Company registration number 03858693 (England and Wales)
Imperial Office Furniture Ltd
Annual report and financial statements
For the year ended 31 December 2024
Imperial Office Furniture Ltd
Company information
Director
Mrs L J Bennett
Secretary
Mrs L J Bennett
Company number
03858693
Registered office
The Exchange
5 Bank Street
Bury
Lancashire
England
BL9 0DN
Auditor
DJH Audit Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Imperial Office Furniture Ltd
Contents
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
Notes to the financial statements
10 - 21
Imperial Office Furniture Ltd
Strategic report
For the year ended 31 December 2024
- 1 -
The director presents the strategic report for the year ended 31 December 2024.
Review of the business
The results for the year and financial position of the group are shown in the annexed financial statements.
2024 has proven to be a turbulent year due to the cost of living crisis but the company has managed to remain stable throughout the period. The group has seen a drop in turnover to £16.2 million (2023: £16.9 million). In the year to 31 December 2024 the company’s gross profit margin was 35.4% (2023: 36.1%).
The group has managed to invest in new machinery within the year with additions of £588k.
Despite another challenging year there has been a strong cash balance and stability achieved during the 12 month period, with a cash balance of £2.9 million at 31 December 2024.
The Manchester showroom remains a very strong asset to the business and enables major contracts to be won.
As a group we are proud to be part of the ISO, FIRA and FFC certifications. These are an excellent asset to the company.
Principal risks and uncertainties
The group maintains its responsible approach to financial risk management and has maintained credit insurance cover to further ensure business stability.
The group operates within a highly competitive market and faces competition from within the United Kingdom and overseas. The group manages this risk by researching and developing new and innovative product ranges.
As legislation continues to increase minimum wages and pension contributions, the group will notice increasing staff costs which will potentially impact on profit margins. Directors will continue to manage staff levels and review the margin effect.
During 2025 the group expects to face pressure due to rising costs and wages. Working capital management will be key to the ongoing stability of the business. The group has good controls and systems in place, which are constantly reviewed to effectively manage this risk.
Key performance indicators
The directors believe the key performance indicators of the group are as follows:
i) Monthly sales data - compared to forecasts and prior year results
ii) Net profit - compared with budgeted results
Future developments
The group will continue to invest in training for the workforce, maintaining a strong relationship with both our customers and suppliers and continuing to improve and update the buildings we work from. This will provide a foundation to grow and expand the business organically.
The group will develop and expand ranges to keep the group at the forefront of our industry.
Mrs L J Bennett
Director
14 July 2025
Imperial Office Furniture Ltd
Director's report
For the year ended 31 December 2024
- 2 -
The director presents her annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company in the year under review was that of the manufacture and sale of office furniture.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £800,000. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr J Bennett
(Deceased 6 February 2025)
Mrs L J Bennett
Auditor
DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Imperial Office Furniture Ltd
Director's report (continued)
For the year ended 31 December 2024
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mrs L J Bennett
Director
14 July 2025
Imperial Office Furniture Ltd
Independent auditor's report
To the members of Imperial Office Furniture Ltd
- 4 -
Opinion
We have audited the financial statements of Imperial Office Furniture Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Imperial Office Furniture Ltd
Independent auditor's report (continued)
To the members of Imperial Office Furniture Ltd
- 5 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any material known, suspected or alleged fraud. The company did not inform us of any material known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work Act 1974 and National Minimum Wage act 1998.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
Imperial Office Furniture Ltd
Independent auditor's report (continued)
To the members of Imperial Office Furniture Ltd
- 6 -
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries, in particular those that were material or unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation, as identified at planning above.
- Performing a physical verification of key assets.
- Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Kate Hughes
Senior Statutory Auditor
For and on behalf of DJH Audit Limited
14 July 2025
Accountants
Statutory Auditor
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Imperial Office Furniture Ltd
Statement of comprehensive income
For the year ended 31 December 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
16,245,921
16,859,080
Cost of sales
(10,502,018)
(10,768,651)
Gross profit
5,743,903
6,090,429
Distribution costs
(6,773)
(7,415)
Administrative expenses
(4,810,611)
(4,648,909)
Operating profit
4
926,519
1,434,105
Interest receivable and similar income
8
96,030
61,409
Interest payable and similar expenses
9
(16,741)
(36,298)
Profit before taxation
1,005,808
1,459,216
Tax on profit
10
(328,494)
(371,738)
Profit for the financial year
677,314
1,087,478
The income statement has been prepared on the basis that all operations are continuing operations.
