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REGISTERED NUMBER: 04594462 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

IDENTITY FURNITURE LIMITED

IDENTITY FURNITURE LIMITED (REGISTERED NUMBER: 04594462)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


IDENTITY FURNITURE LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTORS: Mrs M E Iddon
Mrs J Lowe





REGISTERED OFFICE: Chapel Lane Business Park
Chapel Lane
Coppull
Chorley
Lancashire
PR7 4NB





REGISTERED NUMBER: 04594462 (England and Wales)





ACCOUNTANTS: Fairhurst Accountants Ltd
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

IDENTITY FURNITURE LIMITED (REGISTERED NUMBER: 04594462)

STATEMENT OF FINANCIAL POSITION
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 193,721 187,581

CURRENT ASSETS
Stocks 5 503,670 564,407
Debtors 6 682,259 755,478
Cash at bank and in hand 65,161 48,444
1,251,090 1,368,329
CREDITORS
Amounts falling due within one year 7 616,111 767,134
NET CURRENT ASSETS 634,979 601,195
TOTAL ASSETS LESS CURRENT
LIABILITIES

828,700

788,776

CREDITORS
Amounts falling due after more than one
year

8

(38,368

)

(34,234

)

PROVISIONS FOR LIABILITIES 10 (43,646 ) (18,674 )
NET ASSETS 746,686 735,868

CAPITAL AND RESERVES
Called up share capital 11 90 90
Capital redemption reserve 12 10 10
Retained earnings 12 746,586 735,768
SHAREHOLDERS' FUNDS 746,686 735,868

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

IDENTITY FURNITURE LIMITED (REGISTERED NUMBER: 04594462)

STATEMENT OF FINANCIAL POSITION - continued
31 December 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2025 and were signed on its behalf by:





Mrs M E Iddon - Director


IDENTITY FURNITURE LIMITED (REGISTERED NUMBER: 04594462)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Identity Furniture Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over the remaining term of the lease
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 33% on cost
Computer equipment - 33% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The following assets and liabilities are classified as financial instruments; trade debtors, Directors loan accounts, other debtors, trade creditors and accruals.

Financial instruments that are payable or receivable within one year, typically trade creditors, accruals, and trade debtors, are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.


IDENTITY FURNITURE LIMITED (REGISTERED NUMBER: 04594462)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 company operates a defined contribution pension scheme. Contributions payable to the company'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 44 (2023 - 49 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2024 208,988 1,037,943 50,179
Additions 10,285 3,844 10,940
Disposals - - -
At 31 December 2024 219,273 1,041,787 61,119
DEPRECIATION
At 1 January 2024 121,750 965,704 39,340
Charge for year 13,872 24,427 7,233
Eliminated on disposal - - -
At 31 December 2024 135,622 990,131 46,573
NET BOOK VALUE
At 31 December 2024 83,651 51,656 14,546
At 31 December 2023 87,238 72,239 10,839

IDENTITY FURNITURE LIMITED (REGISTERED NUMBER: 04594462)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 68,835 109,326 1,475,271
Additions 51,883 2,290 79,242
Disposals (68,835 ) - (68,835 )
At 31 December 2024 51,883 111,616 1,485,678
DEPRECIATION
At 1 January 2024 58,536 102,360 1,287,690
Charge for year 12,619 4,652 62,803
Eliminated on disposal (58,536 ) - (58,536 )
At 31 December 2024 12,619 107,012 1,291,957
NET BOOK VALUE
At 31 December 2024 39,264 4,604 193,721
At 31 December 2023 10,299 6,966 187,581

The net book value of tangible fixed assets includes £ 55,031 (2023 - £ 24,367 ) in respect of assets held under hire purchase contracts.

5. STOCKS
2024 2023
£    £   
Stocks 496,987 558,973
Work-in-progress 6,683 5,434
503,670 564,407

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 622,100 708,394
Other debtors 1,937 1,766
Prepayments 58,222 45,318
682,259 755,478

IDENTITY FURNITURE LIMITED (REGISTERED NUMBER: 04594462)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 128,002 185,912
Hire purchase contracts (see note 9) 25,590 14,290
Trade creditors 257,477 334,444
Amounts owed to group undertakings 24,769 32,453
Social security and other taxes 34,986 38,261
VAT 103,145 106,784
Other creditors 5,845 2,337
Accrued expenses 36,297 52,653
616,111 767,134

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 4,167 10,000
Bank loans - 2-5 years - 4,167
Hire purchase contracts (see note 9) 34,201 20,067
38,368 34,234

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 25,590 14,290
Between one and five years 34,201 20,067
59,791 34,357

Non-cancellable operating leases
2024 2023
£    £   
Within one year 17,428 23,476
Between one and five years 9,486 25,126
26,914 48,602

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 43,646 18,674

IDENTITY FURNITURE LIMITED (REGISTERED NUMBER: 04594462)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 18,674
Provided during year 24,972
Balance at 31 December 2024 43,646

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
65 Ordinary A £1 65 65
25 Ordinary B £1 25 25
90 90

12. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 735,768 10 735,778
Profit for the year 70,818 70,818
Dividends (60,000 ) (60,000 )
At 31 December 2024 746,586 10 746,596

13. ULTIMATE CONTROLLING PARTY

The controlling party is Identity Group Ltd.