The_Fireplace_Superstore_Times_Past_Ltd_31_Mar_2025_companies_house_set_of

		31 Mar 2025	29 Feb 2024
Fixed assets
Intangible assets	5	4,335		6,252
Tangible assets	6	226,669		197,651
		231,004		203,903
Current assets
Stocks		-		25,267
Debtors	7	131,225		96,504
Cash at bank and in hand		58,245		163,616
		189,470		285,387
Creditors: amounts falling due within one year	8	(208,427	)	(213,769	)
Net current (liabilities)/assets		(18,957	)	71,618
Total assets less current liabilities		212,047		275,521
Creditors: amounts falling due after more than one year	9	(233,284	)	(163,288	)
Provisions for liabilities		-		(25,518	)
Net (liabilities)/assets		(21,237	)	86,715
Capital and reserves
Called up share capital		200		200
Profit and loss account		(21,437	)	86,515
Shareholders (deficit)/funds		(21,237	)	86,715

The Fireplace Superstore Times Past Limited

Notes to the Financial Statements

Period ended

31 March 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

The Fireplace Superstore Times Past Furness Drive

Poulton Industrial Estate

Poulton-Le-Fylde

Lancashire

FY6 8JS

, .

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The

financial statements

have been prepared on the historical cost basis, as modified by the revaluation of certain assets.

The

financial statements

are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

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

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.

Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Development costs

33% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the period was

(2024:

5 Intangible assets

	Goodwill	Other intangible assets	Total
	£	£	£
Cost
At 1 March 2024 and 31 March 2025	15,000	13,328	28,328
Amortisation
At 1 March 2024	15,000	7,076	22,076
Charge	-	1,917	1,917
At 31 March 2025	15,000	8,993	23,993
Carrying amount
At 31 March 2025	-	4,335	4,335
At 29 February 2024	-	6,252	6,252

6 Tangible assets

	Land and buildings	Plant and machinery etc.	Total
	£	£	£
Cost
At 1 March 2024	87,653	264,519	352,172
Additions	-	75,048	75,048
At 31 March 2025	87,653	339,567	427,220
Depreciation
At 1 March 2024	-	154,521	154,521
Charge	-	46,030	46,030
At 31 March 2025	-	200,551	200,551
Carrying amount
At 31 March 2025	87,653	139,016	226,669
At 29 February 2024	87,653	109,998	197,651

7 Debtors

	31 Mar 2025	29 Feb 2024
	£	£
Trade debtors	34,802	26,210
Other debtors	96,423	70,294
	131,225	96,504

8 Creditors: amounts falling due within one year

	31 Mar 2025	29 Feb 2024
	£	£
Bank loans and overdrafts	3,836	10,000
Trade creditors	170,421	175,350
Taxation and social security	22,042	16,291
Other creditors	12,128	12,128
	208,427	213,769

9 Creditors: amounts falling due after more than one year

	31 Mar 2025	29 Feb 2024
	£	£
Bank loans and overdrafts	15,138	12,472
Other creditors	218,146	150,816
	233,284	163,288

		31 Mar 2025		29 Feb 2024
	Note	£		£
Fixed assets
Intangible assets	5	4,335		6,252
Tangible assets	6	226,669		197,651
		231,004		203,903
Current assets
Stocks		-		25,267
Debtors	7	131,225		96,504
Cash at bank and in hand		58,245		163,616
		189,470		285,387
Creditors: amounts falling due within one year	8	(208,427	)	(213,769	)
Net current (liabilities)/assets		(18,957	)	71,618
Total assets less current liabilities		212,047		275,521
Creditors: amounts falling due after more than one year	9	(233,284	)	(163,288	)
Provisions for liabilities		-		(25,518	)
Net (liabilities)/assets		(21,237	)	86,715
Capital and reserves
Called up share capital		200		200
Profit and loss account		(21,437	)	86,515
Shareholders (deficit)/funds		(21,237	)	86,715