Imperial Office Furniture Ltd
Statement of financial position
As at 31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,039,652
1,618,634
Current assets
Stocks
13
725,439
730,633
Debtors
14
4,676,867
4,269,064
Cash at bank and in hand
2,886,229
3,565,743
8,288,535
8,565,440
Creditors: amounts falling due within one year
15
(2,368,066)
(2,624,775)
Net current assets
5,920,469
5,940,665
Total assets less current liabilities
7,960,121
7,559,299
Creditors: amounts falling due after more than one year
16
(510,161)
(152,224)
Provisions for liabilities
Deferred tax liability
18
490,084
324,513
(490,084)
(324,513)
Net assets
6,959,876
7,082,562
Capital and reserves
Called up share capital
20
100
100
Revaluation reserve
238,795
238,795
Profit and loss reserves
6,720,981
6,843,667
Total equity
6,959,876
7,082,562
The financial statements were approved by the board of directors and authorised for issue on 14 July 2025 and are signed on its behalf by:
Mrs L J Bennett
Director
Company registration number 03858693 (England and Wales)
Imperial Office Furniture Ltd
Statement of changes in equity
For the year ended 31 December 2024
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
100
238,795
6,556,189
6,795,084
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,087,478
1,087,478
Dividends
11
-
-
(800,000)
(800,000)
Balance at 31 December 2023
100
238,795
6,843,667
7,082,562
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
677,314
677,314
Dividends
11
-
-
(800,000)
(800,000)
Balance at 31 December 2024
100
238,795
6,720,981
6,959,876
Imperial Office Furniture Ltd
Notes to the financial statements
For the year ended 31 December 2024
- 10 -
1
Accounting policies
Company information
Imperial Office Furniture Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Exchange, 5 Bank Street, Bury, Lancashire, England, BL9 0DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The truecompany had net assets of £6,959,876 at the year end (2023: £7,082,562) and cash reserves of £2,886,229 (2023: £3,565,743). The company continues to generate profits post year end. The directors have prepared a budget for the next 12 months.
The directors believe that the company can manage the risks at these challenging times and therefore continue to adopt a going concern basis of accounting in preparing these financial statements.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other group entities where the relationship is one of being wholly owned.
1.3
Turnover
Turnover comprises the aggregate of the fair value of the sales of goods, net of value-added tax, rebates and discounts. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of work performed. Turnover is not recognised where the right to receive payment is contingent on events outside the control of the company.
Unbilled turnover is included in debtors as 'Amounts recoverable on contracts'.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Imperial Office Furniture Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 11 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Land - not provided. Property - straight line over 20 years
Improvements to property
15% on reducing balance
Plant and equipment
15% on reducing balance, 10% on reducing balance, and over the period of the lease
Fixtures and fittings
15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the statement of comprehensive income as incurred.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Imperial Office Furniture Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Imperial Office Furniture Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 13 -
1.11
Hire purchase obligations
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the statement of comprehensive income over the relevant period. The capital element of the future payments is treated as a liability.
All other leases are treated as operating leases. The annual rentals are charged to the statement of comprehensive income in the period in which they become payable.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.
Determining the useful economic life of an asset is considered a key judgement in calculating an appropriate depreciation
charge.
Estimating the anticipated residual value of an asset is considered a key estimation in calculating an appropriate depreciation charge.
3
Turnover and other revenue
The turnover and profit before taxation are attributable to the one principal activity of the company, and arose entirely within the UK.
