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FURNITURE REPUBLIC BUCKINGHAM LTD (FORMERLY KNOWN AS ORIENTAL INVESTMENTS (UK) LTD)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2018
On 22 November 2018 the company changed its name from Oriental Investments (UK) Ltd to Furniture Republic Buckingham Ltd which is a limited liability company registered in England and Wales. Its registered and trading office is at 4 New Market Court, Kingston, Milton Keynes, MK10 0AQ.
The company was incorporated on 24 February 2017 and commenced trading on 01 June 2017.
The principal activity of the company during the year was the retailing of furniture and lighting in specialised stores.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The company made a loss for the year and at the Statement of Financial Position date has net current liabilities and net liabilities. The director has provided assurance that funds will be made
available to the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. Therefore, the accounts have been prepared on the going concern basis.
Turnover is measured at the fair value of amounts receivable in respect of goods provided in the year, net of trade discounts and excluding value added tax.The company recognises revenue from goods once the goods have been paid for and received by the customer.
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Basic financial instruments
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The company only enters into transactions that result in basic financial instruments such as other debtors, trade and other creditors, cash at bank and in hand, and loans to/from related parties.
Other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method; less any impairment losses in the case of other debtors, and loans to related parties.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.
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The average monthly number of employees, including directors, during the period was
2
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