The Furniture Market.Co.Uk Limited
Company Registration No. 06491540 (England And Wales)
Unaudited Financial Statements
Year Ended 31 August 2020
THE FURNITURE MARKET.CO.UK LIMITED
The Furniture Market.Co.Uk Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THE FURNITURE MARKET.CO.UK LIMITED
The Furniture Market.Co.Uk Limited
BALANCE SHEET
AS AT
31 AUGUST 2020
31 August 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
65,358
81,232
Tangible assets
4
380,883
330,757
446,241
411,989
Current assets
Stocks
1,124,583
1,458,806
Debtors
5
25,681
19,308
Cash at bank and in hand
1,647,441
174,220
2,797,705
1,652,334
Creditors: amounts falling due within one year
6
(1,185,856)
(320,792)
Net current assets
1,611,849
1,331,542
Total assets less current liabilities
2,058,090
1,743,531
Provisions for liabilities
(48,807)
(62,863)
Net assets
2,009,283
1,680,668
Capital and reserves
Called up share capital
7
200
200
Share premium account
14,116
14,116
Profit and loss reserves
1,994,967
1,666,352
Total equity
2,009,283
1,680,668
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE FURNITURE MARKET.CO.UK LIMITED
The Furniture Market.Co.Uk Limited
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2020
31 August 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 December 2020
Mr A R Latham
Director
Company Registration No. 06491540
THE FURNITURE MARKET.CO.UK LIMITED
The Furniture Market.Co.Uk Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
- 3 -
1
Accounting policies
Company information
The Furniture Market.co.uk Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 2, Organsdale Farm, Kelsall, Tarporley, England, CW6 0SR.
1.1
Accounting convention
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website
10 years straight line
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.
THE FURNITURE MARKET.CO.UK LIMITED
The Furniture Market.Co.Uk Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 4 -
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:
Improvements to property
15% reducing balance
Equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computer equipment
15% reducing balance
Motor vehicles
25% reducing balance
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
and intangible 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.
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
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.
1.9
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.
THE FURNITURE MARKET.CO.UK LIMITED
The Furniture Market.Co.Uk Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 5 -
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
THE FURNITURE MARKET.CO.UK LIMITED
The Furniture Market.Co.Uk Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
42
44
3
Intangible fixed assets
Website
£
Cost
At 1 September 2019 and 31 August 2020
163,826
Amortisation and impairment
At 1 September 2019
82,594
Amortisation charged for the year
15,874
At 31 August 2020
98,468
Carrying amount
At 31 August 2020
65,358
At 31 August 2019
81,232
THE FURNITURE MARKET.CO.UK LIMITED
The Furniture Market.Co.Uk Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 7 -
4
Tangible fixed assets
Improvements to property
Equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2019
31,341
198,233
78,357
32,261
383,837
724,029
Additions
55,629
6,923
9,874
2,985
108,413
183,824
Disposals
-
-
-
-
(126,265)
(126,265)
At 31 August 2020
86,970
205,156
88,231
35,246
365,985
781,588
Depreciation and impairment
At 1 September 2019
19,366
118,481
36,084
18,208
201,133
393,272
Depreciation charged in the year
8,961
13,001
7,822
2,556
52,835
85,175
Eliminated in respect of disposals
-
-
-
-
(77,742)
(77,742)
At 31 August 2020
28,327
131,482
43,906
20,764
176,226
400,705
Carrying amount
At 31 August 2020
58,643
73,674
44,325
14,482
189,759
380,883
At 31 August 2019
11,975
79,752
42,273
14,053
182,704
330,757
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
3,804
8,531
Corporation tax recoverable
-
8,312
Other debtors
21,877
2,465
25,681
19,308
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
-
165,093
Trade creditors
7,144
34,219
Corporation tax
144,406
-
Other taxation and social security
649,652
74,764
Other creditors
384,654
46,716
1,185,856
320,792
THE FURNITURE MARKET.CO.UK LIMITED
The Furniture Market.Co.Uk Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 8 -
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
190
190
190
190
A Ordinary of £1 each
10
10
10
10
200
200
200
200