Registration number:
Inro Furniture Limited
for the Year Ended 30 June 2020
Inro Furniture Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Inro Furniture Limited
Company Information
Directors |
T W Mackenzie-Burrows R Burrows |
Registered office |
|
Accountants |
|
Inro Furniture Limited
(Registration number: 07659086)
Balance Sheet as at 30 June 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Profit and loss account |
(32,207) |
(31,225) |
|
Total equity |
(32,206) |
(31,224) |
For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Inro Furniture Limited
(Registration number: 07659086)
Balance Sheet as at 30 June 2020
Approved and authorised by the
T W Mackenzie-Burrows
Director
R Burrows
Director
Inro Furniture Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales. The address of its registered office and principal place of business can be found on the company information page.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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.
Bounce back loan scheme
The company has received Government support during the period in the form of the Bounce Back Loan Scheme.
Going concern
We have paid particular attention to the likely effects on the business of the current Covid-19 outbreak and the directors remain confident that sufficient funding is in place and that the company has adequate resources to enable the company to continue as a going concern for the foreseeable future.
The financial statements have been prepared on a going concern basis as the director has confirmed that sufficient funding is in place to enable the company to continue to operate in the foreseeable future.
Revenue recognition
Turnover represents net invoiced sales of goods, excluding value added tax. Revenue is recognised when work is complete.
Tax
The tax expense for the period comprises current and deferred 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.
The current income 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.
Inro Furniture Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Depreciation
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% on reducing balance |
Computer equipment |
33% on cost |
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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 inventories 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 and loss.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Inro Furniture Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Tangible assets |
Fixtures and fittings |
Computer equipment |
Total |
|
Cost or valuation |
|||
At 1 July 2019 |
|
|
|
Additions |
- |
|
|
At 30 June 2020 |
|
|
|
Depreciation |
|||
At 1 July 2019 |
|
|
|
Charge for the year |
|
|
|
At 30 June 2020 |
|
|
|
Carrying amount |
|||
At 30 June 2020 |
|
|
|
At 30 June 2019 |
|
|
|
Inro Furniture Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Directors' current account |
|
|
Other debtors |
|
|
|
|
Creditors |
Note |
2020 |
2019 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Corporation tax |
500 |
- |
|
Other creditors |
|
|
|
Directors' current account |
- |
8,462 |
|
|
|
2020 |
2019 |
|
Due after one year |
||
Loans and borrowings |
|
|
The loan has been secured by a personal guarantee by the directors. |
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
1.00 |
|
1.00 |
Inro Furniture Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Related party transactions |
Transactions with directors |
2020 |
At 1 July 2019 |
Advances to directors |
Repayments by director |
At 30 June 2020 |
R Burrows |
||||
|
|
|
( |
|
T W Mackenzie-Burrows |
||||
|
- |
|
( |
- |
2019 |
At 1 July 2018 |
Advances to directors |
Repayments by director |
At 30 June 2019 |
R Burrows |
||||
|
|
|
( |
|
T W Mackenzie-Burrows |
||||
|
|
- |
( |
- |