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Registered number: 08674419
Funky Chunky Furniture Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08674419
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 350,114 416,961
350,114 416,961
CURRENT ASSETS
Stocks 5 94,546 108,986
Debtors 6 86,027 87,604
Cash at bank and in hand 383,193 172,504
563,766 369,094
Creditors: Amounts Falling Due Within One Year 7 (552,200 ) (298,200 )
NET CURRENT ASSETS (LIABILITIES) 11,566 70,894
TOTAL ASSETS LESS CURRENT LIABILITIES 361,680 487,855
Creditors: Amounts Falling Due After More Than One Year 8 (112,396 ) (163,486 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (20,432 ) (28,535 )
NET ASSETS 228,852 295,834
CAPITAL AND RESERVES
Called up share capital 11 1,258 1,258
Share premium account 1,610 1,610
Profit and Loss Account 225,984 292,966
SHAREHOLDERS' FUNDS 228,852 295,834
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
K Johnston
Director
24/02/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Funky Chunky Furniture Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08674419 . The registered office is 10 Rolling Mill Road, Jarrow, NE32 3DP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold - Property Improvements 5% on cost
Plant & Machinery 20% on cost
IT Equipment 33% on cost
Fixtures & Fittings 20% on cost
Workshop Equipment 3% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Financial Instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2023: 42)
39 42
4. Tangible Assets
Land & Property
Leasehold - Property Improvements Plant & Machinery IT Equipment Fixtures & Fittings
£ £ £ £
Cost
As at 1 July 2023 297,589 438,466 6,918 7,770
Additions - 4,777 1,339 -
As at 30 June 2024 297,589 443,243 8,257 7,770
Depreciation
As at 1 July 2023 14,324 360,562 578 7,147
Provided during the period 14,879 53,658 2,566 202
As at 30 June 2024 29,203 414,220 3,144 7,349
Net Book Value
As at 30 June 2024 268,386 29,023 5,113 421
As at 1 July 2023 283,265 77,904 6,340 623
Workshop Equipment Total
£ £
Cost
As at 1 July 2023 56,436 807,179
Additions 879 6,995
As at 30 June 2024 57,315 814,174
Depreciation
As at 1 July 2023 7,607 390,218
Provided during the period 2,537 73,842
As at 30 June 2024 10,144 464,060
...CONTINUED
Page 4
Page 5
Net Book Value
As at 30 June 2024 47,171 350,114
As at 1 July 2023 48,829 416,961
5. Stocks
2024 2023
£ £
Stock 94,546 108,986
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 41,549 25,002
Prepayments and accrued income 11,294 27,759
Other debtors 18,885 30,770
Directors' loan accounts 14,299 4,073
86,027 87,604
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 99,542 204,166
Bank loans and overdrafts 49,436 51,818
Other loans 219,927 -
Corporation tax 12,454 -
Other taxes and social security 54,625 23,875
Other creditors 112,029 13,891
Accruals and deferred income 4,187 4,450
552,200 298,200
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 112,396 163,486
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 34,440 43,334
9. Secured Creditors
Of the creditors the following amounts are secured.  The bank loans are secured by fixed and floating charges.
2024 2023
£ £
Bank loans and overdrafts 161,832 215,304
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10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 20,432 28,535
11. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,200 Ordinary Shares of £ 1 each 1,200 1,200
1 Ordinary A shares of £ 1 each 1 1
29 Ordinary B shares of £ 1 each 29 57
28 Ordinary C shares of £ 1 each 28 -
1,258 1,258
Shares issued during the period: £
28 Ordinary C shares of £ 1 each 28
Shares disposed during the period: £
28 Ordinary B shares of £ 1 each (28)
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 59,102 7,031
Later than one year and not later than five years 220,000 4,102
Later than five years 169,584 -
448,686 11,133
13. Pension Commitments
The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £5,053 (2023: £5,400) were due to the fund. They are included in other creditors.
14. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Jordan Chatten 1,728 9,074 - - 10,802
Mr Kevin Johnston 617 2,880 - - 3,497
The above loan is unsecured, interest free and repayable on demand.
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