32 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 63,000 28,400 5,300 33,700 29,300 34,600 xbrli:pure xbrli:shares iso4217:GBP 9773680 2023-10-01 2024-09-30 9773680 2024-09-30 9773680 2023-09-30 9773680 2022-10-01 2023-09-30 9773680 2023-09-30 9773680 2022-09-30 9773680 core:NetGoodwill 2023-10-01 2024-09-30 9773680 core:FurnitureFittings 2023-10-01 2024-09-30 9773680 core:MotorVehicles 2023-10-01 2024-09-30 9773680 bus:Director2 2023-10-01 2024-09-30 9773680 bus:Director3 2023-10-01 2024-09-30 9773680 core:NetGoodwill 2023-09-30 9773680 core:NetGoodwill 2024-09-30 9773680 core:FurnitureFittings 2023-09-30 9773680 core:MotorVehicles 2023-09-30 9773680 core:FurnitureFittings 2024-09-30 9773680 core:MotorVehicles 2024-09-30 9773680 core:WithinOneYear 2024-09-30 9773680 core:WithinOneYear 2023-09-30 9773680 core:AfterOneYear 2024-09-30 9773680 core:AfterOneYear 2023-09-30 9773680 core:ShareCapital 2024-09-30 9773680 core:ShareCapital 2023-09-30 9773680 core:CapitalRedemptionReserve 2024-09-30 9773680 core:RetainedEarningsAccumulatedLosses 2024-09-30 9773680 core:RetainedEarningsAccumulatedLosses 2023-09-30 9773680 core:NetGoodwill 2023-09-30 9773680 core:FurnitureFittings 2023-09-30 9773680 core:MotorVehicles 2023-09-30 9773680 bus:SmallEntities 2023-10-01 2024-09-30 9773680 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 9773680 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 9773680 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 9773680 bus:FullAccounts 2023-10-01 2024-09-30
K C Sofas Limited
Unaudited financial statements
30 September 2024
Company Registration Number 9773680
K C Sofas Limited
Financial statements
year ended 30 September 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
K C Sofas Limited
Balance sheet
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
29,300
34,600
Tangible assets
6
191,673
188,417
Investments
88,750
---------
---------
220,973
311,767
Current assets
Stocks
176,116
325,796
Debtors
7
28,904
20,662
Cash at bank and in hand
660,468
722,706
---------
------------
865,488
1,069,164
Prepayments and accrued income
26,460
22,604
Creditors: amounts falling due within one year
8
( 423,152)
( 423,216)
---------
------------
Net current assets
468,796
668,552
---------
---------
Total assets less current liabilities
689,769
980,319
Creditors: amounts falling due after more than one year
9
( 7,424)
( 17,499)
Provisions
( 47,905)
( 47,075)
Accruals and deferred income
( 232,485)
( 230,604)
---------
---------
Net assets
401,955
685,141
---------
---------
K C Sofas Limited
Balance sheet (continued)
30 September 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
60
100
Capital redemption reserve
40
Profit and loss account
401,855
685,041
---------
---------
Shareholders funds
401,955
685,141
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 April 2025 , and are signed on behalf of the board by:
Mr J Charnock
Mr M Adshead
Director
Director
Company registration number: 9773680
K C Sofas Limited
Notes to the financial statements
year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 65A Retford Road, Worksop, Nottinghamshire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Motor
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 32 (2023: 33 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
63,000
--------
Amortisation
At 1 October 2023
28,400
Charge for the year
5,300
--------
At 30 September 2024
33,700
--------
Carrying amount
At 30 September 2024
29,300
--------
At 30 September 2023
34,600
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023
155,024
85,600
240,624
Additions
34,061
34,061
---------
--------
---------
At 30 September 2024
189,085
85,600
274,685
---------
--------
---------
Depreciation
At 1 October 2023
34,933
17,274
52,207
Charge for the year
20,556
10,249
30,805
---------
--------
---------
At 30 September 2024
55,489
27,523
83,012
---------
--------
---------
Carrying amount
At 30 September 2024
133,596
58,077
191,673
---------
--------
---------
At 30 September 2023
120,091
68,326
188,417
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
1,149
7,782
Other debtors
27,755
12,880
--------
--------
28,904
20,662
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
37,315
9,948
Trade creditors
203,705
245,379
Corporation tax
51,623
27,915
Social security and other taxes
129,765
139,230
Other creditors
744
744
---------
---------
423,152
423,216
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,424
17,499
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--------