Company registration number 05101350 (England and Wales)
GLOBAL FURNITURE ALLIANCE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
GLOBAL FURNITURE ALLIANCE LIMITED
COMPANY INFORMATION
DIRECTOR
J Painter
COMPANY NUMBER
05101350
REGISTERED OFFICE
1 Long Street
Tetbury
Gloucestershire
GL8 8AA
AUDITOR
Kilsby & Williams LLP
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
GLOBAL FURNITURE ALLIANCE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 9
Statement of income and retained earnings
10
Balance sheet
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
GLOBAL FURNITURE ALLIANCE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The director presents the strategic report for the year ended 30 April 2025.

PRINCIPAL ACTIVITIES

The principal activity of the company during the year was as a wholesale furniture supplier. The company is a UK based importer and sales agency of both leather and fabric upholstery, from UK & overseas furniture manufacturers.

REVIEW OF THE BUSINESS

Turnover decreased by 3.09% on the comparative period and profit after taxation decreased by 46.45%. The director acknowledges that the comparative period was an exceptionally strong trading period.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial risk management

The company’s trading activities are funded by retained profits. The company strictly monitors its working capital and profitability by way of monthly management meetings.

Competitive risk management

The company operates in a competitive environment, however, the director believes that the company, through its dedicated employees and advisors, and positive relationships with key customers and suppliers, is well placed to deal with any challenging market conditions.

Environmental risk assessment

The director recognises the company’s environmental responsibilities and legislation in this area.

Uncertainties and prospects

The main uncertainty facing the company is the prospect of any sizeable downturn in consumer spending, as well as any significant fluctuations in the strength of the pound against the US dollar. However, the director believes that the company is well placed to meet these challenges and any available opportunities that may arise.

KEY PERFORMANCE INDICATORS

The director uses KPIs to measure gross and net profit margins to review the company’s performance during the period:

2025
2024
Growth in turnover (%)
(3.09)%
24.78%
Gross profit (%)
21.77%
29.42%
Net profit margin
7.10%
12.86%

In light of prevailing market conditions, the director continues to review his buying and selling strategies to ensure that they are able to buy and sell at the most commercially beneficial rates.

GLOBAL FURNITURE ALLIANCE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -

On behalf of the board

J Painter
Director
25 February 2026
GLOBAL FURNITURE ALLIANCE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

The director presents his annual report and financial statements for the year ended 30 April 2025.

RESULTS AND DIVIDENDS

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £178,904. The director does not recommend payment of a further dividend.

DIRECTOR

The director who held office during the year and up to the date of signature of the financial statements was as follows:

J Painter
STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

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

The director is 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. He is 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.

STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

MEDIUM-SIZED COMPANIES EXEMPTION

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

GLOBAL FURNITURE ALLIANCE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -
On behalf of the board
J Painter
DIRECTOR
25 February 2026
GLOBAL FURNITURE ALLIANCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GLOBAL FURNITURE ALLIANCE LIMITED
- 5 -
Opinion

We have audited the financial statements of Global Furniture Alliance Limited (the 'company') for the year ended 30 April 2025 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 profit 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's 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 financial statements are authorised for issue.

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

GLOBAL FURNITURE ALLIANCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GLOBAL FURNITURE ALLIANCE LIMITED (CONTINUED)
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

GLOBAL FURNITURE ALLIANCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GLOBAL FURNITURE ALLIANCE LIMITED (CONTINUED)
- 7 -
Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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 concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
GLOBAL FURNITURE ALLIANCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GLOBAL FURNITURE ALLIANCE LIMITED (CONTINUED)
- 8 -
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
•
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

GLOBAL FURNITURE ALLIANCE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GLOBAL FURNITURE ALLIANCE LIMITED (CONTINUED)
- 9 -
Jonathan Harrhy
Senior Statutory Auditor
For and on behalf of
Kilsby & Williams LLP
Chartered accountants & statutory auditor
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
27 February 2026
GLOBAL FURNITURE ALLIANCE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2025
- 10 -
2025
2024
Notes
£
£
TURNOVER
3
18,927,125
19,531,102
Cost of sales
(14,807,281)
(13,785,781)
GROSS PROFIT
4,119,844
5,745,321
Distribution costs
(250,168)
(259,903)
Administrative expenses
(2,210,924)
(2,204,862)
Other operating income
7,888
-
0
OPERATING PROFIT
4
1,666,640
3,280,556
Interest receivable and similar income
7
140,524
77,959
Interest payable and similar expenses
8
(2,268)
(635)
PROFIT BEFORE TAXATION
1,804,896
3,357,880
Tax on profit
9
(460,142)
(846,802)
PROFIT FOR THE FINANCIAL YEAR
1,344,754
2,511,078
Retained earnings brought forward
7,682,453
5,602,353
Dividends
10
(178,904)
(430,978)
Retained earnings carried forward
8,848,303
7,682,453

