Registration number: 11023736 (England & Wales)

Furndeco Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Profit and Loss Account	8
Balance Sheet	9
Statement of Changes in Equity	10
Notes to the Financial Statements	11 to 22

Furndeco Limited

Company Information

Directors

B Doouss P Small

Registered office

2 Marconi Drive Quedgeley Gloucester Gloucestershire GL2 2AH

Auditors

Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Furndeco Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is the retail of furniture.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £13,048,145 (2023 - £13,790,774) and an operating loss of £764,278 (2023 - profit of £2,580). At 31 December 2024 the company had net assets of £4,324,877 (2023 - £5,642,117).

During the year the directors adjusted the business strategy to delivery of a blend of bespoke products to key customers alongside a stocked range with short lead times. The implementation of this strategy has led to increased spend on development of the distribution function, staff members and team development. This investment into the operations led to the results achieved during 2024 but is considered to have set the infrastructure for management’s growth plans.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2024	2023
Turnover	£'000	13,048	13,791
Gross profit margin	%	44	42
Operating (loss)/profit	£'000	(764)	3
Net assets	£'000	4,325	5,642

Principal risks and uncertainties

The directors have considered the key risks facing the business and concluded as follows:

Liquidity risk
The directors monitor cash flows to ensure the company is able to meet its operational requirements. The financial statements have been prepared on a going concern basis and the directors are confident that the company will meet its financial obligations over the next 12 months and beyond. It is expected that the company will continue in business for the foreseeable future and continued growth is anticipated.

Credit risk
The company offers certain of its customers credit. Before credit terms are agreed, an assessment of the customer's credit rating is undertaken to ensure the company is not exposed to major credit risk. Credit limits are set accordingly. Customers who are not given credit are required to pay deposits or pay in full prior to shipment.

Price and foreign exchange risk
A number of the company's purchases are transacted in non-sterling currencies. As a result exchange rate fluctuations impact on the results and cash flows of the company. Fluctuations in exchange rates are carefully monitored by the directors and the directors prepare hedging policies accordingly.

Inventory price risk
Ensuring that sufficient levels of inventory are available to satisfy sales orders as they are received is also considered to be a principal risk facing the company. The company has a network of reliable suppliers to ensure this risk is minimised.

Approved by the Board on 26 September 2025 and signed on its behalf by:

B Doouss
Director

Furndeco Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

B Doouss

P Small

Financial instruments
The company's financial instruments comprise borrowings, cash and liquid resources, and various other items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the company.

The company is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages these through credit control procedures.

Future developments

Following investment in the people, processes and facilities of the business during 2024, the company has had success in winning business with new ‘household’ name customers with national presence. The existing and new portfolio of customers have set the business up well to achieve its growth targets.

Management continues to focus on investing in people and a targeted product range to achieve its sales growth strategy.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will be able to continue to operate for the foreseeable future.

The directors have assessed the company’s forecasts and projections, including the confirmed financial support from its ultimate parent company in respect of loan balances disclosed in note 16 to these financial statements. Based on this assessment, the directors have a reasonable expectation that the company has sufficient resources to continue in operational existence for at least twelve months from the date of approval of the financial statements.

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Hazlewoods LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 26 September 2025 and signed on its behalf by:

B Doouss
Director

Furndeco Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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.

Furndeco Limited

Independent Auditor's Report to the Members of Furndeco Limited

Opinion

We have audited the financial statements of Furndeco Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Furndeco Limited

Independent Auditor's Report to the Members of Furndeco Limited

•	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 and 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

•	reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

•	performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

•	enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

•	reading minutes of meetings of those charged with governance.

Furndeco Limited

Independent Auditor's Report to the Members of Furndeco Limited

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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 by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of this 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 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.

Scott Lawrence (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

26 September 2025

Furndeco Limited

Profit and Loss Account for the Year Ended 31 December 2024

	Note	2024 £	2023 £
Turnover	3	13,048,145	13,790,774
Cost of sales		(7,302,469)	(8,018,965)
Gross profit		5,745,676	5,771,809
Distribution costs		(562,231)	(443,017)
Administrative expenses		(5,947,723)	(5,364,795)
Other operating income		-	38,583
Operating (loss)/profit	4	(764,278)	2,580
Other interest receivable and similar income	5	11,601	17,439
Interest payable and similar expenses	6	(92,176)	(1)
(Loss)/profit before tax		(844,853)	20,018
Taxation	10	199,212	84,748
(Loss)/profit for the financial year		(645,641)	104,766

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Furndeco Limited

(Registration number: 11023736)
Balance Sheet as at 31 December 2024

	Note	2024  £	2023  £
Fixed assets
Intangible assets	11	155,122	186,872
Tangible assets	12	1,096,704	1,024,843
		1,251,826	1,211,715
Current assets
Stocks	13	4,105,620	3,898,029
Debtors	14	1,969,396	1,458,465
Cash at bank and in hand		223,052	352,784
		6,298,068	5,709,278
Creditors: Amounts falling due within one year	15	(1,460,169)	(1,065,588)
Net current assets		4,837,899	4,643,690
Total assets less current liabilities		6,089,725	5,855,405
Creditors: Amounts falling due after more than one year	15	(1,714,016)	-
Provisions for liabilities	10	(50,832)	(213,288)
Net assets		4,324,877	5,642,117
Capital and reserves
Called up share capital	19, 20	2,110,010	2,230,010
Profit and loss account	20	2,214,867	3,412,107
Total equity		4,324,877	5,642,117

Approved and authorised by the Board on 26 September 2025 and signed on its behalf by:
 

B Doouss
Director

Furndeco Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

	Share capital £	Profit and loss account £	Total £
At 1 January 2024	2,230,010	3,412,107	5,642,117
Loss for the year	-	(645,641)	(645,641)
Dividends	-	(551,599)	(551,599)
Redemption of preference shares	(120,000)	-	(120,000)
At 31 December 2024	2,110,010	2,214,867	4,324,877