|
|
|
FURNITURE REPUBLIC BUCKINGHAM LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
Furniture Republic Buckingham Ltd is a private limited liability company registered in England and Wales. Its registered and trading address is at 4 New Market Court, Kingston, Milton Keynes, MK10 0AQ.
The principal activity of the company during the year was the retailing of furniture and lighting in specialised stores.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
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
.
The following principal accounting policies have been applied:
The company made a loss for the period and at the reporting date has net current liabilities and net liabilities. The director, who is also the controlling party, has confirmed that the company will have access to funds to be able to meet its financial obligations as and when they fall due for at least at 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.
|
|
Operating leases: the company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
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.
|