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Furniture World Limited
Annual Report and Financial Statements
Year Ended 30 April 2025

Registration number: 04811439

Furniture World Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 7
Profit and Loss Account | 8
Statement of Comprehensive Income | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 to 26

Furniture World Limited

Company Information

Directors | Mrs K Long Mr R J Long Mr R N Long Mrs M Long

Registered office | Unit 1 Cardrew Way Cardrew Industrial Estate Redruth Cornwall TR15 1SH

Auditors | PKF Francis Clark Statutory AuditorMelville Building East Unit 18, 23 Royal William Yard Plymouth Devon PL1 3GW

Furniture World Limited

Strategic Report for the Year Ended 30 April 2025

The directors present their strategic report for the year ended 30 April 2025.

Principal activity

The principal activity of the company is that of a furniture retailer.

Fair review of the business

2024/2025 was a challenging trading year. The sector anticipated a reduction in trade and, although turnover increased to £9,064,169 compared with the previous year (2024 - £8,469,588), rising fuel costs, higher wage bills and other inflationary pressures limited any corresponding growth in profitability. The loss after tax totalled £(18,365) (2024 - profit of £56,066).
The ongoing cost of living crisis in the UK continued to impact the sector, creating sustained uncertainty within the wider economy.
The October 2024 Budget introduced a further tranche of costs for businesses to absorb from April 2025. In response, the Director made a strategic decision to invest further in the company’s stores and to focus on sourcing products that deliver improved overall margins.

Principal risks and uncertainties

In the opinion of the Directors the principal risk for 2025 into 2026 is again the uncertainty in the UK economy however following strategic cost cutting alongside a continued long term investment into our stores and product sourcing we are seeing a very positive return on this investment.
We have recently acquired a new store in Liskeard, which has been very well received. The Directors are confident that this new store, together with the measures implemented over the past three years, has placed the Company in a strong position to mitigate the impact of the increased costs announced in the October 2024 Budget.

Approved and authorised by the Board on 16 January 2026 and signed on its behalf by:

......................................... Mr R N Long Director

Furniture World Limited

Directors' Report for the Year Ended 30 April 2025

The directors present their report and the financial statements for the year ended 30 April 2025.

Directors of the company

The directors who held office during the year were as follows:

Mrs K Long

Mr R J Long

Mr R N Long

Mrs M Long

Financial instruments
Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.

Financial risk management objectives and policies

Trading activities expose the company to a number of financial risks. These risks include cash flow risk and overall liquidity risk. The company seeks to manage and mitigate these risks by adopting a policy of daily monitoring of the bank balance. Management also remain hands-on, reviewing cash flows, pre-empting future cash movements and planning accordingly. The director maintains regular
contact with the company's bank and keeps them informed of business levels and results, in order to safeguard the bank's continuing support.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 16 January 2026 and signed on its behalf by:

......................................... Mr R N Long Director

Furniture World Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Furniture World Limited

Independent Auditor's Report to the Members of Furniture World Limited

Opinion

We have audited the financial statements of Furniture World Limited (the 'company') for the year ended 30 April 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its loss for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Furniture World Limited

Independent Auditor's Report to the Members of Furniture World Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Furniture World Limited

Independent Auditor's Report to the Members of Furniture World Limited

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to acts by the company which were contrary to applicable laws and regulations, including fraud.
We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting.
Audit procedures performed by the engagement team include, but were not limited to, discussion and inquiries with management of compliance with laws and regulations. We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Nicola Cornish BSc BFP FCA CTA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor
Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

20 January 2026

Furniture World Limited

Profit and Loss Account

Year Ended 30 April 2025

| Note | 2025 £ | 2024 £
Turnover |  | 9,064,169 | 8,469,588
Cost of sales |  | (5,296,317) | (4,935,393)
Gross profit |  | 3,767,852 | 3,534,195
Administrative expenses |  | (3,749,278) | (3,413,525)
Other operating income |  | 6,155 | 43,164
Operating profit | 3 | 24,729 | 163,834
Other interest receivable and similar income | 7 | 2,715 | 2,929
Interest payable and similar expenses | 8 | (35,659) | (78,855)
|  | (32,944) | (75,926)
(Loss)/profit before tax |  | (8,215) | 87,908
Tax on (loss)/profit | 9 | (10,150) | (31,842)
(Loss)/profit for the financial year |  | (18,365) | 56,066

The above results were derived from continuing operations.

