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REGISTERED NUMBER: 07693067 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

2020 Furniture Design Ltd

2020 Furniture Design Ltd (Registered number: 07693067)

Contents of the Financial Statements
for the Year Ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


2020 Furniture Design Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTOR: Mr P Solowiej





SECRETARY: Mr K Parchimowicz





REGISTERED OFFICE: Brigade House
Alington Road
Little Barford
ST NEOTS
PE19 6WG





REGISTERED NUMBER: 07693067 (England and Wales)

2020 Furniture Design Ltd (Registered number: 07693067)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 38,341 55,880

CURRENT ASSETS
Stocks 45,183 104,828
Debtors 6 311,178 278,809
Cash at bank 358,410 269,073
714,771 652,710
CREDITORS
Amounts falling due within one year 7 565,626 466,445
NET CURRENT ASSETS 149,145 186,265
TOTAL ASSETS LESS CURRENT
LIABILITIES

187,486

242,145

CREDITORS
Amounts falling due after more than one
year

8

(8,915

)

(38,535

)

PROVISIONS FOR LIABILITIES (9,585 ) (13,970 )
NET ASSETS 168,986 189,640

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 168,886 189,540
SHAREHOLDERS' FUNDS 168,986 189,640

2020 Furniture Design Ltd (Registered number: 07693067)

Balance Sheet - continued
31 December 2024


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 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.

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 director and authorised for issue on 5 May 2025 and were signed by:





Mr P Solowiej - Director


2020 Furniture Design Ltd (Registered number: 07693067)

Notes to the Financial Statements
for the Year Ended 31 December 2024


1. STATUTORY INFORMATION

2020 Furniture Design Ltd 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, 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.

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 balance sheet date.


2020 Furniture Design Ltd (Registered number: 07693067)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


3. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Secured debts
Barclays Bank PLC holds a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

This also includes a cross guarantee with all group companies, Twenty20 Properties Ltd 10961811 and 2020 Hold Co Ltd 15063650.

Change of period length
The financial statements have been prepared for a period of 12 months and therefore the amounts
presented in the financial statements (including the related notes) are not entirely comparable with the previous period of 14 months.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

2020 Furniture Design Ltd (Registered number: 07693067)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 195,114
Additions 2,198
Disposals (15,721 )
At 31 December 2024 181,591
DEPRECIATION
At 1 January 2024 139,234
Charge for year 15,788
Eliminated on disposal (11,772 )
At 31 December 2024 143,250
NET BOOK VALUE
At 31 December 2024 38,341
At 31 December 2023 55,880

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2024
and 31 December 2024 32,000
DEPRECIATION
At 1 January 2024 9,333
Charge for year 6,612
At 31 December 2024 15,945
NET BOOK VALUE
At 31 December 2024 16,055
At 31 December 2023 22,667

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 303,070 271,173
Other debtors 8,108 7,636
311,178 278,809

2020 Furniture Design Ltd (Registered number: 07693067)

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 - 21,916
Hire purchase contracts (see note 9) 7,494 6,788
Trade creditors 175,864 72,956
Taxation and social security 130,708 121,663
Other creditors 251,560 243,122
565,626 466,445

Other creditors include accruals of £1,200 (2023 - £1,200), directors loan account of £1,632 (2023 - £17,062), net pay of £25,853 (2023 - £16,699), credit card of £1,875 (2023 - £1,143), pension of £1,932 (2023 - £1,390), debtors paid in advance of £10,110 (2023 - £20,038) and inter company of £208,958 (2023 - £185,590).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 22,126
Hire purchase contracts (see note 9) 8,915 16,409
8,915 38,535

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 7,494 6,788
Between one and five years 8,915 16,409
16,409 23,197

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 30,339

10. PARENT

The ultimate parent company is 2020 Hold Co Ltd. 2020 Hold Co Ltd is a company registered in England and Wales and whose registered office is Lewis House, Great Chesterford Court, Great Chesterford, Essex, United Kingdom, CB10 1PF.