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Registration number: 02343642

PINELAND FURNITURE LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

PINELAND FURNITURE LIMITED

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

PINELAND FURNITURE LIMITED

(Registration number: 02343642)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

29,565

34,233

Current assets

 

Stocks

6

403,967

364,126

Debtors

7

83,879

38,274

Other financial assets

383,109

541,044

Cash at bank and in hand

 

277,992

280,491

 

1,148,947

1,223,935

Creditors: Amounts falling due within one year

8

(229,590)

(273,736)

Net current assets

 

919,357

950,199

Total assets less current liabilities

 

948,922

984,432

Provisions for liabilities

-

(2,150)

Net assets

 

948,922

982,282

Capital and reserves

 

Called up share capital

120

120

Retained earnings

948,802

982,162

Shareholders' funds

 

948,922

982,282

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 19 May 2025 and signed on its behalf by:
 

.........................................
Mr E H Taylor
Director

 

PINELAND FURNITURE LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 5 Cleobury Trad Est
Cleobury Mortimer
Shropshire
DY14 8DP

These financial statements were authorised for issue by the Board on 19 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

PINELAND FURNITURE LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

All fixed assets

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

PINELAND FURNITURE LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 47 (2023 - 53).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,906

9,343

 

PINELAND FURNITURE LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

74,996

103,054

115,543

293,593

Additions

3,831

-

408

4,239

At 31 August 2024

78,827

103,054

115,951

297,832

Depreciation

At 1 September 2023

62,173

96,166

101,021

259,360

Charge for the year

3,452

1,722

3,733

8,907

At 31 August 2024

65,625

97,888

104,754

268,267

Carrying amount

At 31 August 2024

13,202

5,166

11,197

29,565

At 31 August 2023

12,823

6,888

14,522

34,233

6

Stocks

2024
£

2023
£

Other inventories

403,967

364,126

7

Debtors

Current

2024
£

2023
£

Trade debtors

46,372

5,005

Prepayments

26,982

27,539

Other debtors

10,525

5,730

 

83,879

38,274

 

PINELAND FURNITURE LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

92,855

154,924

Taxation and social security

99,468

78,501

Accruals and deferred income

15,951

14,791

Other creditors

21,316

25,520

229,590

273,736