORNE UPHOLSTERY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

By order of the board
Daniel Atkinson
Secretary
11 February 2025
SHERBORNE UPHOLSTERY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors are responsible for preparing the annual report 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:

 

 

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.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

SHERBORNE UPHOLSTERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHERBORNE UPHOLSTERY LIMITED
- 5 -
Opinion

We have audited the financial statements of Sherborne Upholstery Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 the financial statements:

Basis for opinion

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 Auditor's 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 opinion.

Conclusions relating to going concern

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.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SHERBORNE UPHOLSTERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHERBORNE UPHOLSTERY LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

There are inherent limitations in the audit procedures as described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, review of client's operation of controls within the year, in particular, revenue, expenditure and payroll, and review of provisions. There are inherent limitations in the audit procedures as described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As part of our audit, we also addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. From this we evaluated whether there was evidence of bias by the directors that could represent a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SHERBORNE UPHOLSTERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHERBORNE UPHOLSTERY LIMITED (CONTINUED)
- 7 -

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 an auditor's report 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.

Ann Brown
Senior Statutory Auditor
For and on behalf of BHP LLP
11 February 2025
Chartered Accountants
Statutory Auditor
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
SHERBORNE UPHOLSTERY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
18,986,079
23,054,530
Cost of sales
(14,043,023)
(17,554,982)
Gross profit
4,943,056
5,499,548
Distribution costs
(1,856,607)
(1,651,656)
Administrative expenses
(3,459,512)
(3,902,426)
Operating loss
4
(373,063)
(54,534)
Interest receivable and similar income
8
391,392
268,829
Fair value gains and losses on foreign exchange contracts
3,962
(14,518)
Profit before taxation
22,291
199,777
Tax on profit
9
(21,613)
299,007
Profit for the financial year
678
498,784

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SHERBORNE UPHOLSTERY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
£
£
Profit for the year
678
498,784
Other comprehensive income
Actuarial gain/(loss) on defined benefit pension schemes
10,000
(1,244,000)
Total comprehensive income for the year
10,678
(745,216)
SHERBORNE UPHOLSTERY LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
-
0
-
0
Tangible assets
11
3,568,319
3,812,739
3,568,319
3,812,739
Current assets
Stocks
13
2,042,587
2,025,030
Debtors
14
2,620,984
2,641,033
Cash at bank and in hand
8,375,630
8,294,658
13,039,201
12,960,721
Creditors: amounts falling due within one year
15
(1,706,429)
(1,931,161)
Net current assets
11,332,772
11,029,560
Total assets less current liabilities
14,901,091
14,842,299
Provisions for liabilities
Deferred tax liability
16
128,892
80,778
(128,892)
(80,778)
Net assets excluding pension liability
14,772,199
14,761,521
Defined benefit pension liability
17
-
0
-
0
Net assets
14,772,199
14,761,521
Capital and reserves
Called up share capital
18
10,000
10,000
Share premium account
6,709
6,709
Profit and loss reserves
14,755,490
14,744,812
Total equity
14,772,199
14,761,521
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:
Christopher David Fort
Director
Company Registration No. 00520353
SHERBORNE UPHOLSTERY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
10,000
6,709
15,490,028
15,506,737
Year ended 30 June 2023:
Profit for the year
-
-
498,784
498,784
Other comprehensive income:
Actuarial loss on defined benefit plans
-
-
(1,244,000)
(1,244,000)
Total comprehensive income for the year
-
0
-
0
(745,216)
(745,216)
Balance at 30 June 2023
10,000
6,709
14,744,812
14,761,521
Year ended 30 June 2024:
Profit for the year
-
-
678
678
Other comprehensive income:
Actuarial loss on defined benefit plans
-
-
10,000
10,000
Total comprehensive income for the year
-
0
-
0
10,678
10,678
Balance at 30 June 2024
10,000
6,709
14,755,490
14,772,199
SHERBORNE UPHOLSTERY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
168,258
520,149
Investing activities
Purchase of tangible fixed assets
(594,107)
(1,159,178)
Proceeds on disposal of tangible fixed assets
111,467
247,779
Interest received
391,392
268,829
Net cash used in investing activities
(91,248)
(642,570)
Financing activities
Movement in derivatives
3,962
(14,518)
Net cash generated from/(used in) financing activities
3,962
(14,518)
Net increase/(decrease) in cash and cash equivalents
80,972
(136,939)
Cash and cash equivalents at beginning of year
8,294,658
8,431,597
Cash and cash equivalents at end of year
8,375,630
8,294,658
SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

