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Registered number: 06309594
Cobwebs Furniture Ltd.
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06309594
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,066 20,028
15,066 20,028
CURRENT ASSETS
Stocks 5 39,280 20,360
Debtors 6 48,857 73,955
Cash at bank and in hand 26,183 21,408
114,320 115,723
Creditors: Amounts Falling Due Within One Year 7 (97,751 ) (95,260 )
NET CURRENT ASSETS (LIABILITIES) 16,569 20,463
TOTAL ASSETS LESS CURRENT LIABILITIES 31,635 40,491
Creditors: Amounts Falling Due After More Than One Year 8 (28,375 ) (35,825 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,863 ) (3,805 )
NET ASSETS 397 861
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 395 859
SHAREHOLDERS' FUNDS 397 861
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Wayne Chandler
Director
Mrs Fiona Chandler
Director
29/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Cobwebs Furniture Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 06309594 . The registered office is Unit 5, Avenue Business Park Brockley Road, Elsworth, Cambridge, CB23 4EY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 2,516 42,298 1,771 1,444 48,029
As at 31 July 2024 2,516 42,298 1,771 1,444 48,029
Depreciation
As at 1 August 2023 1,706 24,454 864 977 28,001
Provided during the period 202 4,461 182 117 4,962
As at 31 July 2024 1,908 28,915 1,046 1,094 32,963
Net Book Value
As at 31 July 2024 608 13,383 725 350 15,066
As at 1 August 2023 810 17,844 907 467 20,028
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 9,903 13,204
5. Stocks
2024 2023
£ £
Materials 4,000 4,810
Finished goods 8,500 8,975
Work in progress 26,780 6,575
39,280 20,360
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 46,351 55,443
Other debtors 2,506 18,512
48,857 73,955
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,756 10,098
Bank loans and overdrafts 9,158 13,409
Other creditors 58,579 65,392
Taxation and social security 27,258 6,361
97,751 95,260
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 28,375 35,825
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Wayne Chandler 6,505 - 6,515 - (10 )
Mrs Fiona Chandler 6,505 - 6,515 - (10 )
The above loans are unsecured, interest free and repayable on demand.
Page 5