Company No: 08467101 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	13,869		18,894
Tangible assets	4	125,104		145,317
		138,973		164,211
Current assets
Stocks		451,850		433,539
Debtors	5	243,021		336,482
Cash at bank and in hand		559,116		737,410
		1,253,987		1,507,431
Creditors: amounts falling due within one year	6	( 338,706)		( 416,760)
Net current assets		915,281		1,090,671
Total assets less current liabilities		1,054,254		1,254,882
Creditors: amounts falling due after more than one year	7	0		( 3,931)
Provision for liabilities		( 10,660)		( 24,558)
Net assets		1,043,594		1,226,393
Capital and reserves
Called-up share capital		1		1
Profit and loss account		1,043,593		1,226,392
Total shareholders' funds		1,043,594		1,226,393

For the financial year ending 31 March 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 financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Tom Raffield Ltd (registered number: 08467101) were approved and authorised for issue by the Director on 12 December 2025. They were signed on its behalf by:

Thomas William Raffield Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tom Raffield Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is F3 Church View Business Park, Bickland Water Road, Falmouth, TR11 4FZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the design and creation of bespoke lighting and furniture, 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software	4 years straight line
Trademarks, patents and licences	4 years straight line
Other intangible assets	4 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the director is satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 years straight line
	depreciated over the life of the lease
Plant and machinery	3 years straight line
Fixtures and fittings	3 years straight line
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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 payments 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. Amounts 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	31		30

3. Intangible assets

	Computer software		Trademarks, patents and licences		Other intangible assets		Total
	£		£		£		£
Cost
At 01 April 2024	3,556		0		59,691		63,247
Additions	0		3,176		0		3,176
Transfer	( 3,556)		3,556		0		0
At 31 March 2025	0		6,732		59,691		66,423
Accumulated amortisation
At 01 April 2024	1,543		0		42,810		44,353
Charge for the financial year	0		1,461		6,740		8,201
Transfers	( 1,543)		1,543		0		0
At 31 March 2025	0		3,004		49,550		52,554
Net book value
At 31 March 2025	0		3,728		10,141		13,869
At 31 March 2024	2,013		0		16,881		18,894

4. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	145,865		96,700		58,358		55,773		356,696
Additions	0		1,450		29,007		6,232		36,689
At 31 March 2025	145,865		98,150		87,365		62,005		393,385
Accumulated depreciation
At 01 April 2024	57,748		85,363		27,686		40,582		211,379
Charge for the financial year	14,252		8,529		26,267		7,854		56,902
At 31 March 2025	72,000		93,892		53,953		48,436		268,281
Net book value
At 31 March 2025	73,865		4,258		33,412		13,569		125,104
At 31 March 2024	88,117		11,337		30,672		15,191		145,317

5. Debtors

	2025		2024
	£		£
Trade debtors	127,155		253,574
Amounts owed by director	7,223		10,233
Prepayments	58,110		47,621
Corporation tax	31,638		0
Other debtors	18,895		25,054
	243,021		336,482

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	100,677		82,429
Accruals and deferred income	72,971		40,889
Taxation and social security	151,914		273,367
Other creditors	13,144		20,075
	338,706		416,760

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other creditors	0		3,931

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	95,520		66,900
between one and five years	274,665		200,700
after five years	0		89,625
Total future minimum lease payments under non-cancellable operating leases	370,185		357,225

9. Related party transactions

Transactions with owners holding a participating interest in the entity

	2025		2024
	£		£
Amounts owned to the company by a shareholder (debtor)	4,461		0

Transactions with the entity's director

Advances

During the year a Director maintained a Director's Loan Account with the company. Advances of £139.643 (2024: £Nil) and repayments of £145,233 (2024: £2,935) were made on this loan. Interest is charged on the loan, when overdrawn, at the HMRC effective rate of interest, if exceeding a balance of £10,000. Interest charged totalled £2,580. At the balance sheet date, the Director owed the company £7,223 (2024: £10,233). The loan is repayable on demand.