IRIS Accounts Production v25.1.4.42 03333515 Board of Directors 1.1.24 31.12.24 31.12.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033335152023-12-31033335152024-12-31033335152024-01-012024-12-31033335152022-12-31033335152023-01-012023-12-31033335152023-12-3103333515ns15:EnglandWales2024-01-012024-12-3103333515ns14:PoundSterling2024-01-012024-12-3103333515ns10:Director12024-01-012024-12-3103333515ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3103333515ns10:SmallEntities2024-01-012024-12-3103333515ns10:AuditExemptWithAccountantsReport2024-01-012024-12-3103333515ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3103333515ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3103333515ns10:FullAccounts2024-01-012024-12-310333351512024-01-012024-12-3103333515ns10:Director22024-01-012024-12-3103333515ns10:Director32024-01-012024-12-3103333515ns10:Director42024-01-012024-12-3103333515ns10:Director52024-01-012024-12-3103333515ns10:Director62024-01-012024-12-3103333515ns10:Director72024-01-012024-12-3103333515ns10:CompanySecretary12024-01-012024-12-3103333515ns10:RegisteredOffice2024-01-012024-12-3103333515ns5:CurrentFinancialInstruments2024-12-3103333515ns5:CurrentFinancialInstruments2023-12-3103333515ns5:Non-currentFinancialInstruments2024-12-3103333515ns5:Non-currentFinancialInstruments2023-12-3103333515ns5:ShareCapital2024-12-3103333515ns5:ShareCapital2023-12-3103333515ns5:RevaluationReserve2024-12-3103333515ns5:RevaluationReserve2023-12-3103333515ns5:RetainedEarningsAccumulatedLosses2024-12-3103333515ns5:RetainedEarningsAccumulatedLosses2023-12-3103333515ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3103333515ns5:ComputerSoftware2024-01-012024-12-3103333515ns5:IntangibleAssetsOtherThanGoodwill2024-12-3103333515ns5:LandBuildings2023-12-3103333515ns5:FurnitureFittings2023-12-3103333515ns5:MotorVehicles2023-12-3103333515ns5:ComputerEquipment2023-12-3103333515ns5:LandBuildings2024-01-012024-12-3103333515ns5:FurnitureFittings2024-01-012024-12-3103333515ns5:MotorVehicles2024-01-012024-12-3103333515ns5:ComputerEquipment2024-01-012024-12-3103333515ns5:LandBuildings2024-12-3103333515ns5:FurnitureFittings2024-12-3103333515ns5:MotorVehicles2024-12-3103333515ns5:ComputerEquipment2024-12-3103333515ns5:LandBuildings2023-12-3103333515ns5:FurnitureFittings2023-12-3103333515ns5:MotorVehicles2023-12-3103333515ns5:ComputerEquipment2023-12-3103333515ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3103333515ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3103333515ns5:RevaluationReserve2023-12-31
REGISTERED NUMBER: 03333515 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TOUGH FURNITURE LTD

TOUGH FURNITURE LTD (REGISTERED NUMBER: 03333515)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

TOUGH FURNITURE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mrs B Vesty
D O Vesty
Miss E F Vesty
S Briscoe
N Lester
S Physick
Mrs L Backhouse





SECRETARY: Mrs B Vesty





REGISTERED OFFICE: Stokewood Road
Craven Arms Business Park
Craven Arms
Shropshire
SY78NR





REGISTERED NUMBER: 03333515 (England and Wales)





ACCOUNTANTS: D.R.E. & Co. Limited
Chartered Accountants
Number 5
The Business Quarter
Eco Park Road
Ludlow
Shropshire
SY8 1FD

TOUGH FURNITURE LTD (REGISTERED NUMBER: 03333515)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 7,577 -
Tangible assets 6 765,715 827,298
773,292 827,298

CURRENT ASSETS
Stocks 323,201 266,005
Debtors 7 646,006 378,353
Cash at bank and in hand 281,352 495,808
1,250,559 1,140,166
CREDITORS
Amounts falling due within one year 8 496,120 415,054
NET CURRENT ASSETS 754,439 725,112
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,527,731

