REGISTERED NUMBER: 02911488 (England and Wales)

RITE PRICE FURNITURE LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Cubitt

S J Cubitt

SECRETARY:

S J Cubitt

REGISTERED OFFICE:

Central Chambers

45-47 Albert Street

Rugby

Warwickshire

CV21 2SG

REGISTERED NUMBER:

02911488 (England and Wales)

ACCOUNTANTS:

Atkinson Finch & Co

Chartered Accountants

Central Chambers

45-47 Albert Street

Rugby

Warwickshire

CV21 2SG

FIXED ASSETS

Tangible assets

4

625,957

646,346

CURRENT ASSETS

Stocks

77,963

72,409

Debtors

5

9,942

9,705

Cash at bank

271,076

296,717

358,981

378,831

CREDITORS

Amounts falling due within one year

6

170,831

228,403

NET CURRENT ASSETS

188,150

150,428

TOTAL ASSETS LESS CURRENT LIABILITIES

814,107

796,774

PROVISIONS FOR LIABILITIES

3,080

4,094

NET ASSETS

811,027

792,680

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

811,025

792,678

SHAREHOLDERS' FUNDS

811,027

792,680

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th October 2025 and were signed on its behalf by:

C Cubitt - Director

1.	STATUTORY INFORMATION

Rite Price Furniture Ltd 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.

Significant judgements and estimates

There are no significant judgements that have a material effect on the accounts nor any accounting estimates that have a high risk of causing a material adjustment in a future accounting period.

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.

Freehold property

-

2% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

33% on cost

The freehold property is valued at cost. The cost of the part of the property used for rental purposes is not separately identifiable from the part used for trading purposes and therefore the whole property has been accounted for as Tangible fixed assets, under the provisions of section 16.4 of the Financial Reporting Standard 102.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Office

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2024

930,666

19,315

36,995

10,941

997,917

Additions

-

171

-

-

171

At 31st March 2025

930,666

19,486

36,995

10,941

998,088

DEPRECIATION

At 1st April 2024

300,695

18,872

21,388

10,616

351,571

Charge for year

16,333

153

3,902

172

20,560

At 31st March 2025

317,028

19,025

25,290

10,788

372,131

NET BOOK VALUE

At 31st March 2025

613,638

461

11,705

153

625,957

At 31st March 2024

629,971

443

15,607

325

646,346

Included in cost of land and buildings is freehold land of £ 114,040 (2024 - £ 114,040 ) which is not depreciated.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Prepayments

9,942

9,705

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Corporation tax payable

34,457

35,891

Social security and other taxes

6,835

8,234

Other creditors

3,506

3,488

Directors' current accounts

118,228

173,479

Accrued expenses

7,805

7,311

170,831

228,403