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Registered number: 01002902
V.N. & Britannic Warehouses Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Company Information 1
Strategic Report 2
Directors' Report 3—4
Independent Auditor's Report 5—6
Statement of Comprehensive Income 7
Statement of Financial Position 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—19
Page 1
Company Information
Directors Mr Kamlesh Kumar Laroiya
Mr Paul Delippe Laroiya
Mrs Ethel Ann Laroiya
Mrs Sita Laroiya
Secretary Mr Kamlesh Kumar Laroiya
Company Number 01002902
Registered Office 142 Sand Pits
Birmingham
B1 3RJ
Business 142 Sand Pits
Birmingham
B1 3RJ
Auditors Harrison Partners Limited
Masonic Building
9 Mill Street
Sutton Coldfield
B72 1TJ
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Principal Activity
The company's principal activity continues to be the online retail of furniture and other related products.
Review of the Business
During the year, the company experienced a decline in consumer demand resulting from general economic decline and inflationary pressures on pricing.  Revenue fell to £6,755,789 (2023: £8,082,676) and this resulted in a post-tax loss of £247,993.  Despite these challenges the company's balance sheet remains robust with net assets of £1,851,839 and the operating activities generated a positive cashflow.  Post year end, the company has made cost savings that will see the company return to profitability.  
The directors consider the key performance indicators to be those that communicate the financial strength and performance of the company, these being turnover, gross margin, operating cashflow and stock turnover.
Principal Risks and Uncertainties
The company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.
All of the company's cash balances are held in such a way that achieves a competitive rate of interest.  The company makes use of money market facilities where funds are available.
Future Developments
Despite the decline in sales, the company is committed to navigating the current challenges and positioning itself for long-term growth.  It is pursuing a series of strategic initiatives to adapt to evolving market dynamics and consumer preferences in the online furniture retail space.  Our primary focus will be on enhancing customer experience, diversifying product offerings, and optimising operational efficiency.
While the current period of declining sales presents a significant challenge, we are confident that our strategic initiatives are moving the company into a position for recovery and long-term growth.  Our commitment to innovation, customer satisfaction, and operational efficiency will enable us to overcome current market pressures.
On behalf of the board
Mr Paul Delippe Laroiya
Director
29 August 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Dividends
The value of dividends paid amounted to £140,000 .
Directors
The directors who held office during the year were as follows:
Mr Kamlesh Kumar Laroiya
Mr Paul Delippe Laroiya
Mrs Ethel Ann Laroiya
Mrs Sita Laroiya
Post Balance Sheet Events
There are no events that have occured since the reporting date that need to be disclosed or adjusted for in these financial statements.
Going concern
The directors have performed an assessment of the company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.  At the end of the year the company had cash reserves of £824,532 and its operations generated a positive cashflow.    The company's debt comprises amounts due to shareholders and the directors.  It has no external borrowings and accordingly, the directors have no concerns as to the ability of the company to meet its liabilities as they fall due for a period beyond 12 months.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 directors are 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. They are 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, Harrison Partners Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Paul Delippe Laroiya
Director
29 August 2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of V.N. & Britannic Warehouses Limited ("the company") for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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/(loss) 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.
Basis for Opinion
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 directors' 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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are 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. In connection with our audit of the financial statements, 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 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.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' 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 Directors' 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 or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
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Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have 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: 
Irregularities, including fraud, are instances of non-compliance with laws and regulations.  We designed procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.  Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
We identified the laws and regulations applicable to the company through discussions with directors and through our knowledge of the sector.  We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, these being the Companies Act 2006 and UK GAAP including FRS102.
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, ensuring proper policies and procedures are in place.  Moreover, the laws and regulations were communicated to the audit team, who remained alert to instances of non-compliance throughout the audit.  We also assessed the susceptibility of the company's financial statements to material misstatement by making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual or suspected frauds and through a consideration of the internal controls that might mitigate the risk of fraud and non-compliance with laws and regulations.. To address the risk of fraud through management bias and the override of controls, we have performed substantive testing of material balance sheet assets and liabilities, plus directional testing of revenue, expenses and payroll.
