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Registration number: 03588004

Robert Bunn Office Furniture Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Robert Bunn Office Furniture Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 9

 

Robert Bunn Office Furniture Limited

(Registration number: 03588004)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,389

6,261

Current assets

 

Stocks

5

2,114

2,114

Debtors

6

24,642

25,042

Cash at bank and in hand

 

11,568

1,832

 

38,324

28,988

Creditors: Amounts falling due within one year

7

(51,583)

(38,081)

Net current liabilities

 

(13,259)

(9,093)

Total assets less current liabilities

 

(8,870)

(2,832)

Creditors: Amounts falling due after more than one year

7

(3,400)

(9,786)

Provisions for liabilities

(834)

(204)

Net liabilities

 

(13,104)

(12,822)

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

(13,304)

(13,022)

Shareholders' deficit

 

(13,104)

(12,822)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 26 February 2025
 


Mr R Bunn
Director

 

Robert Bunn Office Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Ash Trees East Brent
Highbridge
North Somerset
TA9 4DQ

Principal activity

The principal activity of the company is the supply and installation of office furniture.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Robert Bunn Office Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold property

33% reducing balance

Plant and machinery

25% reducing balance

 

Robert Bunn Office Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Equipment

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Robert Bunn Office Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Robert Bunn Office Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Tangible assets

Short leasehold property
£

Fixtures and fittings
£

Plant and machinery
£

Equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

6,137

160

1,870

1,547

17,920

27,634

At 31 May 2024

6,137

160

1,870

1,547

17,920

27,634

Depreciation

At 1 June 2023

5,933

160

1,870

1,160

12,250

21,373

Charge for the year

67

-

-

387

1,418

1,872

At 31 May 2024

6,000

160

1,870

1,547

13,668

23,245

Carrying amount

At 31 May 2024

137

-

-

-

4,252

4,389

At 31 May 2023

204

-

-

387

5,670

6,261

Included within the net book value of land and buildings above is £137 (2023 - £205) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

614

614

Finished goods and goods for resale

1,500

1,500

2,114

2,114

6

Debtors

2024
£

2023
£

Trade debtors

18,461

14,443

Other debtors

5,916

10,357

Prepayments

265

242

24,642

25,042

 

Robert Bunn Office Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

3,598

10,079

Trade creditors

 

28,823

11,927

Taxation and social security

 

4,080

1,356

Accruals and deferred income

 

1,159

1,046

Other creditors

 

13,923

13,673

 

51,583

38,081

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

3,400

9,786

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Robert Bunn Office Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,400

6,800

Hire purchase contracts

-

2,986

3,400

9,786

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,400

3,400

Bank overdrafts

198

3,693

Hire purchase contracts

-

2,986

3,598

10,079

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

6,819

-

Later than one year and not later than five years

14,206

-

21,025

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £5,588 (2023 - £Nil).

11

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Directors loan

2,675

7,326

(8,312)

1,688

         
       
 

Robert Bunn Office Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

11

Related party transactions (continued)

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Directors loan

2,366

1,060

(752)

2,675

 

The loan to the director is interest free and repayable on demand.