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REGISTERED NUMBER: 03232146 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

UNDERLEY FURNISHINGS LIMITED

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


UNDERLEY FURNISHINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: B M Smith Joiner
D R Mason
J Joiner
Ms G Smith
Ms E Parsons





REGISTERED OFFICE: Great Western Business Park
Armstrong Way
Yate
Bristol
BS37 5NG





REGISTERED NUMBER: 03232146 (England and Wales)





AUDITORS: Lawes & Co UK Limited (Statutory Auditors)
Boyce's Building
40-42 Regent Street
Clifton
Bristol
BS8 4HU

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their strategic report for the year ended 31 August 2024.

ON BEHALF OF THE BOARD:





B M Smith Joiner - Director


28 May 2025

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report with the financial statements of the company for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of furnishing services.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2024 will be £ 315,682 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

B M Smith Joiner
D R Mason
J Joiner
Ms G Smith
Ms E Parsons

POLITICAL DONATIONS AND EXPENDITURE
Mears Foundation (1134941) - £5,000
Various Other Charities - £166

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Lawes & Co UK Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





B M Smith Joiner - Director


28 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNDERLEY FURNISHINGS LIMITED

Qualified opinion
We have audited the financial statements of Underley Furnishings Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

We have audited the financial statements of Underley Furnishings Ltd (the 'company') for the year ended 31 August 2024 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the Basis for Qualified opinion section the accompanying financial statements:

- give a true and fair view of the company's affairs as at 31 August 2024 and of its profit for
the year then ended;
- have been properly prepared in accord with United Kingdom Generally Accepted Accounting
Policies; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Qualified opinion
We were not appointed as auditor of the company until after 31 August 2023 and thus did not observe the counting of physical inventories at the previous end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 August 2023, which are included in the balance sheet at £606,557, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNDERLEY FURNISHINGS LIMITED


Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNDERLEY FURNISHINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of stock values and management bias in accounting estimates. Audit procedures performed by the engagement team included, but were not limited to:

- enquiries with management, including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these;
- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities;
- challenging assumptions and judgements made by management in their significant accounting estimates, in particular, in relation to stock values and stock provisions;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and postings by unusual users.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNDERLEY FURNISHINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Freeman BA FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lawes & Co UK Limited (Statutory Auditors)
Boyce's Building
40-42 Regent Street
Clifton
Bristol
BS8 4HU

28 May 2025

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
Notes £    £   

TURNOVER 13,046,610 10,188,329

Cost of sales 7,897,557 6,541,438
GROSS PROFIT 5,149,053 3,646,891

Administrative expenses 3,962,806 3,179,679
1,186,247 467,212

Other operating income - 4,614
OPERATING PROFIT 4 1,186,247 471,826


Interest payable and similar
expenses

5

27,739

17,310
PROFIT BEFORE TAXATION 1,158,508 454,516

Tax on profit 6 285,023 114,960
PROFIT FOR THE FINANCIAL YEAR 873,485 339,556

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
Notes £    £   

PROFIT FOR THE YEAR 873,485 339,556


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

873,485

339,556

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

BALANCE SHEET
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 781,159 441,130

CURRENT ASSETS
Stocks 9 663,852 606,557
Debtors 10 2,862,407 2,260,424
Cash at bank 71,879 232,940
3,598,138 3,099,921
CREDITORS
Amounts falling due within one year 11 2,732,413 2,604,602
NET CURRENT ASSETS 865,725 495,319
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,646,884

936,449

CREDITORS
Amounts falling due after more than
one year

12

(180,467

)

(134,115

)

PROVISIONS FOR LIABILITIES 15 (187,096 ) (101,565 )
NET ASSETS 1,279,321 700,769

CAPITAL AND RESERVES
Called up share capital 16 6,030 5,730
Share premium 20,449 -
Capital redemption reserve 24,270 24,270
Retained earnings 1,228,572 670,769
SHAREHOLDERS' FUNDS 1,279,321 700,769

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





B M Smith Joiner - Director


UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 September 2022 5,730 492,326 - 24,270 522,326

Changes in equity
Dividends - (161,113 ) - - (161,113 )
Total comprehensive income - 339,556 - - 339,556
Balance at 31 August 2023 5,730 670,769 - 24,270 700,769

Changes in equity
Issue of share capital 300 - 20,449 - 20,749
Dividends - (315,682 ) - - (315,682 )
Total comprehensive income - 873,485 - - 873,485
Balance at 31 August 2024 6,030 1,228,572 20,449 24,270 1,279,321

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

31.8.24 31.8.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 569,133 480,904
Interest paid (10,998 ) (12,770 )
Interest element of hire purchase
payments paid

(16,741

)

(4,540

)
Tax paid (75,692 ) (53,621 )
Net cash from operating activities 465,702 409,973

Cash flows from investing activities
Purchase of tangible fixed assets (120,113 ) (181,506 )
Sale of tangible fixed assets 38,391 5,800
Net cash from investing activities (81,722 ) (175,706 )

Cash flows from financing activities
Capital repayments in year (229,659 ) 47,993
Share issue 300 -
Equity dividends paid (315,682 ) (161,113 )
Net cash from financing activities (545,041 ) (113,120 )

(Decrease)/increase in cash and cash equivalents (161,061 ) 121,147
Cash and cash equivalents at
beginning of year

