REGISTERED NUMBER: 03255374 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

ASPEX FURNITURE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

HAB MacHugh

SECRETARY:

Mrs J MacHugh

REGISTERED OFFICE:

77 High Street

Caterham

Surrey

CR3 5UF

REGISTERED NUMBER:

03255374 (England and Wales)

ACCOUNTANTS:

Owadally & King

Chartered Certified Accountants

73 Park Lane

Croydon

Surrey

CR0 1JG

FIXED ASSETS

Tangible assets

4

1,496,046

1,493,641

CURRENT ASSETS

Stocks

34,584

93,312

Debtors

5

389,790

101,193

Cash at bank and in hand

229,011

171,501

653,385

366,006

CREDITORS

Amounts falling due within one year

6

1,004,510

668,591

NET CURRENT LIABILITIES

(351,125

)

(302,585

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,144,921

1,191,056

CREDITORS

Amounts falling due after more than one year

7

401,464

468,052

NET ASSETS

743,457

723,004

CAPITAL AND RESERVES

Called up share capital

8

101,000

101,000

Non distributable reserves

9

282,300

282,300

Retained earnings

360,157

339,704

SHAREHOLDERS' FUNDS

743,457

723,004

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 his 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 director and authorised for issue on 29 September 2025 and were signed by:

HAB MacHugh - Director

1.	STATUTORY INFORMATION

Aspex 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 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

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation.

Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value

of each asset over its expected useful life, as follows:

Land and buildings Freehold Nil

Fixtures, fittings & equipment 15% reducing balance

Motor vehicles 25% reducing balance

No depreciation is provided in respect of freehold buildings as it is the company's policy to maintain these so as to extend their useful lives.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

Financial instruments

The company enters into basic financial instruments 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 and loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

1,406,867

408,762

1,815,629

Additions

-

24,487

24,487

At 31 December 2024

1,406,867

433,249

1,840,116

DEPRECIATION

At 1 January 2024

-

321,988

321,988

Charge for year

-

22,082

22,082

At 31 December 2024

-

344,070

344,070

NET BOOK VALUE

At 31 December 2024

1,406,867

89,179

1,496,046

At 31 December 2023

1,406,867

86,774

1,493,641

Cost or valuation at 31 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2011

600,000

-

600,000

Valuation in 2017

250,000

-

250,000

Valuation in 2018

200,000

-

200,000

Cost

356,867

433,249

790,116

1,406,867

433,249

1,840,116

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

786,935

786,935

Freehold Land and Buildings were valued on an open market basis on 31 December 2019 by a professional Chartered Surveyor .

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

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

24,884

DEPRECIATION

At 1 January 2024

22,393

Charge for year

623

At 31 December 2024

23,016

NET BOOK VALUE

At 31 December 2024

1,868

At 31 December 2023

2,491

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

374,790

87,147

Other debtors

-

14,046

374,790

101,193

Amounts falling due after more than one year:

Other debtors

15,000

-

Aggregate amounts

389,790

101,193

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

66,801

70,843

Hire purchase contracts

20,376

15,429

Trade creditors

522,134

133,805

Taxation and social security

92,634

31,603

Other creditors

302,565

416,911

1,004,510

668,591

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

390,161

448,444

Hire purchase contracts

11,303

19,608

401,464

468,052

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

204,316

272,408

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

101,000

Ordinary

£1

101,000

101,000

9.

RESERVES

Non

distributable

reserves

£

At 1 January 2024

and 31 December 2024

282,300

10.	ULTIMATE CONTROLLING PARTY

The controlling party is HAB MacHugh.