2024
2023
£
£
Other revenue
Interest income
96,030
61,409
Imperial Office Furniture Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 14 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
153,645
120,529
Depreciation of tangible fixed assets held under finance leases
13,493
89,950
(Profit)/loss on disposal of tangible fixed assets
(34,759)
291
Hire of plant and machinery
32,219
38,076
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,275
15,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production and warehousing
79
86
Directors
2
3
Administration
27
24
Design and marketing
3
3
Total
111
116
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,591,969
3,436,316
Social security costs
360,464
317,425
Pension costs
146,545
135,001
4,098,978
3,888,742
Imperial Office Furniture Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 15 -
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
98,101
130,314
Company pension contributions to defined contribution schemes
2,159
8,638
100,260
138,952
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
80,819
61,409
Corporation tax interest
15,211
Total income
96,030
61,409
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
16,741
22,791
Corporation tax interest
13,507
16,741
36,298
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
162,980
387,486
Adjustments in respect of prior periods
(57)
19,002
Total current tax
162,923
406,488
Deferred tax
Origination and reversal of timing differences
165,571
(34,750)
Total tax charge
328,494
371,738
Imperial Office Furniture Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
10
Taxation
(Continued)
- 16 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,005,808
1,459,216
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
251,452
364,804
Tax effect of expenses that are not deductible in determining taxable profit
(224)
9,875
Adjustments in respect of prior years
(57)
19,002
Effect of change in corporation tax rate
(24,373)
Depreciation on assets not qualifying for tax allowances
77,323
2,430
Taxation charge for the year
328,494
371,738
11
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
8,000.00
8,000.00
800,000
800,000
Imperial Office Furniture Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 17 -
12
Tangible fixed assets
Freehold land and buildings
Improve- ments to property
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2024
790,000
282,537
3,251,451
150,295
4,474,283
Additions
588,156
588,156
Disposals
(319,000)
(319,000)
At 31 December 2024
790,000
282,537
3,520,607
150,295
4,743,439
Depreciation and impairment
At 1 January 2024
316,000
138,367
2,314,794
86,488
2,855,649
Depreciation charged in the year
31,600
21,626
106,562
7,350
167,138
Eliminated in respect of disposals
(319,000)
(319,000)
At 31 December 2024
347,600
159,993
2,102,356
93,838
2,703,787
Carrying amount
At 31 December 2024
442,400
122,544
1,418,251
56,457
2,039,652
At 31 December 2023
474,000
144,170
936,657
63,807
1,618,634
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and equipment
588,161
147,488
13
Stocks
2024
2023
£
£
Raw materials and consumables
725,439
730,633
Imperial Office Furniture Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 18 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,316,813
2,090,833
Gross amounts owed by contract customers
232,198
419,539
S455 tax recoverable
353,277
273,447
Other debtors
1,727,781
1,465,224
Prepayments and accrued income
46,798
20,021
4,676,867
4,269,064
The other debtors balance shown above includes a director's current account balance of £1,663,665 (2023: £1,427,123). This amount is interest free, unsecured and repayable on demand.
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Hire purchase
17
157,380
52,191
Amounts owed to group undertakings
708
708
Trade creditors
1,831,939
1,885,932
Corporation tax
64,874
209,233
Other taxation and social security
283,128
369,587
Other creditors
16,537
15,874
Accruals and deferred income
13,500
91,250
2,368,066
2,624,775
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Hire purchase
17
510,161
152,224
Imperial Office Furniture Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 19 -
17
Hire purchase obligations
2024
2023
Future minimum lease payments due under hire purchase:
£
£
Within one year
157,597
52,191
In two to five years
509,944
152,224
667,541
204,415
Hire purchase contracts are secured on the assets concerned.
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
490,084
324,513
2024
Movements in the year:
£
Liability at 1 January 2024
324,513
Charge to profit or loss
165,571
Liability at 31 December 2024
490,084
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
146,545
135,001
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Imperial Office Furniture Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 20 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
21
Reserves
The following describes the nature and purpose of each reserve within equity:
Retained earnings - All other net gains and losses and transactions with owners not recognised elsewhere.
Other Reserves - Gains and losses on revaluation of assets now held at deemed cost following transition to FRS 102. Amounts included in other reserves are not distributable.
22
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
282,407
229,920
Between two and five years
751,681
144,412
In over five years
95,349
1,129,437
374,332
23
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
2024
2023
£
£
Barry Bennett Ltd
65,525
62,505
Bennett Workplace Solutions Ltd
38,995
24,924
2024
2023
Amounts due to related parties
£
£
Barry Bennett Ltd
1,844
5,970
Bennett Workplace Solutions Ltd
4,976
3,130
Imperial Office Furniture Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 21 -
24
Directors' transactions
Dividends totalling £800,000 (2023 - £800,000) were paid in the year in respect of shares held by the company's directors.
This balance is unsecured, interest free and repayable upon demand.
The maximum overdrawn balance during the year was £1,748,812 (2023 - £1,685,992).
During the year advances were made to J Bennett and L J Bennett amounting to £1,036,542 (2023: £973,187), in respect of personal expenditure but £800,00 was repaid through the declaration of dividends.
No individual transactions are considered to be material in the current year.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
J Bennett and L J Bennett
-
1,427,122
1,036,543
(800,000)
1,663,665
1,427,122
1,036,543
(800,000)
1,663,665
25
Ultimate controlling party
The immediate and ultimate parent company is Imperial Furniture Group Limited, a company registered in England and Wales, which prepares group consolidated financial statements. Copies can be obtained from The Exchange, 5 Bank Street, Bury, Lancashire, BL9 0DN.
The ultimate controlling parties of the company are J Bennett and L J Bennett, the directors and shareholders of the ultimate parent company.
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