REGISTERED NUMBER: 06424382 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

MICHAEL TYLER FURNITURE (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs H Stanley

Mr O S Bundgaard

Mrs E Monsted

Mr K Winders

SECRETARY:

Mrs H Stanley

REGISTERED OFFICE:

Woodlands Way

The Ridge

Hastings

East Sussex

TN34 2RY

REGISTERED NUMBER:

06424382 (England and Wales)

AUDITORS:

Galloways Accounting (Audit) Limited

Statutory Auditors

15 West Street

Brighton

East Sussex

BN1 2RL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,299,369

2,296,968

2,299,369

2,296,968

CURRENT ASSETS

Stocks

301,955

326,027

Debtors

6

718,053

694,193

Cash at bank and in hand

308,893

387,870

1,328,901

1,408,090

CREDITORS

Amounts falling due within one year

7

(2,270,880

)

(2,376,315

)

NET CURRENT LIABILITIES

(941,979

)

(968,225

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,357,390

1,328,743

CREDITORS

Amounts falling due after more than one year

8

(11,776

)

(20,089

)

PROVISIONS FOR LIABILITIES

(20,671

)

(11,653

)

NET ASSETS

1,324,943

1,297,001

CAPITAL AND RESERVES

Called up share capital

684

684

Capital redemption reserve

317

317

Retained earnings

1,323,942

1,296,000

1,324,943

1,297,001

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2026 and were signed on its behalf by:

Mrs H Stanley - Director

1.	STATUTORY INFORMATION

Michael Tyler Furniture (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost and not provided

Improvements to property

-

Over the term of the lease

Plant and machinery

-

12.5% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2024 - 50 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2025

and 31 December 2025

1

AMORTISATION

At 1 January 2025

and 31 December 2025

1

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2025

2,206,744

316,245

2,522,989

Additions

-

68,195

68,195

Disposals

-

(2,381

)

(2,381

)

At 31 December 2025

2,206,744

382,059

2,588,803

DEPRECIATION

At 1 January 2025

32,234

193,787

226,021

Charge for year

21,385

44,409

65,794

Eliminated on disposal

-

(2,381

)

(2,381

)

At 31 December 2025

53,619

235,815

289,434

NET BOOK VALUE

At 31 December 2025

2,153,125

146,244

2,299,369

At 31 December 2024

2,174,510

122,458

2,296,968

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

615,538

575,475

Other debtors

102,515

118,718

718,053

694,193

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

1,168,552

1,108,525

Hire purchase contracts (see note 9)

8,313

8,313

Trade creditors

429,854

489,119

Amounts owed to group undertakings

299,306

333,180

Taxation and social security

214,611

186,206

Other creditors

150,244

250,972

2,270,880

2,376,315

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 9)

11,776

20,089

9.	LEASING AGREEMENTS

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases totalling £83,118.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Finch FCA FCCA BFP (Senior Statutory Auditor)

for and on behalf of Galloways Accounting (Audit) Limited

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Klaus Hjort Knudsen.