There are inherent limitations in the audit procedures described above.  We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, forgery, collusion or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our 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 that 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.
Neil Harrison (Senior Statutory Auditor)
for and on behalf of Harrison Partners Limited , Statutory Auditor
29 August 2025
Harrison Partners Limited
Masonic Building
9 Mill Street
Sutton Coldfield
B72 1TJ
Page 6
Page 7
Statement of Comprehensive Income
2024 2023
Notes £ £
TURNOVER 3 6,755,789 8,082,676
Cost of sales (4,260,199 ) (3,799,049 )
GROSS PROFIT 2,495,590 4,283,627
Administrative expenses (2,835,189 ) (3,133,972 )
Other operating income - 7,806
OPERATING (LOSS)/PROFIT 4 (339,599 ) 1,157,461
Loss on disposal of fixed assets (3,044 ) -
Other interest receivable and similar income 9 33,396 13,854
(LOSS)/PROFIT BEFORE TAXATION (309,247 ) 1,171,315
Tax on (Loss)/profit 10 61,254 (284,136 )
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR (247,993 ) 887,179
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (247,993 ) 887,179
These results are from continuing activities.
The notes on pages 11 to 19 form part of these financial statements.
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Statement of Financial Position
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 728,207 766,613
Investments 12 100 100
728,307 766,713
CURRENT ASSETS
Stocks 13 2,410,326 3,034,718
Debtors 14 417,783 296,259
Cash at bank and in hand 824,532 1,801,798
3,652,641 5,132,775
Creditors: Amounts Falling Due Within One Year 15 (2,505,819 ) (3,635,002 )
NET CURRENT ASSETS (LIABILITIES) 1,146,822 1,497,773
TOTAL ASSETS LESS CURRENT LIABILITIES 1,875,129 2,264,486
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (23,290 ) (24,654 )
NET ASSETS 1,851,839 2,239,832
CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Income Statement 1,831,839 2,219,832
SHAREHOLDERS' FUNDS 1,851,839 2,239,832
On behalf of the board
Mr Kamlesh Kumar Laroiya
Director
Mr Paul Delippe Laroiya
Director
29 August 2025
The notes on pages 11 to 19 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 January 2023 20,000 2,332,653 2,352,653
Profit for the year and total comprehensive income - 887,179 887,179
Dividends paid - (1,000,000) (1,000,000)
As at 31 December 2023 and 1 January 2024 20,000 2,219,832 2,239,832
Loss for the year and total comprehensive income - (247,993 ) (247,993)
Dividends paid - (140,000) (140,000)
As at 31 December 2024 20,000 1,831,839 1,851,839
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 334,076 1,602,269
Tax paid (366,243 ) (174,801 )
Net cash (used in)/generated from operating activities (32,167 ) 1,427,468
Cash flows from investing activities
Purchase of tangible assets (6,292 ) (1,020 )
Proceeds from disposal of tangible assets 10,250 -
Interest received 33,396 13,854
Net cash generated from investing activities 37,354 12,834
Cash flows from financing activities
Equity dividends paid (140,000 ) (1,000,000 )
Repayment of other loans (707,014) -
Amount withdrawn by directors (135,439) (46,686)
Net cash used in financing activities (982,453 ) (1,046,686 )
(Decrease)/increase in cash and cash equivalents (977,266 ) 393,616
Cash and cash equivalents at beginning of year 2 1,801,798 1,408,182
Cash and cash equivalents at end of year 2 824,532 1,801,798
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Notes to the Statement of Cash Flows
1. Reconciliation of (loss)/profit for the financial year to cash generated from operations
2024 2023
£ £
(Loss)/profit for the financial year (247,993 ) 887,179
Adjustments for:
Tax on (loss)/profit (61,254 ) 284,136
Interest income (33,396 ) (13,854 )
Depreciation of tangible assets 31,404 34,194
Loss on disposal of tangible assets 3,044 -
Movements in working capital:
Decrease in stocks 624,392 613,282
Decrease/(increase) in trade and other debtors 97,605 (71,069 )
Decrease in trade and other creditors (79,726 ) (131,599 )
Net cash generated from operations 334,076 1,602,269
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 824,532 1,801,798
3. Analysis of changes in net funds
As at 1 January 2024 Cash flows As at 31 December 2024
£ £ £
Cash at bank and in hand 1,801,798 (977,266) 824,532
Debts falling due within one year (1,274,488 ) 707,014 (567,474 )
527,310 (270,252) 257,058
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Notes to the Financial Statements
1. General Information
V.N. & Britannic Warehouses Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01002902 . The registered office is 142 Sand Pits, Birmingham, B1 3RJ.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Exemption From Preparing Consolidated Financial Statements
The company has taken advantage of the exemption under section 405 of the Companies Act 2006 not to prepare consolidated accounts by virtue of its subsiidiary undertaking not being material for the purpose of giving a true and fair view.  Therefore, the accounts present information about the company as an individual undertaking and not about its group.