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GLOBAL FURNITURE ALLIANCE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 11 -
2025
2024
Notes
£
£
FIXED ASSETS
Tangible assets
11
119,687
92,561
CURRENT ASSETS
Stocks
12
4,688,963
2,926,297
Debtors
13
4,037,885
3,127,785
Cash at bank and in hand
3,594,951
4,230,291
12,321,799
10,284,373
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
14
(3,214,210)
(2,319,261)
NET CURRENT ASSETS
9,107,589
7,965,112
TOTAL ASSETS LESS CURRENT LIABILITIES
9,227,276
8,057,673
PROVISIONS FOR LIABILITIES
Provisions
15
(375,000)
(375,000)
Deferred tax liability
16
(3,753)
-
0
NET ASSETS
8,848,523
7,682,673
CAPITAL AND RESERVES
Called up share capital
18
220
220
Profit and loss reserves
8,848,303
7,682,453
TOTAL EQUITY
8,848,523
7,682,673

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 25 February 2026
J Painter
Director
Company registration number 05101350 (England and Wales)
GLOBAL FURNITURE ALLIANCE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
2025
2024
Notes
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year after tax
1,344,754
2,511,078
Adjustments for:
Taxation charged
460,142
846,802
Finance costs
2,268
635
Investment income
(140,524)
(77,959)
Depreciation and impairment of tangible fixed assets
38,324
33,778
Increase in provisions
-
0
375,000
Movements in working capital:
Increase in stocks
(1,762,666)
(1,037,537)
Increase in debtors
(911,282)
(267,292)
Increase in creditors
1,147,275
376,089
Cash generated from operations
178,291
2,760,594
Interest paid
(2,268)
(635)
Income taxes paid
(707,533)
(717,567)
Net cash (outflow)/inflow from operating activities
(531,510)
2,042,392
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(65,450)
(41,500)
Repayment of loans
-
0
280,000
Interest received
140,524
77,959
Net cash generated from investing activities
75,074
316,459
FINANCING ACTIVITIES
Dividends paid
(178,904)
(430,978)
Net cash used in financing activities
(178,904)
(430,978)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(635,340)
1,927,873
Cash and cash equivalents at beginning of year
4,230,291
2,302,418
CASH AND CASH EQUIVALENTS AT END OF YEAR
3,594,951
4,230,291
GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
1
ACCOUNTING POLICIES
Company information

Global Furniture Alliance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Long Street, Tetbury, Gloucestershire, GL8 8AA.

1.1
Basis of preparation

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.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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 are recover able.

GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
ACCOUNTING POLICIES
(Continued)
- 14 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance
Short leasehold property
10% straight line

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
ACCOUNTING POLICIES
(Continued)
- 15 -
1.6
Stocks

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

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.7
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.

1.8
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
ACCOUNTING POLICIES
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
ACCOUNTING POLICIES
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
ACCOUNTING POLICIES
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

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

1.13
Retirement benefits

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

1.14
Leases
As lessee
GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
ACCOUNTING POLICIES
(Continued)
- 19 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the director is 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Dilapidations

Current operating leases include a dilapidations clause within the agreement. It is therefore necessary to include a dilapidations provision in the accounts. This provision is based on management's best estimate of the costs that will be incurred given their historical knowledge and advice received from experts in the field.

Warranty provision

A warranty period is provided on some sales and therefore a warranty provision is required. This provision requires management's best estimate of the costs that will be incurred over the warranty period, based on historical experience and current knowledge of the stock holdings.

