Acorah Software Products - Accounts Production 16.2.850 false true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 02369504 Mrs Kirsteen Mills Mr Steven Mills Mrs Kirsteen Mills iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02369504 2023-12-31 02369504 2024-12-31 02369504 2024-01-01 2024-12-31 02369504 frs-core:CurrentFinancialInstruments 2024-12-31 02369504 frs-core:Non-currentFinancialInstruments 2024-12-31 02369504 frs-core:ComputerEquipment 2024-12-31 02369504 frs-core:ComputerEquipment 2024-01-01 2024-12-31 02369504 frs-core:ComputerEquipment 2023-12-31 02369504 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-12-31 02369504 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02369504 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 02369504 frs-core:MotorVehicles 2024-12-31 02369504 frs-core:MotorVehicles 2024-01-01 2024-12-31 02369504 frs-core:MotorVehicles 2023-12-31 02369504 frs-core:PlantMachinery 2024-12-31 02369504 frs-core:PlantMachinery 2024-01-01 2024-12-31 02369504 frs-core:PlantMachinery 2023-12-31 02369504 frs-core:ShareCapital 2024-12-31 02369504 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 02369504 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02369504 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 02369504 frs-bus:SmallEntities 2024-01-01 2024-12-31 02369504 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 02369504 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02369504 frs-bus:Director1 2024-01-01 2024-12-31 02369504 frs-bus:Director1 2023-12-31 02369504 frs-bus:Director1 2024-12-31 02369504 frs-bus:Director2 2024-01-01 2024-12-31 02369504 frs-bus:Director2 2023-12-31 02369504 frs-bus:Director2 2024-12-31 02369504 frs-bus:CompanySecretary1 2024-01-01 2024-12-31 02369504 frs-countries:EnglandWales 2024-01-01 2024-12-31 02369504 2022-12-31 02369504 2023-12-31 02369504 2023-01-01 2023-12-31 02369504 frs-core:CurrentFinancialInstruments 2023-12-31 02369504 frs-core:Non-currentFinancialInstruments 2023-12-31 02369504 frs-core:ShareCapital 2023-12-31 02369504 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 02369504
Homestyle Fitted Furniture Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02369504
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 614,765 20,157
Investment Properties 5 225,000 125,981
839,765 146,138
CURRENT ASSETS
Stocks 6 55,596 47,348
Debtors 7 92,919 110,503
Cash at bank and in hand 51,504 251,119
200,019 408,970
Creditors: Amounts Falling Due Within One Year 8 (72,312 ) (71,501 )
NET CURRENT ASSETS (LIABILITIES) 127,707 337,469
TOTAL ASSETS LESS CURRENT LIABILITIES 967,472 483,607
Creditors: Amounts Falling Due After More Than One Year 9 (427,402 ) (14,809 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,755 ) -
NET ASSETS 515,315 468,798
CAPITAL AND RESERVES
Called up share capital 11 200 200
Profit and Loss Account 515,115 468,598
SHAREHOLDERS' FUNDS 515,315 468,798
Page 1
Page 2
For the year ending 31 December 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Steven Mills
Director
11th June 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Homestyle Fitted Furniture Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02369504 . The registered office is Common Road, Gissing, Norfolk, IP22 5UR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 January 2024 - 488,929 48,095 50,644 587,668
Additions 601,931 - - - 601,931
Disposals - (157,298 ) - - (157,298 )
As at 31 December 2024 601,931 331,631 48,095 50,644 1,032,301
Depreciation
As at 1 January 2024 - 483,733 38,085 45,693 567,511
Provided during the period - 2,814 2,502 1,892 7,208
Disposals - (157,183 ) - - (157,183 )
As at 31 December 2024 - 329,364 40,587 47,585 417,536
Net Book Value
As at 31 December 2024 601,931 2,267 7,508 3,059 614,765
As at 1 January 2024 - 5,196 10,010 4,951 20,157
5. Investment Property
2024
£
Fair Value
As at 1 January 2024 125,981
Revaluations 99,019
As at 31 December 2024 225,000
6. Stocks
2024 2023
£ £
Stock 55,596 47,348
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 26,269 56,607
Prepayments and accrued income 6,872 7,005
Other debtors 13,081 14,903
Corporation tax recoverable assets 40 1,687
Directors' loan accounts 46,657 30,301
92,919 110,503
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 12,024 38,411
Bank loans and overdrafts 10,397 10,140
Other loans 10,622 -
Other taxes and social security 6,990 5,023
VAT 18,962 15,416
Other creditors 170 110
Accruals and deferred income 13,147 2,401
72,312 71,501
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,416 14,809
Other loans 422,986 -
427,402 14,809
10. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 433,608 -
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
Page 5
Page 6
12. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from the directors to the company:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mrs Kirsteen Mills 15,151 9,272 (1,094 ) - (23,328 )
Mr Steven Mills 15,151 9,272 (1,094 ) - (23,328 )
The above loan was unsecured, chargeable at the HMRC approved official rate of interest and repayable on demand.
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