2.3. 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.
2.4. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets, liabilities, income and expenses.  These estimates and judgements are continually reviewed and are based on past experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. They can impact the carrying value of assets and liabilities.  The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements are disclosed below:
Stock Provision
At each reporting date, stock is assessed for impairment and a provision is calculated.  The provision is applied against slow moving and obsolete stock items and reduces the carrying value of the stock to its estimated net realisable value, where this is thought to be lower than the original cost.
2.5. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.  In respect of the sale of goods, revenue is recognised on delivery of the product or on collection from the showroom.
2.6. 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 2% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 15% on cost
2.7. Investments
Investments in subsidiary undertakings are recognised at cost.
2.8. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.9. 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.
2.10. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.11. 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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.12. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.13. Debtors and creditors receivable / payable within one year
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 adminstrative expenses.
3. Turnover
The turnover and profit before taxation are attributable to the one principal activity of the company.
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 5,561,043 6,878,344
Europe 1,194,746 1,204,332
6,755,789 8,082,676
4. Operating (Loss)/profit
The operating (loss)/profit is stated after charging:
2024 2023
£ £
Operating lease rentals 290,090 333,222
Depreciation of tangible fixed assets 31,404 34,194
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5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 6,000 15,000
Other Services
Other non-audit services 3,500 10,750
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,355,693 1,382,410
Social security costs 119,584 120,505
Other pension costs 27,355 27,551
1,502,632 1,530,466
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 14 13
Sales, marketing and distribution 14 15
Directors 4 4
Warehouse 24 25
56 57
8. Directors' remuneration
2024 2023
£ £
Emoluments 71,600 72,000
Company contributions to money purchase pension schemes 713 713
72,313 72,713
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 1 1
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9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 22,050 13,854
Corporation tax interest receivable 11,346 -
33,396 13,854
10. Tax on Profit
The tax (credit)/charge on the (loss)/profit for the year was as follows:
2024 2023
£ £
Current tax
UK Corporation Tax (65,281 ) 289,529
Prior period adjustment 5,391 -
(59,890 ) 289,529
Deferred Tax
Deferred taxation (1,364 ) (5,393 )
Total tax charge for the period (61,254 ) 284,136
UK Corporation tax has been charged at 25.00% (2023 - 23.52%)
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax (309,247) 1,171,315
Tax on profit at 25% (UK standard rate) - 275,493
Goodwill/depreciation not allowed for tax - 3,659
Expenses not deductible for tax purposes - 10,377
Tax losses utilised (65,281 ) -
Short term timing differences (1,364 ) (5,393 )
Prior period adjustment 5,391 -
Total tax charge for the period (61,254) 284,136
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11. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2024 1,571,808 45,850 688,636 2,306,294
Additions - - 6,292 6,292
Disposals - - (29,105 ) (29,105 )
As at 31 December 2024 1,571,808 45,850 665,823 2,283,481
Depreciation
As at 1 January 2024 833,586 45,850 660,245 1,539,681
Provided during the period 22,615 - 8,789 31,404
Disposals - - (15,811 ) (15,811 )
As at 31 December 2024 856,201 45,850 653,223 1,555,274
Net Book Value
As at 31 December 2024 715,607 - 12,600 728,207
As at 1 January 2024 738,222 - 28,391 766,613
Included in cost of land and buildings is freehold land of £116,000 (2023 - £116,000) which is not depreciated.