1,552,410

CREDITORS
Amounts falling due after more than one
year

9

(73,211

)

(101,445

)

PROVISIONS FOR LIABILITIES (69,451 ) (77,568 )
NET ASSETS 1,385,069 1,373,397

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 11 178,910 178,910
Retained earnings 1,206,157 1,194,485
SHAREHOLDERS' FUNDS 1,385,069 1,373,397

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TOUGH FURNITURE LTD (REGISTERED NUMBER: 03333515)

BALANCE SHEET - continued
31 DECEMBER 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2025 and were signed on its behalf by:





D O Vesty - Director


TOUGH FURNITURE LTD (REGISTERED NUMBER: 03333515)

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

1. STATUTORY INFORMATION

Tough Furniture Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention. The accounts have been prepared on a going concern basis.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

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

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings and equipment- 20% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- 33% on cost

Buildings/Property are shown at a recent valuation. Any aggregate surplus or deficit arising from changes in fair value are recognised in profit or loss

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


TOUGH FURNITURE LTD (REGISTERED NUMBER: 03333515)

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

3. 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Grants
Grants of a capital nature are credited to the cost of the related asset with a consequent reduction in the annual charge for depreciation.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 38 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 9,093
At 31 December 2024 9,093
AMORTISATION
Charge for year 1,516
At 31 December 2024 1,516
NET BOOK VALUE
At 31 December 2024 7,577

TOUGH FURNITURE LTD (REGISTERED NUMBER: 03333515)

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

6. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and Motor Computer
Buildings equipment vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2024 540,000 1,284,489 9,750 125,226 1,959,465
Additions - 550 - 2,564 3,114
At 31 December 2024 540,000 1,285,039 9,750 127,790 1,962,579
DEPRECIATION
At 1 January 2024 - 1,008,702 8,775 114,690 1,132,167
Charge for year - 55,215 244 9,238 64,697
At 31 December 2024 - 1,063,917 9,019 123,928 1,196,864
NET BOOK VALUE
At 31 December 2024 540,000 221,122 731 3,862 765,715
At 31 December 2023 540,000 275,787 975 10,536 827,298

Cost or valuation at 31 December 2024 is represented by:

Fixtures,
fittings
and Motor Computer
Buildings equipment vehicles equipment Totals
£    £    £    £    £   
Valuation in 2008 193,602 - - - 193,602
Cost 346,398 1,285,039 9,750 127,790 1,768,977
540,000 1,285,039 9,750 127,790 1,962,579

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 319,558 319,509
Other debtors - 27,434
Accrued income 280,108 -
Prepayments 46,340 31,410
646,006 378,353

TOUGH FURNITURE LTD (REGISTERED NUMBER: 03333515)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts 28,234 25,586
Trade creditors 194,337 186,085
Tax 7,261 -
Social security and other taxes 41,046 34,772
VAT 31,984 48,131
Other creditors 76,048 50,449
Directors' current accounts 21,728 46,311
Accrued expenses 95,482 23,720
496,120 415,054

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts 73,211 101,445

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Hire purchase 101,445 127,031

There is a debenture including Fixed Equitable Charge over all present and future freehold and leasehold property. A first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future, and first floating charge over all assets and undertaking both present and future given by Tough Furniture Limited.

The hire purchase contracts are secured on the assets concerned.

11. RESERVES
Revaluation
reserve
£   
At 1 January 2024
and 31 December 2024 178,910

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
TOUGH FURNITURE LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tough Furniture Ltd for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Tough Furniture Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tough Furniture Ltd and state those matters that we have agreed to state to the Board of Directors of Tough Furniture Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tough Furniture Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Tough Furniture Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tough Furniture Ltd. You consider that Tough Furniture Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Tough Furniture Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






D.R.E. & Co. Limited
Chartered Accountants
Number 5
The Business Quarter
Eco Park Road
Ludlow
Shropshire
SY8 1FD


4 July 2025