REGISTERED NUMBER: NI652728 (Northern Ireland)

Unaudited Financial Statements

for the Year Ended

31 December 2025

for

Innovative Furniture Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

R Scullion

REGISTERED OFFICE:

61 Boucher Road

Belfast

Co. Antrim

BT12 6HU

REGISTERED NUMBER:

NI652728 (Northern Ireland)

ACCOUNTANTS:

M.B.McGrady & Co

Chartered Accountants

Rathmore House

52 St Patricks Avenue

Downpatrick

Co. Down

BT30 6DS

FIXED ASSETS

Tangible assets

4

-

284

CURRENT ASSETS

Stocks

-

96,422

Debtors

5

-

4,369

-

100,791

CREDITORS

Amounts falling due within one year

6

374,755

368,540

NET CURRENT LIABILITIES

(374,755

)

(267,749

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(374,755

)

(267,465

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(374,855

)

(267,565

)

(374,755

)

(267,465

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the director and authorised for issue on 21 September 2026 and were signed by:

R Scullion - Director

1.	STATUTORY INFORMATION

Innovative Furniture Ltd is a private company, limited by shares , registered in Northern Ireland. 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.

Tangible fixed assets

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

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 Income Statement, 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.

Going concern

On 20 December 2023, the company entered into a five-year Company Voluntary Agreement ("CVA"). If the CVA successfully completes in December 2028, approximately £322k of the company's liabilities will be written off. However, if the CVA fails at any point in time, the CVA liabilities will be immediately due in full. Therefore, these liabilities are included in full within the amounts due within one year in the financial statements.

At the date the company entered the CVA, their banking facilities were withdrawn. The company continues to receive financial support from other group companies. The directors have received confirmation from the parent company that such support will continue for a period of at least 12 months from the date of approval of these financial statements. Having reviewed group companies performance and the availability of group support, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

The Director is of the opinion that the company can return to profit following a significant cost cutting exercise. On this basis, the Director considers that the company will be able to pay its obligations as they fall due and therefore, it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the facilities were removed if the CVA failed and the Director could not obtain adequate replacement finance.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

and 31 December 2025

26,675

DEPRECIATION

At 1 January 2025

26,391

Charge for year

284

At 31 December 2025

26,675

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

284

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/25

31/12/24

£

£

Other debtors

-

4,369

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/25

31/12/24

£

£

Hire purchase contracts

45,728

45,728

Trade creditors

125,394

132,269

Amounts owed to group undertakings

89,101

82,226

Taxation and social security

103,455

103,455

Other creditors

11,077

4,862

374,755

368,540