Furniture World Limited

Statement of Comprehensive Income

Year Ended 30 April 2025

| 2025 £ | 2024 £
(Loss)/profit for the year | (18,365) | 56,066
Surplus on property, plant and equipment revaluation | 795,353 | 7,856
Total comprehensive income for the year | 776,988 | 63,922

Furniture World Limited

Balance Sheet

30 April 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 10 | 192,749 | 289,126
Tangible assets | 11 | 3,945,911 | 2,885,466
|  | 4,138,660 | 3,174,592
Current assets |  |  |
Stocks | 12 | 1,227,240 | 1,107,782
Debtors | 13 | 1,507,416 | 1,242,008
Cash at bank and in hand |  | 5,233 | 315,775
|  | 2,739,889 | 2,665,565
Creditors: Amounts falling due within one year | 14 | (2,620,179) | (2,175,899)
Net current assets |  | 119,710 | 489,666
Total assets less current liabilities |  | 4,258,370 | 3,664,258
Creditors: Amounts falling due after more than one year | 14 | (1,033,121) | (1,149,210)
Provisions for liabilities | 17 | (491,428) | (237,215)
Net assets |  | 2,733,821 | 2,277,833
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Fair value reserve |  | 1,623,149 | 835,456
Profit and loss account |  | 1,110,572 | 1,442,277
Shareholders' funds |  | 2,733,821 | 2,277,833

Approved and authorised by the Board on 16 January 2026 and signed on its behalf by:

......................................... Mr R N Long Director

Company Registration Number: 04811439

Furniture World Limited

Statement of Changes in Equity

Year Ended 30 April 2025

| Share capital £ | Fair value reserve £ | Profit and loss account £ | Total £
At 1 May 2024 | 100 | 835,456 | 1,442,277 | 2,277,833
Loss for the year | - | - | (18,365) | (18,365)
Other comprehensive income | - | 795,353 | - | 795,353
Total comprehensive income | - | 795,353 | (18,365) | 776,988
Dividends | - | - | (321,000) | (321,000)
Transfers | - | (7,660) | 7,660 | -
At 30 April 2025 | 100 | 1,623,149 | 1,110,572 | 2,733,821

| Share capital £ | Fair value reserve £ | Profit and loss account £ | Total £
At 1 May 2023 | 100 | 835,260 | 1,677,166 | 2,512,526
Profit for the year | - | - | 56,066 | 56,066
Other comprehensive income | - | 7,856 | - | 7,856
Total comprehensive income | - | 7,856 | 56,066 | 63,922
Dividends | - | - | (298,615) | (298,615)
Transfers | - | (7,660) | 7,660 | -
At 30 April 2024 | 100 | 835,456 | 1,442,277 | 2,277,833

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 Cardrew Way
Cardrew Industrial Estate
Redruth
Cornwall
TR15 1SH

These financial statements were authorised for issue by the Board on 16 January 2026.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

The 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.

Summary of disclosure exemptions

The company has taken advantage of the exemption, under FRS102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its ultimate parent company, Neon (Holdings) Limited, included the company's cash flows in its own consolidated financial statements. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and other members of the Neon (Holdings) Limited group.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.
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

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.

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

The current corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets, except freehold land and buildings 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.
Freehold land and buildings are stated in the balance sheet at valuation. An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

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
Freehold Property | 2% straight line
Leasehold Property | 10% straight line
Fixtures and Fittings | 10% reducing balance
Computer Equipment | 25% reducing balance
Motor Vehicles | 25% reducing balance
Office Equipment | 25% reducing balance

Goodwill

Goodwill was capitalised upon incorporation in 2007 and is being amortised over its useful life, which has been estimated to be 20 years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 5% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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 stocks 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.

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

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.

