REGISTERED NUMBER: 07338915 (England and Wales)

IC Furniture Limited

Unaudited Financial Statements

for the Year Ended

31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I Connell

Mrs N C Connell

REGISTERED OFFICE:

9 High Street

Warwick

Warwickshire

CV34 4AP

REGISTERED NUMBER:

07338915 (England and Wales)

ACCOUNTANTS:

Moffat Gilbert

Unit 12

Shottery Brook Office Park

Timothy's Bridge Road

Stratford upon Avon

Warwickshire

CV37 9NR

FIXED ASSETS

Intangible assets

4

1,945

3,377

Tangible assets

5

147,923

132,638

149,868

136,015

CURRENT ASSETS

Stocks

147,998

184,506

Debtors

6

74,276

60,287

Cash at bank and in hand

37,488

70,499

259,762

315,292

CREDITORS

Amounts falling due within one year

7

161,293

188,782

NET CURRENT ASSETS

98,469

126,510

TOTAL ASSETS LESS CURRENT LIABILITIES

248,337

262,525

CREDITORS

Amounts falling due after more than one year

8

(69,437

)

(96,522

)

PROVISIONS FOR LIABILITIES

(37,467

)

(34,004

)

NET ASSETS

141,433

131,999

CAPITAL AND RESERVES

Called up share capital

10

90,090

110,090

Capital redemption reserve

40,010

20,010

Retained earnings

11,333

1,899

SHAREHOLDERS' FUNDS

141,433

131,999

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.

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 5 September 2025 and were signed on its behalf by:

Mrs N C Connell - Director

I Connell - Director

1.	STATUTORY INFORMATION

IC Furniture Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

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

Income is recognised when the economic benefit of the sale is passed to the customer. Invoices are raised at agreed percentages of projects but the income is not released to the profit and loss account until delivery has taken place to the customer.

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.

Website establishment costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Furniture and fixtures

-

20% on cost

Showroom

-

at varying rates on cost

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.3% on cost

Within the Showroom category of fixed assets are items which are used as display models. These items are not depreciated as they will retail at the original cost value as a minimum once sold at a future date. The remaining items within this category are depreciated at a rate of 20% per annum on cost, apart from items of Modena furniture which are used as window displays and require replacement after two years due to sun damage.

Within the motor vehicle category of fixed assets, where there is clear evidence that the asset involved has a market value greater that the net book value, no further depreciation is then charged.

Stocks

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

In the case of work in progress, goods are ordered specific to the customers bespoke requirements and all such costs remain in the balance sheet of the company until such time as the items are fitted at the point of delivery.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

7,158

AMORTISATION

At 1 January 2024

3,781

Charge for year

1,432

At 31 December 2024

5,213

NET BOOK VALUE

At 31 December 2024

1,945

At 31 December 2023

3,377

5.	TANGIBLE FIXED ASSETS

Furniture

and

Plant and

fixtures

Showroom

machinery

£

£

£

COST

At 1 January 2024

20,504

126,365

8,568

Additions

2,232

21,817

340

At 31 December 2024

22,736

148,182

8,908

DEPRECIATION

At 1 January 2024

11,422

16,038

7,071

Charge for year

3,193

2,705

863

At 31 December 2024

14,615

18,743

7,934

NET BOOK VALUE

At 31 December 2024

8,121

129,439

974

At 31 December 2023

9,082

110,327

1,497

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

43,965

18,587

217,989

Additions

-

67

24,456

At 31 December 2024

43,965

18,654

242,445

DEPRECIATION

At 1 January 2024

35,746

15,074

85,351

Charge for year

519

1,891

9,171

At 31 December 2024

36,265

16,965

94,522

NET BOOK VALUE

At 31 December 2024

7,700

1,689

147,923

At 31 December 2023

8,219

3,513

132,638

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

58,304

46,661

Prepayments

15,972

13,626

74,276

60,287

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

27,084

25,635

Trade creditors

31,637

20,741

Tax

7,434

734

Social security and other taxes

1,718

1,872

VAT

7,466

1,774

Other creditors

52,280

40,188

Directors' current accounts

10,225

19,533

Deferred income

17,768

73,000

Accrued expenses

5,681

5,305

161,293

188,782

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 2-5 years

69,437

92,611

Bank loans more 5 yr by instal

-

3,911

69,437

96,522

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

3,911

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

6,942

1,994

Between one and five years

16,743

2,661

23,685

4,655

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

90

Ordinary

£1

90

90

110,000

Ordinary C shares

£1

90,000

110,000

90,090

110,090

On 5 December 2022, 20,010 of the £1 Ordinary C shares had been redeemed at par. On 4 October 2024, 20,000 of the £1 Ordinary C shares have been redeemed at par.

11.	ULTIMATE CONTROLLING PARTY

The company is under the control of the directors, Mr I Connell and Mrs N C Connell.