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COMPANY REGISTRATION NUMBER: 13490694
Falstaff Home Design Limited
Unaudited financial statements
31 July 2024
Falstaff Home Design Limited
Statement of financial position
31 July 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
203,473
3,502
Current assets
Stocks
10,250
16,500
Debtors
6
211,535
266,511
Cash at bank and in hand
31,020
72,812
---------
---------
252,805
355,823
Creditors: Amounts falling due within one year
7
( 79,393)
( 135,505)
---------
---------
Net current assets
173,412
220,318
---------
---------
Total assets less current liabilities
376,885
223,820
Creditors: Amounts falling due after more than one year
8
( 166,569)
Provisions
Taxation including deferred tax
( 35,149)
( 876)
---------
---------
Net assets
175,167
222,944
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
175,067
222,844
---------
---------
Shareholders funds
175,167
222,944
---------
---------
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 31 July 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 .
Falstaff Home Design Limited
Statement of financial position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 15 February 2025 , and are signed on behalf of the board by:
A G Greenley
Director
Company registration number: 13490694
Falstaff Home Design Limited
Notes to the financial statements
Year ended 31 July 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 First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA. The trading address of the business is 24 Orwell Road, Felixstowe, Suffolk, IP11 7DB.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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:
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
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 5 (2023: 4 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 August 2023
5,228
5,228
Additions
236,172
236,172
---------
------
---------
At 31 July 2024
236,172
5,228
241,400
---------
------
---------
Depreciation
At 1 August 2023
1,726
1,726
Charge for the year
34,894
1,307
36,201
---------
------
---------
At 31 July 2024
34,894
3,033
37,927
---------
------
---------
Carrying amount
At 31 July 2024
201,278
2,195
203,473
---------
------
---------
At 31 July 2023
3,502
3,502
---------
------
---------
6. Debtors
2024
2023
£
£
Trade debtors
205,961
241,307
Other debtors
5,574
25,204
---------
---------
211,535
266,511
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
639
1,179
Social security and other taxes
9,524
82,838
Other creditors
69,230
51,488
-------
---------
79,393
135,505
-------
---------
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Other creditors
166,569
---------
----