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

3 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 121,326 | 101,466
Amortisation expense | 96,377 | 96,377
Operating lease expense - property | 220,856 | 223,281
Loss on disposal of property, plant and equipment | 2,340 | 1,289

4 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 1,680,214 | 1,614,115
Social security costs | 159,701 | 148,242
Pension costs, defined contribution scheme | 41,842 | 33,508
| 1,881,757 | 1,795,865

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 58 | 60
| 58 | 60

5 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 58,000 | 58,000
Contributions paid to money purchase schemes | 757 | 701
| 58,757 | 58,701

6 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 15,070 | 11,520

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

7 | Other interest receivable and similar income

| 2025 £ | 2024 £
Other finance income | 2,715 | 2,929

8 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 27,076 | 75,673
Interest on obligations under finance leases and hire purchase contracts | 8,583 | 3,182
| 35,659 | 78,855

9 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 10,580 | 34,165
UK corporation tax adjustment to prior periods | - | (1,866)
| 10,580 | 32,299
Deferred taxation |  |
Arising from origination and reversal of timing differences | (430) | (457)
Tax expense in the income statement | 10,150 | 31,842

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 23.7% (2024 - 25%).
The differences are reconciled below:

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

| 2025 £ | 2024 £
(Loss)/profit before tax | (8,215) | 87,908
Corporation tax at standard rate | (2,054) | 21,977
Decrease from effect of different UK tax rates on some earnings | (581) | -
Effect of expense not deductible in determining taxable profit/(loss) | 13,215 | 11,731
Deferred tax credit from unrecognised temporary difference from a prior period | (430) | (1,866)
Total tax charge | 10,150 | 31,842

The corporation tax rate for the year is 19% (2024 - 19%) due to the company's profits falling within the small profits rate.

Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Origination and reversal of timing differences | 44,924
Deferred tax on revalued property | 446,504
| 491,428

2024 | Liability £
Origination and reversal of timing differences | 45,354
Deferred tax on revalued property | 191,861
| 237,215

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

10 | Intangible assets

| Goodwill £
Cost or valuation
At 1 May 2024 | 1,927,535
At 30 April 2025 | 1,927,535
Amortisation
At 1 May 2024 | 1,638,409
Amortisation charge | 96,377
At 30 April 2025 | 1,734,786
Carrying amount
At 30 April 2025 | 192,749
At 30 April 2024 | 289,126

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

11 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 May 2024 | 3,159,873 | 357,694 | 224,629 | 3,742,196
Revaluations | 1,049,996 | - | - | 1,049,996
Additions | - | 62 | 153,845 | 153,907
Disposals | - | - | (99,684) | (99,684)
At 30 April 2025 | 4,209,869 | 357,756 | 278,790 | 4,846,415
Depreciation
At 1 May 2024 | 492,902 | 216,022 | 147,806 | 856,730
Charge for the year | 53,563 | 15,626 | 52,137 | 121,326
Eliminated on disposal | - | - | (77,552) | (77,552)
At 30 April 2025 | 546,465 | 231,648 | 122,391 | 900,504
Carrying amount
At 30 April 2025 | 3,663,404 | 126,108 | 156,399 | 3,945,911
At 30 April 2024 | 2,666,971 | 141,672 | 76,823 | 2,885,466

Included within the net book value of land and buildings above is £3,650,000 (2024 - £2,631,429) in respect of freehold land and buildings and £13,404 (2024 - £35,542) in respect of short leasehold land and buildings.

Revaluation

The fair value of the company's freehold property was revalued on 26 March 2025 by an independent valuer, Knight Frank. The basis used for this valuation was market value. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,532,818 (2024 - £1,580,347).

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

| 2025 £ | 2024 £
Motor vehicles | 144,423 | 58,894

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

12 | Stocks

| 2025 £ | 2024 £
Other inventories | 1,227,240 | 1,107,782

13 | Debtors

| 2025 £ | 2024 £
Trade debtors | 220,779 | 198,935
Amounts owed by group undertakings | 632,865 | 633,773
Other debtors | 409,898 | 239,101
Prepayments | 243,874 | 170,199
| 1,507,416 | 1,242,008

14 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 15 | 214,471 | 253,114
Trade creditors |  | 644,484 | 530,864
Amounts due to group undertakings |  | 479,999 | 481,297
Social security and other taxes |  | 303,412 | 203,695
Other creditors |  | 921,671 | 589,759
Accruals |  | 45,562 | 83,004
Corporation tax | 9 | 10,580 | 34,166
|  | 2,620,179 | 2,175,899
Due after one year |  |  |
Loans and borrowings | 15 | 1,033,121 | 1,149,210

