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REGISTERED NUMBER: 11706027 (England and Wales)











THE HASTINGS SOFA COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024






THE HASTINGS SOFA COMPANY LIMITED (REGISTERED NUMBER: 11706027)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


THE HASTINGS SOFA COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: D G Cleaver
M A Gall
M Hillyard





REGISTERED OFFICE: The Hastings Sofa Company Limited
Menzies Road
Ponswood
St Leonards-On-Sea
East Sussex
TN38 9XF





REGISTERED NUMBER: 11706027 (England and Wales)





ACCOUNTANTS: Gibbons Mannington & Phipps LLP
Chartered Accountants
20 Eversley Road
Bexhill-on-Sea
East Sussex
TN40 1HE

THE HASTINGS SOFA COMPANY LIMITED (REGISTERED NUMBER: 11706027)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 35,804 -

CURRENT ASSETS
Stocks 366,930 178,949
Debtors 5 549,823 415,513
Cash at bank and in hand 64,799 18,482
981,552 612,944
CREDITORS
Amounts falling due within one year 6 1,081,422 653,726
NET CURRENT LIABILITIES (99,870 ) (40,782 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(64,066

)

(40,782

)

CREDITORS
Amounts falling due after more than one
year

7

11,667

21,667
NET LIABILITIES (75,733 ) (62,449 )

CAPITAL AND RESERVES
Called up share capital 9 3 3
Retained earnings (75,736 ) (62,452 )
SHAREHOLDERS' FUNDS (75,733 ) (62,449 )

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

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

The directors acknowledge their 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.

THE HASTINGS SOFA COMPANY LIMITED (REGISTERED NUMBER: 11706027)

BALANCE SHEET - continued
31ST MARCH 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 Board of Directors and authorised for issue on 4th June 2025 and were signed on its behalf by:





M Hillyard - Director


THE HASTINGS SOFA COMPANY LIMITED (REGISTERED NUMBER: 11706027)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

The Hastings Sofa Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" 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 each asset over its estimated useful life.

Motor vehicles - 12.5%

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.

THE HASTINGS SOFA COMPANY LIMITED (REGISTERED NUMBER: 11706027)

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


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2023 - 36 ) .

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
Additions 40,905
At 31st March 2024 40,905
DEPRECIATION
Charge for year 5,101
At 31st March 2024 5,101
NET BOOK VALUE
At 31st March 2024 35,804

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 456,023 342,646
Other debtors 93,800 72,867
549,823 415,513

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,548
Trade creditors 270,643 172,139
Amounts owed to group undertakings 115,003 31,949
Taxation and social security 133,921 131,883
Other creditors 551,855 307,207
1,081,422 653,726

THE HASTINGS SOFA COMPANY LIMITED (REGISTERED NUMBER: 11706027)

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


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 11,667 21,667

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Pulse Cashflow Finance Limited 208,718 167,285

Included within other creditors is a balance of £208,718 (2023 £167,285) which relates to a fixed and floating charge held by Pulse Cashflow Finance Limited over the reporting company's assets.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3 ordinary £1 3 3

10. RELATED PARTY DISCLOSURES

At the year end the company owed £115,003 (2023: £31,949) to 1066 Asset Holdings Limited, its parent company.