REGISTERED NUMBER: 09901547 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

VIRGINIAS FURNITURE HIRE LTD

PREVIOUSLY KNOWN AS

VIRGINIAS VINTAGE HIRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G B Banks

Mrs V L Banks

REGISTERED OFFICE:

Ground Floor

Keble House

Southernhay Gardens

Exeter

Devon

EX1 1NT

REGISTERED NUMBER:

09901547 (England and Wales)

ACCOUNTANTS:

Gravita Western Limited

Keble House

Southernhay Gardens

Exeter

Devon

EX1 1NT

FIXED ASSETS

Intangible assets

5

4,677

-

Tangible assets

6

655,692

584,017

660,369

584,017

CURRENT ASSETS

Debtors

7

64,225

53,329

Cash at bank

79,733

5,791

143,958

59,120

CREDITORS

Amounts falling due within one year

8

(121,159

)

(82,440

)

NET CURRENT ASSETS/(LIABILITIES)

22,799

(23,320

)

TOTAL ASSETS LESS CURRENT LIABILITIES

683,168

560,697

CREDITORS

Amounts falling due after more than one year

9

(153,554

)

(130,314

)

PROVISIONS FOR LIABILITIES

(158,566

)

(139,246

)

NET ASSETS

371,048

291,137

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

79,334

79,930

Retained earnings

291,712

211,205

371,048

291,137

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 Comprehensive Income has not been delivered.

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

Mr G B Banks - Director

1.	COMPANY INFORMATION

Virginias Furniture Hire 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Changes in accounting estimate

During the year it was decided that the hire furnishing fixed assets should be depreciated to reflect wear and tear. The brought forward revaluation reserve was reclassified as a fair value reserve as part of the transition.

Turnover

Turnover represents amounts chargeable in respect of the sale of hire services to customers.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

Intangible assets

The company website was still under development, due to complete after the year end, as such the asset has not been amortised during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on reducing balance and 2% on reducing balance

Office and warehouse furniture and equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2024 - 11 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2024

20,000

-

20,000

Additions

-

4,677

4,677

At 31 March 2025

20,000

4,677

24,677

AMORTISATION

At 1 April 2024

and 31 March 2025

20,000

-

20,000

NET BOOK VALUE

At 31 March 2025

-

4,677

4,677

At 31 March 2024

-

-

-

6.	TANGIBLE FIXED ASSETS

Office

and

warehouse

furniture

Plant and

and

Motor

Computer

machinery

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2024

444,623

6,641

199,170

17,874

668,308

Additions

57,412

-

75,448

1,957

134,817

Disposals

(988

)

-

-

-

(988

)

At 31 March 2025

501,047

6,641

274,618

19,831

802,137

DEPRECIATION

At 1 April 2024

-

1,230

70,238

12,823

84,291

Charge for year

26,149

1,082

33,805

1,118

62,154

At 31 March 2025

26,149

2,312

104,043

13,941

146,445

NET BOOK VALUE

At 31 March 2025

474,898

4,329

170,575

5,890

655,692

At 31 March 2024

444,623

5,411

128,932

5,051

584,017

Cost or valuation at 31 March 2025 is represented by:

Office

and

warehouse

furniture

Plant and

and

Motor

Computer

machinery

equipment

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2022

150,372

-

-

-

150,372

Valuation in 2023

(36,282

)

-

-

-

(36,282

)

Valuation in 2024

(8,143

)

-

-

-

(8,143

)

Cost

395,100

6,641

274,618

19,831

696,190

501,047

6,641

274,618

19,831

802,137

The directors have assessed the valuation of the plant and machinery hire assets and revaluations have been provided for.

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

Motor

vehicles

£

COST OR VALUATION

At 1 April 2024

126,080

Additions

75,448

At 31 March 2025

201,528

DEPRECIATION

At 1 April 2024

17,234

Charge for year

28,783

At 31 March 2025

46,017

NET BOOK VALUE

At 31 March 2025

155,511

At 31 March 2024

108,846

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

32,875

14,353

Amounts owed by group undertakings

3,417

650

Other debtors

27,933

38,326

64,225

53,329

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

6,389

6,239

Hire purchase contracts (see note 10)

51,473

23,901

Trade creditors

10,975

8,506

Taxation and social security

38,759

10,019

Other creditors

13,563

33,775

121,159

82,440

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

24,173

30,237

Hire purchase contracts (see note 10)

129,381

100,077

153,554

130,314

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

4,687

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

51,473

23,901

Between one and five years

129,381

100,077

180,854

123,978

Non-cancellable

operating leases

2025

2024

£

£

Within one year

60,960

60,960

Between one and five years

76,200

137,160

137,160

198,120

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

180,854

123,978

Hire purchase liabilities are secured over the asset to which the liability relates.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

Mr G B Banks

Balance outstanding at start of year

21,603

5,778

Amounts advanced

58,577

-

Amounts repaid

(68,541

)

(15,825

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

11,639

21,603

Mrs V L Banks

Balance outstanding at start of year

94

807

Amounts advanced

67,680

-

Amounts repaid

(56,146

)

(712

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

11,628

94

The loans are interest free and repayable on demand.

13.	RELATED PARTY DISCLOSURES

A company in which G B Banks and Mrs V L Banks are both directors. Included in other debtors, is a loan and at the balance sheet date the amount owed to the company was £3,417 (2024: £600). The loan is interest free and repayable on demand.

Included in other creditors is a loan in favour of a close family member. At the balance sheet date, the outstanding loan balance amounted to £nil (2024: £30,000). The loan is interest free and repayable on demand.