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REGISTERED NUMBER: NI631396 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

Furniture Store (NI) Limited

Furniture Store (NI) Limited (Registered number: NI631396)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Furniture Store (NI) Limited

Company Information
for the Year Ended 31 August 2024







DIRECTOR: Mrs L Loughran





REGISTERED OFFICE: 2 Teebane Road
COOKSTOWN
Co. Tyrone
BT80 9PJ





REGISTERED NUMBER: NI631396 (Northern Ireland)





ACCOUNTANTS: Gildernew & Co Ltd
Six Northland Row
DUNGANNON
Co. Tyrone
BT71 6AW

Furniture Store (NI) Limited (Registered number: NI631396)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 3 48,085 44,899

CURRENT ASSETS
Stocks 333,942 230,000
Debtors 4 119,659 82,368
Cash at bank and in hand 33,717 10,129
487,318 322,497
CREDITORS
Amounts falling due within one year 5 329,780 190,538
NET CURRENT ASSETS 157,538 131,959
TOTAL ASSETS LESS CURRENT
LIABILITIES

205,623

176,858

CREDITORS
Amounts falling due after more than one
year

6

(28,030

)

(33,444

)

PROVISIONS FOR LIABILITIES (1,077 ) (391 )
NET ASSETS 176,516 143,023

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 176,515 143,022
SHAREHOLDERS' FUNDS 176,516 143,023

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

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

The director acknowledges her 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.

Furniture Store (NI) Limited (Registered number: NI631396)

Balance Sheet - continued
31 August 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 director and authorised for issue on 4 March 2025 and were signed by:





Mrs L Loughran - Director


Furniture Store (NI) Limited (Registered number: NI631396)

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


1. 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.
Plant and machinery - 15% reducing balance
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 25% 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.

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.

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.

Hire purchase and leasing commitments
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.

Furniture Store (NI) Limited (Registered number: NI631396)

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


2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

3. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 4,631 12,500 25,311
Additions - 7,018 3,200
At 31 August 2024 4,631 19,518 28,511
DEPRECIATION
At 1 September 2023 - 7,786 16,606
Charge for year - 1,760 2,977
At 31 August 2024 - 9,546 19,583
NET BOOK VALUE
At 31 August 2024 4,631 9,972 8,928
At 31 August 2023 4,631 4,714 8,705

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 60,455 8,581 111,478
Additions - 5,624 15,842
At 31 August 2024 60,455 14,205 127,320
DEPRECIATION
At 1 September 2023 36,266 5,921 66,579
Charge for year 6,048 1,871 12,656
At 31 August 2024 42,314 7,792 79,235
NET BOOK VALUE
At 31 August 2024 18,141 6,413 48,085
At 31 August 2023 24,189 2,660 44,899

Furniture Store (NI) Limited (Registered number: NI631396)

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


4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 43,620 37,692
Other debtors 76,039 44,676
119,659 82,368

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 12,170 6,942
Trade creditors 37,913 17,224
Taxation and social security 20,566 34,291
Other creditors 259,131 132,081
329,780 190,538

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans 28,030 33,444