Sherborne Upholstery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pasture Lane, Clayton, Bradford, West Yorkshire, BD14 6LT.

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.

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, modified to certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, 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.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
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:

Freehold land and buildings
2% per annum on cost
Plant and machinery
20% per annum reducing balance
Motor vehicles
25% per annum reducing balance
SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -

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.

1.6
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 

Cost is the actual cost based on a first in first out basis and including, where relevant, direct costs of conversion and an appropriate proportion of production overheads.

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.

1.8
Cash and cash equivalents

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.

SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.9
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

The company operates a funded defined benefit pension scheme for eligible staff. The scheme was closed to future accruals from 5 August 2008.

 

The company also operates a defined contribution pension scheme for directors and other employees, including those who are auto-enrolled.

 

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

1.15
Leases

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.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

 

SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock Provision

The company supply and manufacture upholstered furniture. As a result it is necessary to consider the recoverability of the cost of stock and associated provision required. When calculating the provision, management consider the nature and condition of stock.

Warranty Provision

An element of judgement is involved in the percentage used to calculate the warranty provision of customer turnover. The warranty provision calculated is then compared to actual returns in the prior year.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods and services
18,986,079
23,054,530
2024
2023
£
£
Other significant revenue
Interest income
391,392
268,829
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
18,508,031
22,259,722
Europe
478,048
794,808
18,986,079
23,054,530
SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
700,736
519,036
Loss/(profit) on disposal of tangible fixed assets
26,324
(60,776)
Operating lease charges
321,828
321,773
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
21,305
20,295
For other services
Taxation compliance services
1,330
1,265
All other non-audit services
2,425
2,310
3,755
3,575
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production, distribution, selling and administration
169
209

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,879,617
7,204,570
Social security costs
594,699
720,910
Pension costs
393,210
328,333
6,867,526
8,253,813
SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Employees
(Continued)
- 20 -

Pension costs charged in the profit and loss account are analysed as follows:

 

2024

 

2023

 

£

 

£

Defined benefit scheme for staff

10,000

 

20,693

Defined contribution scheme for staff

111,789

 

64,435

Defined contribution scheme for employees

139,224

 

61,027

Defined contribution scheme for managers

1,852

 

24,500

Defined contribution scheme for directors

62,508

 

58,168

Health insurance, life insurance and spouses pensions

67,837

 

99,510

 

393,210

 

328,333

 

Pension costs charged to the pension provision are analysed as follows:

 

Additional contributions - Defined benefit scheme for staff

0

 

1,244,384

 

 

SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
403,355
645,784
Company pension contributions to defined contribution schemes
62,510
58,168
465,865
703,952