12. Investments
Listed
£
Cost
As at 1 January 2024 100
As at 31 December 2024 100
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 100
As at 1 January 2024 100
Subsidiaries
Details of the company's subsidiaries as at 31 December 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Pearson Jackson Limited 142 Sand Pits, Birmingham, B1 3RJ Ordinary 100.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
Pearson Jackson Limited 100 -
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13. Stocks
2024 2023
£ £
Stock 2,410,326 3,034,718
Stock is stated after provisions for impairment of £65,626 (2023: £140,866)
14. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 1,618
Prepayments and accrued income 122,417 294,641
Other debtors 76,237 -
Corporation tax recoverable assets 219,129 -
417,783 296,259
15. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 132,779 138,102
Other loans 567,474 1,274,488
Corporation tax - 207,004
Other taxes and social security 35,895 55,269
VAT 122,138 168,211
Other creditors 21,363 27,401
Accruals and deferred income 17,905 20,823
Directors' loan accounts 1,608,165 1,743,604
Amounts owed to group undertakings 100 100
2,505,819 3,635,002
The company has registed a fixed and floating charge in favour of HSBC against all assets.  The charge is not currently registered in respect of any existing debt.
16. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Other loans 567,474 1,274,488
18. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 23,290 24,654
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19. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2024 24,654 24,654
Utilised (1,364 ) (1,364)
Balance at 31 December 2024 23,290 23,290
20. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 175,274 175,274
Later than one year and not later than five years 737,986 751,230
Later than five years - 162,030
913,260 1,088,534
21. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.  During the year the charge to the income statement in respect of defined contribution schemes was £27,355 (2023: £27,551).  At the statement of financial position date contributions of £5,795 (2023: £4,724) were due to the fund and are included in creditors.
22. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 140,000 1,000,000
2024
2023
£
£
P Ordinary shares of £1 each Final
20,000
110,000
Q Ordinary shares of £1 each Final
20,000
130,000
R Ordinary shares of £1 each Final
20,000
130,000
S Ordinary shares of £1 each Final
20,000
60,000
T Ordinary shares of £1 each Final
20,000
110,000
U Ordinary shares of £1 each Final
20,000
110,000
V Ordinary shares of £1 each Final
-
55,000
W Ordinary shares of £1 each Final
20,000
130,000
X Ordinary shares of £1 each Final
-
55,000
Y Ordinary shares of £1 each Final
-
55,000
Z Ordinary shares of £1 each Final
-
55,000
image
image
140,000
image
1,000,000
image
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23. Reserves
Retained earnings
2024
As at 1 January 2024
2,219,832
Loss for the year
(355,467)
Dividends
(140,000)
image
1,724,365
image
24. Post Balance Sheet Events
There are no events that have occured since the reporting date that need to be disclosed or adjusted for in these financial statements.
25. Related Party Disclosures
Directors' loan accounts of £1,608,165 (2023: £1,743,604) are interest free and repayable on demand.
Other loans comprise £567,474 (2023: £1,274,488) due to shareholders of the company.  These loans are interest free and repayable on demand.  
26. Controlling Parties
The company is under the joint control of its directors amd their close family members and there is no single controlling party.
27. Exceptional Items
Within the other operating income is £76,237, this relates to a power dispute which has been refunded back to the client.
28. Share Capital
Class of Share
Number
Nominal Value
2024
£
2023
£
Ordinary P
600
£1
600
600
Ordinary Q
600
£1
600
600
Ordinary R
1,200
£1
1,200
1,200
Ordinary S
600
£1
600
600
Ordinary T
600
£1
600
600
Ordinary U
1,200
£1
1,200
1,200
Ordinary V
2,400
£1
2,400
2,400
Ordinary W
600
£1
600
600
Ordinary X
5,200
£1
5,200
5,200
Ordinary Y
5,200
£1
5,200
5,200
Ordinary Z
1,800
£1
1,800
image
1,800
image
20,000
image
20,000
image
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