2

232,940

111,793

Cash and cash equivalents at end
of year

2

71,879

232,940

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.8.24 31.8.23
£    £   
Profit before taxation 1,158,508 454,516
Depreciation charges 150,977 109,680
Loss/(profit) on disposal of fixed assets 1,130 (4,331 )
Finance costs 27,739 17,310
1,338,354 577,175
(Increase)/decrease in stocks (57,295 ) 38,654
Increase in trade and other debtors (601,983 ) (854,035 )
(Decrease)/increase in trade and other creditors (109,943 ) 719,110
Cash generated from operations 569,133 480,904

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 71,879 232,940
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 232,940 111,793


UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.9.23 Cash flow changes At 31.8.24
£    £    £    £   
Net cash
Cash at bank 232,940 (161,061 ) 71,879
232,940 (161,061 ) 71,879
Debt
Finance leases (163,322 ) 229,659 (410,414 ) (344,077 )
Debts falling due
within 1 year (50,000 ) - - (50,000 )
Debts falling due
after 1 year (91,667 ) 50,000 - (41,667 )
(304,989 ) 279,659 (410,414 ) (435,744 )
Total (72,049 ) 118,598 (410,414 ) (363,865 )

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Underley Furnishings Limited 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.

2. 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" 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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 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.

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.

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
£    £   
Wages and salaries 2,245,169 1,776,515
Social security costs 168,576 137,418
Other pension costs 33,002 29,976
2,446,747 1,943,909

The average number of employees during the year was as follows:
31.8.24 31.8.23

73 61

31.8.24 31.8.23
£    £   
Directors' remuneration 85,868 74,418

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.8.24 31.8.23
£    £   
Hire of plant and machinery 21,571 14,067
Depreciation - owned assets 46,058 47,248
Depreciation - assets on hire purchase contracts 104,919 62,433
Loss/(profit) on disposal of fixed assets 1,130 (4,331 )
Auditors' remuneration 10,000 -

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.24 31.8.23
£    £   
Loan interest 10,998 12,770
Hire purchase interest 16,741 4,540
27,739 17,310

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.8.24 31.8.23
£    £   
Current tax:
UK corporation tax 199,492 75,692

Deferred tax 85,531 39,268
Tax on profit 285,023 114,960

7. DIVIDENDS
31.8.24 31.8.23
£    £   
Ordinary A shares of £30 each
Interim 46,000 40,000
Ordinary C shares of £30 each
Interim 71,733 40,371
Ordinary D shares of £30 each
Interim 71,733 40,371
Ordinary F shares of £30 each
Interim 41,733 40,371
Ordinary G shares of £30 each
Interim 84,483 -
315,682 161,113

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 September 2023 201,972 740,050 942,022
Additions 117,265 413,262 530,527
Disposals (90,091 ) (109,756 ) (199,847 )
At 31 August 2024 229,146 1,043,556 1,272,702
DEPRECIATION
At 1 September 2023 102,294 398,598 500,892
Charge for year 12,343 138,634 150,977
Eliminated on disposal (72,702 ) (87,624 ) (160,326 )
At 31 August 2024 41,935 449,608 491,543
NET BOOK VALUE
At 31 August 2024 187,211 593,948 781,159
At 31 August 2023 99,678 341,452 441,130

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023 291,013
Additions 410,413
Disposals (37,521 )
Transfer to ownership (100,423 )
At 31 August 2024 563,482
DEPRECIATION
At 1 September 2023 83,508
Charge for year 104,919
Eliminated on disposal (19,869 )
Transfer to ownership (53,932 )
At 31 August 2024 114,626
NET BOOK VALUE
At 31 August 2024 448,856
At 31 August 2023 207,505

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

9. STOCKS
31.8.24 31.8.23
£    £   
Stocks 663,852 606,557

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 2,103,085 2,095,823
Other debtors 45,461 49,414
VAT 554,324 -
Prepayments 159,537 115,187
2,862,407 2,260,424

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts (see note 13)
50,000

50,000
Hire purchase contracts (see note 14)
205,277

120,874
Trade creditors 1,374,448 1,052,087
Tax 199,492 75,692
Social security and other taxes 41,906 34,304
VAT - 173,247
Other creditors 829,594 1,092,073
Accruals and deferred income 31,696 6,325
2,732,413 2,604,602

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans (see note 13) 41,667 91,667
Hire purchase contracts (see note 14)
138,800

42,448
180,467 134,115

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

13. LOANS

An analysis of the maturity of loans is given below:

31.8.24 31.8.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 50,000 50,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 41,667 91,667

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.8.24 31.8.23
£    £   
Net obligations repayable:
Within one year 205,277 120,874
Between one and five years 138,800 42,448
344,077 163,322

15. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 187,096 101,565

Deferred
tax
£   
Balance at 1 September 2023 101,565
Charge to Income Statement during year 85,531
Reversal of timing differences
Balance at 31 August 2024 187,096

UNDERLEY FURNISHINGS LIMITED (REGISTERED NUMBER: 03232146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

16. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:
Number: Class 31.8.24 31.8.23
£ £
70 Ordinary A 2,100 3,900
40 Ordinary C 1,200 600
40 Ordinary D 1,200 600
1 Ordinary E 30 30
40 Ordinary F 1,200 600
10 Ordinary G 300 -
(31.8.23 - NIL)
6,030 5,730

17. RELATED PARTY DISCLOSURES

During the year, the company paid dividends totalling £315,683 (2023: £161,112) to the directors of the company.

18. ULTIMATE CONTROLLING PARTY

The controlling party is M R Joiner.