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Registered number: 07775993
Office Furniture 2 Go Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Synergy Accountancy Services LLP
Chartered Certified Accountants
378 Walsall Road
Perry Barr
Birmingham
B42 2LX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07775993
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,582 20,549
15,582 20,549
CURRENT ASSETS
Stocks 5 4,500 7,000
Debtors 6 45,732 56,091
Cash at bank and in hand 90,694 80,595
140,926 143,686
Creditors: Amounts Falling Due Within One Year 7 (49,979 ) (59,870 )
NET CURRENT ASSETS (LIABILITIES) 90,947 83,816
TOTAL ASSETS LESS CURRENT LIABILITIES 106,529 104,365
Creditors: Amounts Falling Due After More Than One Year 8 - (15,833 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,896 ) (5,137 )
NET ASSETS 102,633 83,395
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 102,533 83,295
SHAREHOLDERS' FUNDS 102,633 83,395
Page 1
Page 2
For the year ending 31 December 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 Darren Jacob
Director
13 May 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Office Furniture 2 Go Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07775993 . The registered office is Mr D M Jacob, 75 Tyburn Road, Birmingham, West Midlands, B24 8NP.
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.
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 20% on Reducing Balance
Motor Vehicles 25% on Reducing Balance
Fixtures & Fittings 15% on Reducing Balance
Computer Equipment 33% on 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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
The tax currently payable is based on taxable profit for the year. 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.
...CONTINUED
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2.6. Taxation - continued
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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 27,700 18,400 4,470 4,959 55,529
As at 31 December 2024 27,700 18,400 4,470 4,959 55,529
Depreciation
As at 1 January 2024 23,480 4,600 3,569 3,331 34,980
Provided during the period 844 3,450 136 537 4,967
As at 31 December 2024 24,324 8,050 3,705 3,868 39,947
Net Book Value
As at 31 December 2024 3,376 10,350 765 1,091 15,582
As at 1 January 2024 4,220 13,800 901 1,628 20,549
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Page 5
5. Stocks
2024 2023
£ £
Stock 4,500 7,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 44,054 54,630
Other debtors 1,678 1,461
45,732 56,091
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 20,851 12,948
Bank loans and overdrafts - 10,000
Other creditors 1,363 18,763
Taxation and social security 27,765 18,159
49,979 59,870
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 15,833
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary A shares of £ 1.00 each 100 100
A ordinary of £1 each
Page 5
Page 6
10. Other Commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024 2023
£ £
Not later than one year 6,732 -
Later than one year and not later than five years 12,903 16,116
19,635 16,116
Page 6