26 01/07/2023 30/06/2024 2024-06-30 false false false false false false false true false false true false false false false true false false No description of principal activities is disclosed 2023-07-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04797000 2023-07-01 2024-06-30 04797000 2024-06-30 04797000 2023-06-30 04797000 2022-07-01 2023-06-30 04797000 2023-06-30 04797000 2022-06-30 04797000 core:LandBuildings core:ShortLeaseholdAssets 2023-07-01 2024-06-30 04797000 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 04797000 core:OnerousContractsExcludingVacantProperties 2023-07-01 2024-06-30 04797000 bus:Director1 2023-07-01 2024-06-30 04797000 core:LandBuildings core:ShortLeaseholdAssets 2023-06-30 04797000 core:PlantMachinery 2023-06-30 04797000 core:FurnitureFittingsToolsEquipment 2023-06-30 04797000 core:MotorVehicles 2023-06-30 04797000 core:LandBuildings core:ShortLeaseholdAssets 2024-06-30 04797000 core:PlantMachinery 2024-06-30 04797000 core:FurnitureFittingsToolsEquipment 2024-06-30 04797000 core:MotorVehicles 2024-06-30 04797000 core:WithinOneYear 2024-06-30 04797000 core:WithinOneYear 2023-06-30 04797000 core:AfterOneYear 2024-06-30 04797000 core:AfterOneYear 2023-06-30 04797000 core:PlantMachinery 2023-07-01 2024-06-30 04797000 core:MotorVehicles 2023-07-01 2024-06-30 04797000 core:ShareCapital 2024-06-30 04797000 core:ShareCapital 2023-06-30 04797000 core:RetainedEarningsAccumulatedLosses 2024-06-30 04797000 core:RetainedEarningsAccumulatedLosses 2023-06-30 04797000 core:FinancialAssetsAmortisedCost 2024-06-30 04797000 core:FinancialAssetsAmortisedCost 2023-06-30 04797000 core:FinancialLiabilitiesAmortisedCost 2024-06-30 04797000 core:FinancialLiabilitiesAmortisedCost 2023-06-30 04797000 core:BetweenOneFiveYears 2024-06-30 04797000 core:BetweenOneFiveYears 2023-06-30 04797000 core:LandBuildings core:ShortLeaseholdAssets 2023-06-30 04797000 core:PlantMachinery 2023-06-30 04797000 core:FurnitureFittingsToolsEquipment 2023-06-30 04797000 core:MotorVehicles 2023-06-30 04797000 bus:Director1 2023-06-30 04797000 bus:Director1 2022-06-30 04797000 bus:Director1 2023-06-30 04797000 bus:Director1 2022-07-01 2023-06-30 04797000 bus:SmallEntities 2023-07-01 2024-06-30 04797000 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 04797000 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 04797000 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04797000 bus:FullAccounts 2023-07-01 2024-06-30 04797000 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 04797000 core:OtherPropertyPlantEquipment 2023-06-30 04797000 core:OtherPropertyPlantEquipment 2024-06-30
Company registration number: 04797000
Furncraft Limited
Unaudited filleted financial statements
30 June 2024
Furncraft Limited
Contents
Statement of financial position
Notes to the financial statements
Furncraft Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 659,105 718,857
_______ _______
659,105 718,857
Current assets
Stocks 30,000 30,000
Debtors 6 465,483 391,985
Cash at bank and in hand 465,021 226,401
_______ _______
960,504 648,386
Creditors: amounts falling due
within one year 7 ( 656,957) ( 730,094)
_______ _______
Net current assets/(liabilities) 303,547 ( 81,708)
_______ _______
Total assets less current liabilities 962,652 637,149
Creditors: amounts falling due
after more than one year 8 ( 98,276) ( 68,853)
Provisions for liabilities ( 92,566) ( 92,162)
_______ _______
Net assets 771,810 476,134
_______ _______
Capital and reserves
Called up share capital 5 5
Profit and loss account 771,805 476,129
_______ _______
Shareholders funds 771,810 476,134
_______ _______
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.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 11 March 2025 , and are signed on behalf of the board by:
Mr Simon Harrison
Director
Company registration number: 04797000
Furncraft Limited
Notes to the financial statements
Year ended 30 June 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 Units 4 & 5 Ropers Court, Sinclair Way, Prescot, Merseyside, L34 1QN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.With respect to long term contracts, turnover is recognised in accordance with the degree of completion of the contract where a right to consideration exists.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Short leasehold property - 10 % straight line
Plant and machinery - 25% reducing balance and 10% straight line
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 25% reducing balance and 25% straight line
Showroom displays - 12.5 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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.Debt instruments are subsequently measured at amortised cost.
