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REGISTERED NUMBER: 00464817 (England and Wales)





















BRITISH FURNITURE ASSOCIATION LTD

PREVIOUSLY KNOWN AS
BFM LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






BRITISH FURNITURE ASSOCIATION LTD (REGISTERED NUMBER: 00464817)
PREVIOUSLY KNOWN AS BFM LIMITED

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 7


BRITISH FURNITURE ASSOCIATION LTD
PREVIOUSLY KNOWN AS BFM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr Nicholas Mark Garratt
Mr Michael Aramayo
Mr Brian Joseph Ahern
Ms Nichola Bell
Mr Christopher David Fort
Mr Paul Richard James
Mr Ian Robert Oscroft
Mr James Peter George Keen
Mr Philip Spademan
Mr David Matthew Finch
Mr Richard Nixon Prudhoe
Ms Emma Jane Leeke





REGISTERED OFFICE: Bloxham Mill Business Centre
Barford Road
Bloxham
Banbury
Oxfordshire
OX15 4FF





REGISTERED NUMBER: 00464817 (England and Wales)





INDEPENDENT AUDITORS: Phipps Henson McAllister
Chartered Accountants
and Statutory Auditors
22-24 Harborough Road
Kingsthorpe
Northampton
NN2 7AZ

BRITISH FURNITURE ASSOCIATION LTD (REGISTERED NUMBER: 00464817)
PREVIOUSLY KNOWN AS BFM LIMITED

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 12,643 15,197
Tangible assets 5 1,263 2,200
13,906 17,397

CURRENT ASSETS
Debtors 6 271,691 289,335
Investments 7 3,919,686 3,703,305
Cash at bank and in hand 172,303 174,077
4,363,680 4,166,717
CREDITORS
Amounts falling due within one year 8 391,516 351,016
NET CURRENT ASSETS 3,972,164 3,815,701
TOTAL ASSETS LESS CURRENT LIABILITIES 3,986,070 3,833,098

PROVISIONS FOR LIABILITIES 240,954 118,157
NET ASSETS 3,745,116 3,714,941

RESERVES
Retained earnings 3,745,116 3,714,941
3,745,116 3,714,941

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2025 and were signed on its behalf by:





Mr Nicholas Mark Garratt - Director


BRITISH FURNITURE ASSOCIATION LTD (REGISTERED NUMBER: 00464817)
PREVIOUSLY KNOWN AS BFM LIMITED

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


1. STATUTORY INFORMATION

British Furniture Association Ltd is a private company, limited by guarantee , 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.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises the fair value of the consideration received or receivable in the ordinary course of the company’s activities. Turnover is shown excluding discounts, rebates and value added tax where applicable.

Annual subscriptions fees and revenue from hire of stalls at the trade fair is recognised in the period they relate to.

Revenue from projects to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the agreement.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% straight line


BRITISH FURNITURE ASSOCIATION LTD (REGISTERED NUMBER: 00464817)
PREVIOUSLY KNOWN AS BFM LIMITED

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


2. ACCOUNTING POLICIES - continued
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.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

BRITISH FURNITURE ASSOCIATION LTD (REGISTERED NUMBER: 00464817)
PREVIOUSLY KNOWN AS BFM LIMITED

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


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024 31,139
Additions 3,500
At 31 December 2024 34,639
AMORTISATION
At 1 January 2024 15,342
Charge for year 6,654
At 31 December 2024 21,996
NET BOOK VALUE
At 31 December 2024 12,643
At 31 December 2023 15,797

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2024 6,562
Disposals (1,146 )
At 31 December 2024 5,416
DEPRECIATION
At 1 January 2024 4,362
Charge for year 888
Eliminated on disposal (1,097 )
At 31 December 2024 4,153
NET BOOK VALUE
At 31 December 2024 1,263
At 31 December 2023 2,200

BRITISH FURNITURE ASSOCIATION LTD (REGISTERED NUMBER: 00464817)
PREVIOUSLY KNOWN AS BFM LIMITED

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 133,669 194,907
Other debtors 138,022 94,428
271,691 289,335

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 3,919,686 3,641,613
Unlisted investments - 61,692
3,919,686 3,703,305

Current asset investments comprise various funds managed by independent fund managers. The carrying value represents the market value at the Balance Sheet date. Financial assets are held at fair value through profit and loss.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 18,876 27,426
Taxation and social security 37,836 47,188
Other creditors 334,804 276,402
391,516 351,016

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stuart Armstrong FCCA (Senior Statutory Auditor)
for and on behalf of Phipps Henson McAllister

10. RELATED PARTY DISCLOSURES

Director remuneration for the year was:

20242023
££
Remuneration112,700127,707

BRITISH FURNITURE ASSOCIATION LTD (REGISTERED NUMBER: 00464817)
PREVIOUSLY KNOWN AS BFM LIMITED

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


11. LIMITED BY GUARANTEE

The company is incorporated under the Companies Act and is limited by guarantee. Each member of the Association undertakes to contribute to the assets of the Association in the event of the same being wound up while he or she is a member, or within one year after he or she ceases to be a member, for payment of the debts and liabilities of the Association contracted before he or she ceases to be a member, and of the costs, charges and expenses of winding up, and the adjustment of the rights of the contributories among themselves such amount as may be required not exceeding fifty pounds.