REGISTERED NUMBER: 01331689 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FURNITUBES INTERNATIONAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C I M Barratt

REGISTERED OFFICE:

2nd Floor

Medway Bridge House

1 - 8 Fairmeadow

Maidstone

Kent

ME14 1JP

REGISTERED NUMBER:

01331689 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

2nd Floor

Medway Bridge House

1-8 Fairmeadow

Maidstone

Kent

ME14 1JP

FIXED ASSETS

Intangible assets

4

20,531

27,208

Tangible assets

5

54,708

66,287

75,239

93,495

CURRENT ASSETS

Stocks

6

353,684

371,410

Debtors

7

812,765

981,582

Cash at bank

15,802

15,072

1,182,251

1,368,064

CREDITORS

Amounts falling due within one year

8

638,650

722,751

NET CURRENT ASSETS

543,601

645,313

TOTAL ASSETS LESS CURRENT LIABILITIES

618,840

738,808

CREDITORS

Amounts falling due after more than one year

9

(10,000

)

(30,000

)

PROVISIONS FOR LIABILITIES

12

-

(13,487

)

NET ASSETS

608,840

695,321

CAPITAL AND RESERVES

Called up share capital

50,001

50,001

Retained earnings

558,839

645,320

SHAREHOLDERS' FUNDS

608,840

695,321

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 director acknowledges her 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2025 and were signed by:

C I M Barratt - Director

1.	STATUTORY INFORMATION

Furnitubes International 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.

Going concern

Accounting standards requires the director to consider the appropriateness of the going concern basis when preparing the financial statements. The director confirms that she considers that the going concern basis remains appropriate. The director believes that the company has sufficient resources to continue in operational existence for the foreseeable future. The director believes this to be the case as the company has positive reserves and cash balances. Thus she continues to adopt the going concern basis of accounting in preparing the annual financial statements.

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 at the date of dispatch when the risks and rewards of ownership pass 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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

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

Tangible fixed assets

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

Short leasehold

-

over the life of the lease

Plant and machinery

-

33% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Creditors

Short term creditors are measured at the transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost

At 1 January 2024

and 31 December 2024

33,385

Amortisation

At 1 January 2024

6,177

Charge for year

6,677

At 31 December 2024

12,854

Net book value

At 31 December 2024

20,531

At 31 December 2023

27,208

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 January 2024

8,134

201,599

209,733

Additions

-

2,935

2,935

Disposals

-

(415

)

(415

)

At 31 December 2024

8,134

204,119

212,253

Depreciation

At 1 January 2024

1,023

142,423

143,446

Charge for year

119

14,307

14,426

Eliminated on disposal

-

(327

)

(327

)

At 31 December 2024

1,142

156,403

157,545

Net book value

At 31 December 2024

6,992

47,716

54,708

At 31 December 2023

7,111

59,176

66,287

6.

STOCKS

2024

2023

£

£

Stocks

353,684

371,410

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

200,900

516,968

Amounts owed by group undertakings

340,787

344,957

Other debtors

271,078

119,657

812,765

981,582

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

20,000

20,000

Trade creditors

353,072

180,675

Amounts owed to group undertakings

12,604

-

Taxation and social security

92,868

84,053

Other creditors

160,106

438,023

638,650

722,751

In June 2020, the company obtained a Coronavirus Business Interruption Loan of £100,000 repayable in instalments over 5 years. Interest is charged at 2.99% and the loan is secured by government backed guarantee. At the balance sheet date, the balance of the loan was £30,000 (2023: £50,000).

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

10,000

30,000

10.	LEASING AGREEMENTS

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

2024

2023

£

£

Within one year

65,000

125,000

Between one and five years

59,583

124,583

124,583

249,583

11.	SECURED DEBTS

Invoice financing creditor £Nil (2023: 215,453) included in creditors due in less than one year is secured on the assets of the company. RBS Invoice Finance Limited holds a floating charge over the assets of the company in respect of invoice financing liabilities.

12.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

-

13,487

Deferred

tax

£

Balance at 1 January 2024

13,487

Credit to Statement of Income and Retained Earnings during year

(13,487

)

Balance at 31 December 2024

-

13.	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 independent administered fund. At the balance sheet date, accrued contributions amounted to £1,722 (2023: £1,921).

14.	RELATED PARTY DISCLOSURES

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 wholly owned subsidiaries within the group.

The controlling party is BAMUK Group Limited.