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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2023: 25 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Showroom displays Total
£ £ £ £ £ £
Cost
At 1 July 2023 428,098 430,061 59,806 184,177 95,401 1,197,543
Additions 9,820 84,969 6,125 40,130 1,003 142,047
Disposals ( 136,427) ( 49,907) - - - ( 186,334)
_______ _______ _______ _______ _______ _______
At 30 June 2024 301,491 465,123 65,931 224,307 96,404 1,153,256
_______ _______ _______ _______ _______ _______
Depreciation
At 1 July 2023 150,143 208,902 43,698 75,942 1 478,686
Charge for the year 23,994 27,374 3,829 24,600 8,975 88,772
Disposals ( 26,427) ( 46,880) - - - ( 73,307)
_______ _______ _______ _______ _______ _______
At 30 June 2024 147,710 189,396 47,527 100,542 8,976 494,151
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 June 2024 153,781 275,727 18,404 123,765 87,428 659,105
_______ _______ _______ _______ _______ _______
At 30 June 2023 277,955 221,159 16,108 108,235 95,400 718,857
_______ _______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 405,000 204,443
Other debtors 60,483 187,542
_______ _______
465,483 391,985
_______ _______
Included within other debtors due within one year is an interest free working capital loan to a third party company amounting to £10,000 (2023: £10,000) which is repayable on demand.
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 18,065 10,000
Trade creditors 169,114 241,241
Social security and other taxes 122,101 42,931
Other creditors 347,677 435,922
_______ _______
656,957 730,094
_______ _______
Included in the above balance of bank loans and overdrafts due within one year is a bank loan obtained under the government secured Coronavirus Bounce Back Loan Scheme amounting to £10,000 (2023: £10,000). Included within other creditors due within one year are obligations under hire purchase contracts amounting to £19,738 (2023: £22,351) which are secured on the assets to which they relate. Included within other creditors due within one year is an interest free working capital loan from a third party amounting to £112,360 (2023: £112,360) which is repayable on demand.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 9,999 20,000
Other creditors 88,277 48,853
_______ _______
98,276 68,853
_______ _______
Included in the above balance of bank loans due in more than one year is a bank loan obtained under the government secured Coronavirus Bounce Back Loan Scheme amounting to £9,999 (2023: £20, 000). The loan capital is being repaid in monthly instalments with the last instalment due in June 2026. Included within other creditors due in more than one year are obligations under hire purchase contracts amounting to £55,877 (2023: £48,853) which are secured on the assets to which they relate.
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 405,000 204,443
Other debtors 60,483 187,542
Cash at bank and in hand 465,021 226,401
_______ _______
930,504 618,386
_______ _______
Financial liabilities measured at amortised cost
Bank and other loans 28,064 30,000
Trade creditors 169,114 241,241
Other creditors 435,954 484,775
Social security and other taxes 122,101 42,931
_______ _______
755,233 798,947
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 20,557 27,428
Later than 1 year and not later than 5 years 9,433 27,150
_______ _______
29,990 54,578
_______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Simon Harrison 72,661 62,518 ( 135,179) -
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Simon Harrison 35,500 42,535 ( 5,374) 72,661
_______ _______ _______ _______
The above loan to director Simon Harrison was interest free and repayable to the company on demand.