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

15 | Loans and borrowings

| 2025 £ | 2024 £
Current loans and borrowings
Bank borrowings | 88,445 | 232,096
Bank overdrafts | 99,715 | -
Finance lease liabilities | 26,311 | 21,018
| 214,471 | 253,114

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 921,580 | 1,127,170
Finance lease liabilities | 111,541 | 22,040
| 1,033,121 | 1,149,210

Bank borrowings

The Barclays bank loan is denominated in £ with a nominal interest rate of 2.37%. The loan was repaid in the year in full. The carrying amount at year end is £1,010,025 (2024 - £1,142,600). The Barclays bank loan is secured by charges over the freehold properties owned by the company, a personal guarantee from the directors and a cross guarantee from Neon Property Limited.
The Barclays CBILS loan is denominated in £ with a nominal interest rate of 3.5%. The loan was repaid in the year in full. The carrying amount at year end is £Nil (2024 - £216,666). The Barclays CBILS loan is secured by charges over the freehold properties owned by the company and a cross guarantee from Neon Property Limited.

The Barclays current account overdraft is denominated in £. The carrying amount at year end is £99,715 (2024 - £Nil).

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

The bank borrowings are due as below -

| Amount due
| £
Within 1 year | 88,445
Within 1 - 5 years | 921,580
| 1,010,025

16 | Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 26,311 | 21,018
Later than one year and not later than five years | 111,541 | 22,040
| 137,852 | 43,058

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 154,822 | 208,922
Later than one year and not later than five years | 77,704 | 219,001
| 232,526 | 427,923

The amount of non-cancellable operating lease payments recognised as an expense during the year was £229,727 (2024 - £223,281).

17 | Deferred tax and other provisions

| Deferred tax £ | Total £
At 1 May 2024 | 237,215 | 237,215
Increase (decrease) in existing provisions | (430) | (430)
Increase (decrease) from transfers and other changes | 254,643 | 254,643
At 30 April 2025 | 491,428 | 491,428

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

18 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £41,842 (2024 - £33,508).

19 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

20 | Contingent liabilities

The company is party to a cross guarantee with related parties in favour of Barclays Bank UK PLC.
Aggregated loan balances across the group comprise:
The Barclays loans are denominated in £ with nominal interest rates ranging from 2% - 7.25%. The final instalments are due on 7 June 2026 and 30 April 2030. The carrying amount at year end is £1,352,305 (2024 - £1,749,432).
The Barclays current account overdraft is denominated in £. The carrying amount at year end is £99,715 (2024 - £Nil).
Total bank borrowing of the group at the balance sheet date amounted to £1,629,725 (2024 - £1,951,464).
The bank loans are secured by charges over the freehold properties owned by the group, directors guarantees and cross guarantees between group companies.
The finance lease liabilities are secured on the assets to which they relate.

21 | Related party transactions

The company has taken advantage of the exemption provided by FRS102 to not disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

Transactions with directors

2025 | At 1 May 2024 £ | Advances to director £ | Repayments by director £ | Other payments made to company by director £ | At 30 April 2025 £
Mr R N Long
Director's loan account | (216,763) | (234,812) | 220,000 | (2,715) | (234,290)
Mr R J Long
Director's loan account | 2,628 | (94,200) | 100,093 | - | 8,521

2024 | At 1 May 2023 £ | Advances to director £ | Repayments by director £ | Other payments made to company by director £ | At 30 April 2024 £
Mr R N Long
Director's loan account | (169,484) | (272,897) | 228,562 | (2,944) | (216,763)
Mr R J Long
Director's loan account | (1,233) | (96,100) | 99,927 | 34 | 2,628

22 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of £2,406.76 (2024 - £2,986.15) per each Ordinary share |  | 321,000 |  | 298,615

Furniture World Limited

Notes to the Financial Statements

Year Ended 30 April 2025

23 | Parent and ultimate parent undertaking

The company's immediate parent is Neon (Holdings) Limited, incorporated in England and Wales.
The ultimate parent is Neon (Holdings) Limited, incorporated in England and Wales.
The ultimate controlling party are the shareholders of Neon (Holdings) Limited.