3
TURNOVER AND OTHER REVENUE
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
18,927,125
19,531,102
GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
3
TURNOVER AND OTHER REVENUE
(Continued)
- 20 -
2025
2024
£
£
Other revenue
Interest income
140,524
77,959
Commissions received
7,888
-
0
4
OPERATING PROFIT
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,950
26,000
Depreciation of tangible fixed assets
38,324
33,778
Impairment of trade debtors
96,936
23,177
Operating lease charges
100,747
89,542
5
EMPLOYEES

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

2025
2024
Number
Number
Management
5
5
Administration
8
8
Distribution
5
5
Total
18
18

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,101,446
1,076,414
Social security costs
96,029
106,713
Pension costs
24,055
18,833
1,221,530
1,201,960
GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
6
DIRECTOR'S REMUNERATION
2025
2024
£
£
Remuneration for qualifying services
280,685
278,169
Company pension contributions to defined contribution schemes
8,364
8,274
289,049
286,443
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
280,685
278,169
Company pension contributions to defined contribution schemes
8,364
8,274
7
INTEREST RECEIVABLE AND SIMILAR INCOME
2025
2024
£
£
Interest income
Other interest income
140,524
77,959
8
INTEREST PAYABLE AND SIMILAR EXPENSES
2025
2024
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
-
635
Other interest
2,268
-
0
2,268
635
9
TAXATION
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
455,207
849,737
Adjustments in respect of prior periods
-
0
(1,753)
Total current tax
455,207
847,984
GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
9
TAXATION
2025
2024
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
4,935
(1,182)
Total tax charge
460,142
846,802

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,804,896
3,357,880
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
451,224
839,470
Tax effect of expenses that are not deductible in determining taxable profit
5,603
3,306
Adjustments in respect of prior years
1
611
Depreciation on assets not qualifying for tax allowances
3,415
3,415
Tax at marginal rate
(101)
-
0
Taxation charge for the year
460,142
846,802
10
DIVIDENDS
2025
2024
£
£
Final paid
178,904
430,978
GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 23 -
11
TANGIBLE FIXED ASSETS
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Short leasehold property
Total
£
£
£
£
£
Cost
At 1 May 2024
-
0
65,484
83,995
136,587
286,066
Additions
30,450
-
0
35,000
-
0
65,450
At 30 April 2025
30,450
65,484
118,995
136,587
351,516
Depreciation and impairment
At 1 May 2024
-
0
48,128
36,652
108,725
193,505
Depreciation charged in the year
609
3,471
20,585
13,659
38,324
At 30 April 2025
609
51,599
57,237
122,384
231,829
Carrying amount
At 30 April 2025
29,841
13,885
61,758
14,203
119,687
At 30 April 2024
-
0
17,356
47,343
27,862
92,561
12
STOCKS
2025
2024
£
£
Finished goods and goods for resale
4,688,963
2,926,297
13
DEBTORS
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,809,663
2,164,331
Other debtors
1,144,440
876,019
Prepayments and accrued income
83,782
86,253
4,037,885
3,126,603
Deferred tax asset (note 16)
-
0
1,182
4,037,885
3,127,785
GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 24 -
14
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
£
£
Trade creditors
2,757,144
1,567,689
Corporation tax
204,804
457,130
Other taxation and social security
29,471
112,151
Other creditors
12,820
6,924
Accruals and deferred income
209,971
175,367
3,214,210
2,319,261
15
PROVISIONS FOR LIABILITIES
2025
2024
£
£
Dilapidations
375,000
375,000
Movements on provisions:
Dilapidations
£
At 1 May 2024 and 30 April 2025
375,000

The dilapidations provision represents the estimated cost that the Company is expected to incur on returning its short leasehold property to a condition equivalent to the original state of the property when the lease was entered into. These costs are expected to be incurred within the next 13 months after the balance sheet date.

GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 25 -
16
DEFERRED TAXATION

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
4,878
-
-
563
Retirement benefit obligations
(1,125)
-
-
619
3,753
-
-
1,182
2025
Movements in the year:
£
Asset at 1 May 2024
(1,182)
Charge to profit or loss
4,935
Liability at 30 April 2025
3,753

The deferred tax liability set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

17
RETIREMENT BENEFIT SCHEMES
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
24,055
18,833

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
SHARE CAPITAL
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
220
220
220
220
GLOBAL FURNITURE ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 26 -
19
OPERATING LEASE COMMITMENTS
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
89,500
89,500
Years 2-5
5,395
184,395
94,895
273,895
20
RELATED PARTY TRANSACTIONS

Included in other debtors is an amount of £226,810 (2024 - £225,165) owed from a related party. This party is related by way of common directorship.

Transfers of monies amounting to £1,645 to the related party were the only transactions which took place between the two entities in the year.

21
DIRECTORS' TRANSACTIONS

Dividends totalling £134,178 (2024 - £323,234) were paid in the year in respect of shares held by the company's directors.

22
ULTIMATE CONTROLLING PARTY

During the year the company was under the control of its director Mr J C Painter.

23
ANALYSIS OF CHANGES IN NET FUNDS
1 May 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
4,230,291
(635,340)
3,594,951
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