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Registered number: 05578129
Top Furniture Limited
Unaudited Financial Statements
For The Year Ended 28 February 2025
Brisan Accountancy Ltd
Canada House, First Floor, 20/20 Business Park
Maidstone
Kent
ME16 0LS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05578129
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,254,223 1,234,044
1,254,223 1,234,044
CURRENT ASSETS
Stocks 5 1,116,452 775,771
Debtors 6 453,657 318,554
Cash at bank and in hand 4,948,656 4,828,463
6,518,765 5,922,788
Creditors: Amounts Falling Due Within One Year 7 (1,413,224 ) (1,875,080 )
NET CURRENT ASSETS (LIABILITIES) 5,105,541 4,047,708
TOTAL ASSETS LESS CURRENT LIABILITIES 6,359,764 5,281,752
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (82,510 ) (142,950 )
NET ASSETS 6,277,254 5,138,802
CAPITAL AND RESERVES
Called up share capital 9 201 201
Profit and Loss Account 6,277,053 5,138,601
SHAREHOLDERS' FUNDS 6,277,254 5,138,802
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For the year ending 28 February 2025 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 David Edwards
Director
16 July 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Top Furniture Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05578129 . The registered office is Canada House, First Floor, 20/20 Business Park, Maidstone, Kent, ME16 0LS.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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 Not depreciated
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
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 year 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.
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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 41 (2024: 35)
41 35
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 March 2024 829,750 197,314 445,874 30,951
Additions - - 330,078 -
Disposals - - (259,407 ) -
As at 28 February 2025 829,750 197,314 516,545 30,951
Depreciation
As at 1 March 2024 - 163,430 90,126 17,816
Provided during the period - 8,471 95,612 3,283
Disposals - - (55,640 ) -
As at 28 February 2025 - 171,901 130,098 21,099
Net Book Value
As at 28 February 2025 829,750 25,413 386,447 9,852
As at 1 March 2024 829,750 33,884 355,748 13,135
Computer Equipment Total
£ £
Cost
As at 1 March 2024 14,085 1,517,974
Additions 1,724 331,802
Disposals - (259,407 )
As at 28 February 2025 15,809 1,590,369
Depreciation
As at 1 March 2024 12,558 283,930
Provided during the period 490 107,856
Disposals - (55,640 )
As at 28 February 2025 13,048 336,146
Net Book Value
As at 28 February 2025 2,761 1,254,223
As at 1 March 2024 1,527 1,234,044
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5. Stocks
2025 2024
£ £
Finished goods 1,116,452 775,771
6. Debtors
2025 2024
£ £
Due within one year
Prepayments and accrued income 50,216 47,536
Other debtors 403,441 271,018
453,657 318,554
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 222,610 193,900
Corporation tax 207,336 379,270
Other taxes and social security 19,997 15,952
VAT 224,919 322,627
Other creditors 734,071 963,060
Pensions payable 3,981 (39 )
Directors' loan accounts 310 310
1,413,224 1,875,080
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2025 2024
£ £
Other timing differences 82,510 142,950
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 201 201
10. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans due to directors:
As at 1 March 2024 Amounts advanced Amounts repaid Amounts written off As at 28 February 2025
£ £ £ £ £
Mr David Edwards 310 250,000 250,000 - 310
The above loan is unsecured, interest free and repayable on demand.
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11. Ultimate Controlling Party
The company's ultimate controlling party is D J Edwards by virtue of his ownership of 100% of the controlling share capital in the company.
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