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REGISTERED NUMBER: 01364954 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TARGET FURNITURE LIMITED

TARGET FURNITURE LIMITED (REGISTERED NUMBER: 01364954) |

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 |

| TARGET FURNITURE LIMITED |

COMPANY INFORMATION

For The Year Ended 31 December 2024

| DIRECTORS: | Mr D R N Green

| Mr P A Thomas

| SECRETARY: | Mr D R N Green

| REGISTERED OFFICE: | Studland Road

| Kingsthorpe

| Northamptonshire

| NN2 6PZ

| REGISTERED NUMBER: | 01364954 (England and Wales)

| ACCOUNTANTS: | Chartswood Accounting Solutions Limited

| Chartered Accountants

| 13 Arm And Sword Lane

| Old Hatfield

| Hertfordshire

| AL9 5EH

TARGET FURNITURE LIMITED (REGISTERED NUMBER: 01364954) |

BALANCE SHEET

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 1,593,963 |  | 1,625,727 |  |

CURRENT ASSETS

Stocks | 5 | 436,278 |  | 412,246 |  |

Debtors | 6 | 405,381 |  | 904,345 |  |

Cash at bank and in hand | 465,440 |  | 50,126 |  |

1,307,099 |  | 1,366,717 |  |

CREDITORS

Amounts falling due within one year | 7 | 806,214 |  | 1,122,599 |  |

NET CURRENT ASSETS | 500,885 |  | 244,118 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,094,848 |  | 1,869,845 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (743,021 | ) | (885,726 | ) |

PROVISIONS FOR LIABILITIES | 10 | (762 | ) | (762 | ) |

NET ASSETS | 1,351,065 |  | 983,357 |  |

CAPITAL AND RESERVES

Called up share capital | 11 | 50,000 |  | 50,000 |  |

Revaluation reserve | 12 | 1,006,005 |  | 1,006,005 |  |

Retained earnings | 12 | 295,060 |  | (72,648 | ) |

SHAREHOLDERS' FUNDS | 1,351,065 |  | 983,357 |  |

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.

TARGET FURNITURE LIMITED (REGISTERED NUMBER: 01364954) |

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2025 and were signed on its behalf by:

Mr D R N Green - Director

TARGET FURNITURE LIMITED (REGISTERED NUMBER: 01364954) |

NOTES TO THE FINANCIAL STATEMENTS

For The Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Target 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

| Turnover

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

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | 2% on cost or valuation

| Plant and machinery | - | 15% on cost

| Motor vehicles | - | 25% on reducing balance

| Stocks

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

TARGET FURNITURE LIMITED (REGISTERED NUMBER: 01364954) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| 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 balance sheet 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.

| Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including creditors and bank loans, 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

TARGET FURNITURE LIMITED (REGISTERED NUMBER: 01364954) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Revaluation policy

| Freehold land and building is initially recognised at cost. Freehold land and building are subsequently carried at the revalued amounts less accumulated depreciation and accumulated impairment losses.When an asset is revalued, any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset. The net amount is then restated to the revalued amount of the asset.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 55 (2023 - 55 ) .

TARGET FURNITURE LIMITED (REGISTERED NUMBER: 01364954) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

4. | TANGIBLE FIXED ASSETS

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2024 | 1,650,000 |  | 872,506 |  | 12,600 |  | 2,535,106 |  |

| Additions | - |  | - |  | 10,000 |  | 10,000 |  |

| At 31 December 2024 | 1,650,000 |  | 872,506 |  | 22,600 |  | 2,545,106 |  |

| DEPRECIATION

| At 1 January 2024 | 33,000 |  | 864,488 |  | 11,891 |  | 909,379 |  |

| Charge for year | 33,000 |  | 6,087 |  | 2,677 |  | 41,764 |  |

| At 31 December 2024 | 66,000 |  | 870,575 |  | 14,568 |  | 951,143 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,584,000 |  | 1,931 |  | 8,032 |  | 1,593,963 |  |

| At 31 December 2023 | 1,617,000 |  | 8,018 |  | 709 |  | 1,625,727 |  |

| Cost or valuation at 31 December 2024 is represented by:

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| Valuation in 2003 | 185,333 |  | - |  | - |  | 185,333 |  |

| Valuation in 2018 | 400,000 |  | - |  | - |  | 400,000 |  |

| Valuation in 2022 | 150,000 |  | - |  | - |  | 150,000 |  |

| Cost | 914,667 |  | 872,506 |  | 22,600 |  | 1,809,773 |  |

1,650,000 |  | 872,506 |  | 22,600 |  | 2,545,106 |  |

| If freehold land and buildings had not been revalued it would have been included at the following historical cost:

| 31.12.24 |  | 31.12.23

£ | £ |

| Cost | 914,667 |  | 914,667 |  |

| Aggregate depreciation | 530,505 |  | 530,505 |  |

| Freehold land and buildings were valued on an open market basis on 31 December 2024 by the directors .

| At balance sheet date, the directors are of the opinion this value is fairly stated.

TARGET FURNITURE LIMITED (REGISTERED NUMBER: 01364954) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

4. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

| Plant and

| machinery

£ |

| COST OR VALUATION

| At 1 January 2024

| and 31 December 2024 | 50,734 |  |

| DEPRECIATION

| At 1 January 2024 | 43,522 |  |

| Charge for year | 5,279 |  |

| At 31 December 2024 | 48,801 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,933 |  |

| At 31 December 2023 | 7,212 |  |

5. | STOCKS

| 31.12.24 |  | 31.12.23

£ | £ |

| Stocks | 436,278 |  | 412,246 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade debtors | 273,963 |  | 770,386 |  |

| Other debtors | 2,127 |  | 2,531 |  |

| Amounts owed by group

| undertakings | 38,743 |  | 38,743 |  |

| Prepayments and accrued income | 90,548 |  | 92,685 |  |

405,381 |  | 904,345 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank loans and overdrafts (see note 9) | 142,705 |  | 143,634 |  |

| Trade creditors | 367,903 |  | 598,207 |  |

| Corporation tax | 606 |  | 115 |  |

| Social security and other taxes | 142,429 |  | 210,160 |  |

| Other creditors and accruals | 152,571 |  | 170,483 |  |

806,214 |  | 1,122,599 |  |

TARGET FURNITURE LIMITED (REGISTERED NUMBER: 01364954) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank loans (see note 9) | 743,021 |  | 885,726 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 376,453 |  | 509,530 |  |

9. | LOANS

| The bank loans are secured by way of a fixed and floating charge on the property and assets of the company.

10. | PROVISIONS FOR LIABILITIES

| 31.12.24 |  | 31.12.23

£ | £ |

| Deferred tax

| Accelerated capital allowances | 762 |  | 762 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 762 |  |

| Balance at 31 December 2024 | 762 |  |

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 50,000 | Ordinary | £ 1 | 50,000 |  | 50,000 |  |

12. | RESERVES

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2024 | (72,648 | ) | 1,006,005 |  | 933,357 |  |

| Profit for the year | 367,708 |  | 367,708 |  |

| At 31 December 2024 | 295,060 |  | 1,006,005 |  | 1,301,065 |  |

TARGET FURNITURE LIMITED (REGISTERED NUMBER: 01364954) |

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

13. | CONTINGENT LIABILITIES

| There were no known liabilities not provided for at 31 December 2024 (2023: £Nil).

14. | ULTIMATE CONTROLLING PARTY

| The ultimate parent company, Target Furniture Group Limited, a company registered in England and Wales.

| The parent company is Target Flooring (Holdings) Limited, who's utlimate controlling party is Target Furniture Group Limited, a company registered in England and Wales.