Company registration number 11737603 (England and Wales)
IDEAL FURNITURE IMPORTERS LIMITED (FORMERLY DMS FURNITURE LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
IDEAL FURNITURE IMPORTERS LIMITED (FORMERLY DMS FURNITURE LTD)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
IDEAL FURNITURE IMPORTERS LIMITED (FORMERLY DMS FURNITURE LTD)
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
299,511
299,511
Current assets
Debtors
5
219,912
224,299
Cash at bank and in hand
-
0
1,462
219,912
225,761
Creditors: amounts falling due within one year
6
(435,661)
(332,350)
Net current liabilities
(215,749)
(106,589)
Net assets
83,762
192,922
Capital and reserves
Called up share capital
7
9,890
9,890
Profit and loss reserves
73,872
183,032
Total equity
83,762
192,922

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 November 2025 and are signed on its behalf by:
Mr D Spicer
Mr M Spicer
Director
Director
Company registration number 11737603 (England and Wales)
IDEAL FURNITURE IMPORTERS LIMITED (FORMERLY DMS FURNITURE LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Ideal Furniture Importers Limited (Formerly DMS Furniture Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is Swiss House, Beckingham Street, Tolleshunt Major, Maldon, Essex, CM9 8LZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

IDEAL FURNITURE IMPORTERS LIMITED (FORMERLY DMS FURNITURE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

IDEAL FURNITURE IMPORTERS LIMITED (FORMERLY DMS FURNITURE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
0
5
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
299,511
299,511
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
4,389
Other debtors
219,912
219,910
219,912
224,299
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
257,574
83,382
Taxation and social security
34,769
34,173
Other creditors
143,318
214,795
435,661
332,350
IDEAL FURNITURE IMPORTERS LIMITED (FORMERLY DMS FURNITURE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
9,890
9,890
9,890
9,890
8
Directors' transactions

At the year end, the balance due to the directors was £Nil (2023: £71,282).

2024-12-31 2024-01-01 false false false 03 November 2025 CCH Software CCH Accounts Production 2025.300 No description of principal activity Mr D Spicer Mr M Spicer 11737603 2024-01-01 2024-12-31 11737603 2024-12-31 11737603 2023-12-31 11737603 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 11737603 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11737603 core:CurrentFinancialInstruments 2024-12-31 11737603 core:CurrentFinancialInstruments 2023-12-31 11737603 core:ShareCapital 2024-12-31 11737603 core:ShareCapital 2023-12-31 11737603 core:RetainedEarningsAccumulatedLosses 2024-12-31 11737603 core:RetainedEarningsAccumulatedLosses 2023-12-31 11737603 core:ShareCapitalOrdinaryShareClass1 2024-12-31 11737603 core:ShareCapitalOrdinaryShareClass1 2023-12-31 11737603 bus:Director1 2024-01-01 2024-12-31 11737603 bus:Director2 2024-01-01 2024-12-31 11737603 2023-01-01 2023-12-31 11737603 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 11737603 bus:OrdinaryShareClass1 2024-12-31 11737603 bus:OrdinaryShareClass1 2023-12-31 11737603 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11737603 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 11737603 bus:FRS102 2024-01-01 2024-12-31 11737603 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 11737603 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP