REGISTERED NUMBER: 06619680 |
REPORT OF THE DIRECTOR AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
FURZEWOOD LIMITED |
REGISTERED NUMBER: 06619680 |
REPORT OF THE DIRECTOR AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
FURZEWOOD LIMITED |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 8 |
FURZEWOOD LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5 The Quadrant |
Coventry |
West Midlands |
CV1 2EL |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 JUNE 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 30 June 2024. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 2,853,468 | 2,537,547 |
Cost of sales | 728,696 | 798,367 |
GROSS PROFIT | 2,124,772 | 1,739,180 |
Administrative expenses | 1,755,264 | 1,494,562 |
OPERATING PROFIT | 4 | 369,508 | 244,618 |
Income from interest in associated undertakings |
5 |
82,971 |
(2,504 |
) |
Interest receivable and similar income | 900 | 315 |
83,871 | (2,189 | ) |
453,379 | 242,429 |
Interest payable and similar expenses | 41,698 | 44,348 |
PROFIT BEFORE TAXATION | 411,681 | 198,081 |
Tax on profit | 95,912 | 48,101 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 315,769 | 149,980 |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 | - | - |
Tangible assets | 8 | 18,475 | 17,078 |
Investments | 9 |
Interest in associate | 355,427 | 272,456 |
Other investments | 380,137 | 801,325 |
754,039 | 1,090,859 |
CURRENT ASSETS |
Debtors | 10 | 1,645,918 | 1,385,806 |
Cash at bank and in hand | 1,884 | 161 |
1,647,802 | 1,385,967 |
CREDITORS |
Amounts falling due within one year | 12 | 1,869,740 | 1,965,829 |
NET CURRENT LIABILITIES | (221,938 | ) | (579,862 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
532,101 |
510,997 |
CREDITORS |
Amounts falling due after more than one year |
13 |
- |
211,207 |
NET ASSETS | 532,101 | 299,790 |
CAPITAL AND RESERVES |
Called up share capital | 11,300 | 11,300 |
Retained earnings | 520,801 | 288,490 |
532,101 | 299,790 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006. |
The director acknowledges his responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
CONSOLIDATED BALANCE SHEET - continued |
30 JUNE 2024 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the director and authorised for issue on 26 March 2025 and were signed by: |
N J Askew - Director |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Investments | 11 |
Cash in hand | ( |
) |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
Company's (loss)/profit for the financial year | (9,331 | ) | 157,837 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
COMPANY BALANCE SHEET - continued |
30 JUNE 2024 |
The financial statements were approved by the director and authorised for issue on |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Furzewood Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 9,461 | 8,327 |
Goodwill amortisation | - | 34,834 |
5. | INCOME FROM INTEREST IN ASSOCIATED UNDERTAKINGS |
2024 | 2023 |
£ | £ |
Interest in associate undertakings | 82,971 | (2,504 | ) |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 344,355 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 | 344,355 |
NET BOOK VALUE |
At 30 June 2024 | - |
At 30 June 2023 | - |
Company |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
8. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 22,349 | 79,338 | 101,687 |
Additions | - | 10,858 | 10,858 |
At 30 June 2024 | 22,349 | 90,196 | 112,545 |
DEPRECIATION |
At 1 July 2023 | 11,714 | 72,895 | 84,609 |
Charge for year | 3,573 | 5,888 | 9,461 |
At 30 June 2024 | 15,287 | 78,783 | 94,070 |
NET BOOK VALUE |
At 30 June 2024 | 7,062 | 11,413 | 18,475 |
At 30 June 2023 | 10,635 | 6,443 | 17,078 |
Company |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | FIXED ASSET INVESTMENTS |
Group |
2024 | 2023 |
£ | £ |
Participating interests | 355,427 | 272,456 |
Other investments not loans | 16,610 | 250,000 |
Other loans | 363,527 | 551,325 |
735,564 | 1,073,781 |
Additional information is as follows: |
Group |
Interest |
in | Other |
associate | investments | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 272,456 | 250,000 | 522,456 |
Additions | - | 16,610 | 16,610 |
Disposals | - | (250,000 | ) | (250,000 | ) |
Share of profit/(loss) | 82,971 | - | 82,971 |
At 30 June 2024 | 355,427 | 16,610 | 372,037 |
NET BOOK VALUE |
At 30 June 2024 | 355,427 | 16,610 | 372,037 |
At 30 June 2023 | 272,456 | 250,000 | 522,456 |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | FIXED ASSET INVESTMENTS - continued |
Group |
Interest in associate |
Flint & Thompson Limited |
The group's share of Flint & Thompson Limited is as follows: |
2024 | 2023 |
£ | £ |
Turnover | 328,035 | 297,716 |
Profit before tax | 118,346 | 2,606 |
Taxation | (35,375 | ) | (5,110 | ) |
Profit/(loss) after tax | 82,971 | (2,504 | ) |
Share of assets |
Fixed assets | 150,239 | 173,395 |
Current assets | 149,845 | 102,042 |
Share of liabilities |
Liabilities due within one year | (246,802 | ) | (212,678 | ) |
Liabilities due after one year or more | (97 | ) | (92,544 | ) |
Share of net assets/(liabilities) | 53,185 | (29,785 | ) |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
QP Coventry Ltd |
Registered office: England and Wales |
Nature of business: Consultancy |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 242,006 | 140 |
Profit for the year | 241,866 | 97,765 |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | FIXED ASSET INVESTMENTS - continued |
Askews Risk Management Limited |
Registered office: England & Wales |
Nature of business: Consultancy |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 65,003 | 65,000 |
Profit for the year | 37,868 | 53,573 |
Group |
Other |
loans |
£ |
At 1 July 2023 | 551,325 |
New in year | 250,807 |
Repayment in year | (438,605 | ) |
At 30 June 2024 | 363,527 |
10. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 646,537 | 608,520 |
Amounts owed by group undertakings | - | - |
Other debtors | 999,381 | 636,322 |
1,645,918 | 1,244,842 |
Amounts falling due after more than one | year: |
Other debtors | - | 140,964 |
Aggregate amounts | 1,645,918 | 1,385,806 |
11. | CURRENT ASSET INVESTMENTS |
Company |
2024 | 2023 |
£ | £ |
Shares in group undertakings |
FURZEWOOD LIMITED (REGISTERED NUMBER: 06619680) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts | 965,705 | 1,239,619 |
Trade creditors | 115,914 | 105,821 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 749,605 | 466,391 |
Other creditors | 38,516 | 153,998 |
1,869,740 | 1,965,829 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | - | 211,207 |