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
171,490
201,620
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
391,392
268,829
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
391,392
268,829
SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(12,372)
-
0
Adjustments in respect of prior periods
(14,129)
-
0
Total current tax
(26,501)
-
0
Deferred tax
Origination and reversal of timing differences
48,114
(299,007)
Total tax charge/(credit)
21,613
(299,007)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
22,291
199,777
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
5,573
40,954
Tax effect of expenses that are not deductible in determining taxable profit
7,024
(31,114)
Adjustments in respect of prior years
(14,129)
-
0
Other permanent differences
-
0
(53,878)
Deferred tax adjustments in respect of prior years
14,717
-
0
Amounts (charged)/credited directly to STRGL
-
0
(254,969)
Other tax adjustments, relief and transfers
(608)
-
0
Additional deduction for land remediation expenditure
(6,444)
-
0
Chargeable gains/losses
279
-
0
Movement in deferred tax not recognised
8,242
-
0
Surrender of tax losses for land remediation
6,959
-
0
Taxation charge/(credit) for the year
21,613
(299,007)
SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
10
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
50,000
Amortisation and impairment
At 1 July 2023 and 30 June 2024
50,000
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
11
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
1,852,698
5,226,294
1,709,396
8,788,388
Additions
-
0
70,491
523,616
594,107
Disposals
-
0
(218,725)
(583,732)
(802,457)
At 30 June 2024
1,852,698
5,078,060
1,649,280
8,580,038
Depreciation and impairment
At 1 July 2023
566,872
3,549,038
859,739
4,975,649
Depreciation charged in the year
26,000
405,659
269,077
700,736
Eliminated in respect of disposals
-
0
(218,377)
(446,289)
(664,666)
At 30 June 2024
592,872
3,736,320
682,527
5,011,719
Carrying amount
At 30 June 2024
1,259,826
1,341,740
966,753
3,568,319
At 30 June 2023
1,285,826
1,677,256
849,657
3,812,739

Included within freehold land and buildings is land valued at £500,000 (2023 - £500,000), which is not depreciated as the directors believe it is to be held at it's residual value.

12
Financial instruments
2024
2023
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
5,103
9,065
SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
13
Stocks
2024
2023
£
£
Raw materials and consumables
1,546,981
1,465,758
Work in progress
200,842
184,661
Finished goods and goods for resale
294,764
374,611
2,042,587
2,025,030
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,113,036
2,138,452
Corporation tax recoverable
26,501
-
0
Other debtors
5,115
2,400
Prepayments and accrued income
476,332
500,181
2,620,984
2,641,033
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
532,129
807,198
Taxation and social security
474,367
562,802
Derivative financial instruments
5,103
9,065
Other creditors
44
402
Accruals and deferred income
694,786
551,694
1,706,429
1,931,161
16
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
520,688
537,764
Tax losses
(325,720)
(265,612)
Other timing differences
(66,076)
(191,374)
128,892
80,778
SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16
Deferred taxation
(Continued)
- 25 -
2024
Movements in the year:
£
Liability at 1 July 2023
80,778
Charge to profit or loss
48,114
Liability at 30 June 2024
128,892

Of the deferred tax provision set out above, £170,000 is expected to reverse within 12 months and relates to accelerated capital allowances and release of other provisions that are expected to mature in the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
383,210
307,640

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit schemes

The company operates a defined benefit pension scheme for qualifying employees. The scheme was closed to future accrual with effect from 5 August 2008. The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation were carried out at 5 April 2022 by an independent actuary for the trustees of the scheme using the current unit method.

Valuation

The actuarial valuation showed that the value of the scheme assets was £4,478,000 and that this value represented 103% of the value of benefits that had accrued to members.

 

The directors commissioned a report in accordance with section 28 of Financial Reporting Standard 102 (FRS 102) from the defined benefit scheme's consulting actuaries covering the disclosures of pension scheme costs and liabilities for the period ended 30 June 2024.

 

The report showed that the value of the scheme assets at 30 June 2024 was £4,478,000 and that this value represented a surplus in the scheme of nil.

 

Contributions

The recovery plan dated 14 June 2017 required the employer to pay deficit funding contributions of £12,032 per month for the period from 20 June 2017 to 5 July 2022 in order to improve the scheme’s funding position. Following the triennial valuation, a new Schedule of Contributions was signed by the Trustees and Employer, which makes provision for the Employer to make special contributions to the scheme of such amounts and at such times as may be agreed from time to time between the Trustees and Employer.

SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17
Retirement benefit schemes
(Continued)
- 26 -
2024
2023
Key assumptions
%
%
Discount rate
5.35
5.35
Expected rate of increase of pensions in payment
2.7
2.7
Pension increases in deferrment
2.7
2.7
Retail price index
3.3
3.3
Consumer price index
2.7
2.7
Mortality assumptions
2024
2023
Years
Years
Assumed male future life expectancy at age 65:
- Males
22.2
22.1
- Females
21.7
21.6

The projected rates of future mortality improvement have been updated to use the most recently published tables. The adjustment to the base table is based on analysis of average pension amounts.

 

In 2024, 105% S3PMA/S3PFA projected using the CMI 2021 model with a long-term improvement rate of 1.25% pa (2023 - CMI 2021 model with a long-term improvement rate of 1.25% pa).

Amounts recognised in the profit and loss account
2024
2023
Costs/(income):
£
£
Other costs and income
10,000
-
Amounts recognised in other comprehensive income
2024
2023
Costs/(income):
£
£
Actual return on scheme assets
(235,000)
2,585,000
Less: calculated interest element
235,000
189,000
Return on scheme assets excluding interest income
-
2,774,000
Actuarial changes related to obligations
-
(482,000)
Effect of changes in the amount of surplus that is not recoverable
(10,000)
(794,000)
Total costs/(income)
(10,000)
1,498,000
SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
17
Retirement benefit schemes
(Continued)
- 27 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2024
2023
Liabilities/(assets):
£
£
Present value of defined benefit obligations
4,478,000
4,541,000
Fair value of plan assets
(4,478,000)
(4,551,000)
Deficit/(surplus) in scheme
-
(10,000)
Restriction on scheme assets
-
10,000
Total liability recognised
-
-
2024
Movements in the present value of defined benefit obligations
£
Liabilities at 1 July 2023
4,541,000
Past service cost
10,000
Benefits paid
(308,000)
Interest cost
235,000
At 30 June 2024
4,478,000

The defined benefit obligations arise from plans which are wholly or partly funded.

2024
Movements in the fair value of plan assets
£
Fair value of assets at 1 July 2023
4,551,000
Interest income
235,000
Benefits paid
(308,000)
At 30 June 2024
4,478,000
2024
2023
Fair value of plan assets
£
£
Cash
2,000
10,000
Pensions matched by annuity policies
4,476,000
4,541,000
4,478,000
4,551,000
SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
7,000
7,000
7,000
7,000
Ordinary 'A' shares of £1 each
3,000
3,000
3,000
3,000
10,000
10,000
10,000
10,000

Each ordinary share is entitled to one vote.

 

There are no voting rights attached to the 'A' ordinary shares.

19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
316,872
316,872
Between two and five years
316,872
633,744
633,744
950,616
20
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
267,898
248,000
SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
21
Events after the reporting date

On 23 September 2024, the company reorganised its share structure as follows.

23
Ultimate controlling party

The company at 30 June 2024 was controlled by Kathleen Fort and Christopher David Fort who controlled 100% of the company's share capital.

 

On 23 September 2024, the Sherborne Upholstery Limited Employee-Ownership Trust ("EOT") purchased 55% of the share capital of Sherborne Upholstery Limited.

 

It has been determined that the EOT has the legal and beneficial ownership of the share of Sherborne Upholstery Limited as a result of the influence that it has over future decisions of the group.

 

 

24
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
678
498,784
Adjustments for:
Taxation charged/(credited)
21,613
(299,007)
Investment income
(391,392)
(268,829)
Loss/(gain) on disposal of tangible fixed assets
26,324
(60,776)
Fair value (gain)/loss on foreign exchange contracts
(3,962)
14,518
Depreciation and impairment of tangible fixed assets
700,736
519,036
Pension scheme non-cash movement
-
(1,244,000)
Movements in working capital:
(Increase)/decrease in stocks
(17,557)
778,486
Decrease in debtors
46,550
1,022,614
Decrease in creditors
(214,732)
(440,677)
Cash generated from operations
168,258
520,149
SHERBORNE UPHOLSTERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
25
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
8,294,658
80,972
8,375,630
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