Registration number: NI038994

Ashgrove Contract Furniture Limited

(Registration number: NI038994)
Balance Sheet as at 28 February 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	208,268	322,507
Current assets
Stocks	5	1,026,441	798,679
Debtors	6	1,043,504	887,273
Cash at bank and in hand		323,959	177,410
		2,393,904	1,863,362
Creditors: Amounts falling due within one year	7	(449,608)	(338,777)
Net current assets		1,944,296	1,524,585
Total assets less current liabilities		2,152,564	1,847,092
Creditors: Amounts falling due after more than one year	9	(30,374)	(54,390)
Provisions for liabilities		(40,327)	(66,752)
Net assets		2,081,863	1,725,950
Capital and reserves
Called up share capital	8	2	2
Retained earnings		2,081,861	1,725,948
Shareholders' funds		2,081,863	1,725,950

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 June 2025
 

Ashgrove Contract Furniture Limited

(Registration number: NI038994)
Balance Sheet as at 28 February 2025

......................................... Mr Liam Dempsey Director

Ashgrove Contract Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 48 Doury Road, Ballymena, BT43 6JB.

These financial statements were authorised for issue by the director on 24 June 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Ashgrove Contract Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	15% reducing balance
Plant and equipment	20% reducing balance
Motor vehicles	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ashgrove Contract Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 37 (2024 - 37).

Ashgrove Contract Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4	Tangible assets

	Office equipment  £	Motor vehicles  £	Plant and equipment £	Total £
Cost or valuation
At 1 March 2024	38,370	457,711	647,493	1,143,574
Additions	3,840	53,490	1,170	58,500
Disposals	-	(206,949)	(156,795)	(363,744)
At 28 February 2025	42,210	304,252	491,868	838,330
Depreciation
At 1 March 2024	30,804	280,692	509,571	821,067
Charge for the year	1,711	56,659	10,872	69,242
Eliminated on disposal	-	(162,549)	(97,698)	(260,247)
At 28 February 2025	32,515	174,802	422,745	630,062
Carrying amount
At 28 February 2025	9,695	129,450	69,123	208,268
At 29 February 2024	7,566	177,019	137,922	322,507

5

Stocks

	2025 £	2024 £
Stock and work in progress	1,026,441	798,679

6

Debtors

	Note	2025 £	2024 £
Trade debtors		654,933	645,545
Amounts owed by related parties	10	236,070	161,070
Prepayments		79,518	14,362
Other debtors		72,983	66,296
		1,043,504	887,273

Ashgrove Contract Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7	Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Loans and borrowings	9	26,041	49,016
Trade creditors		227,952	208,073
Taxation and social security		167,547	67,266
Accruals and deferred income		13,800	7,550
Other creditors		14,268	6,872
		449,608	338,777

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	2	2	2	2

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	2,546	12,480
Hire purchase contracts	27,828	41,910
	30,374	54,390

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	10,449	10,654
Hire pruchase contracts	15,592	38,362
	26,041	49,016

Ashgrove Contract Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

10	Related party transactions

	2025  £	2024  £
Director's current account	20,105	19,655
Lucatess Property Limited	236,070	161,070