Company registration number 06561349 (England and Wales)
IPSWICH FIREPLACE CENTRE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
IPSWICH FIREPLACE CENTRE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
IPSWICH FIREPLACE CENTRE LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
749
1,203
Current assets
Stocks
46,170
68,082
Debtors
4
67,658
55,004
Cash at bank and in hand
2,319
1,946
116,147
125,032
Creditors: amounts falling due within one year
5
(107,114)
(109,595)
Net current assets
9,033
15,437
Total assets less current liabilities
9,782
16,640
Creditors: amounts falling due after more than one year
6
(9,682)
(16,540)
Net assets
100
100
Capital and reserves
Called up share capital
100
100
For the financial year ended 30 June 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Mr MJ Phipps
Director
Company registration number 06561349 (England and Wales)
IPSWICH FIREPLACE CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Ipswich Fireplace Centre Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ipswich Fireplace Centre, Unit 21 Holywells Road, Ipswich, Suffolk, England, IP3 0DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant & machinery
- 20% reducing balance
Computer equipment
- 25% straight line
Motor vehicles
- 25% reducing balance
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Taxation
The financial statements have been prepared with early application of the FRS 102 Triennial Review 2017 amendments in full.
IPSWICH FIREPLACE CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
13,582
Depreciation and impairment
At 1 July 2023
12,379
Depreciation charged in the year
454
At 30 June 2024
12,833
Carrying amount
At 30 June 2024
749
At 30 June 2023
1,203
IPSWICH FIREPLACE CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
28,937
33,796
Other debtors
38,721
21,208
67,658
55,004
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
28,365
10,938
Trade creditors
44,226
70,584
Corporation tax
19,534
13,237
Other taxation and social security
12,140
12,081
Other creditors
2,849
2,755
107,114
109,595
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,682
16,540