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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019 |
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FOR |
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FOAM FURNISHINGS LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2019 |
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FOR |
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FOAM FURNISHINGS LTD |
FOAM FURNISHINGS LTD (REGISTERED NUMBER: 04709001) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2019 |
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Page |
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Balance Sheet | 1 | to | 2 |
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Notes to the Financial Statements | 3 | to | 7 |
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FOAM FURNISHINGS LTD (REGISTERED NUMBER: 04709001) |
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BALANCE SHEET |
30 APRIL 2019 |
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30.4.19 | 30.4.18 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
FOAM FURNISHINGS LTD (REGISTERED NUMBER: 04709001) |
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BALANCE SHEET - continued |
30 APRIL 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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FOAM FURNISHINGS LTD (REGISTERED NUMBER: 04709001) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2019 |
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1. | STATUTORY INFORMATION |
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FOAM FURNISHINGS LTD is a
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The company's registered number and registered office address are as below: |
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Registered number: | 04709001 |
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Registered office: | Murray House, 58 High St |
Biddulph |
Stoke-On-Trent |
Staffordshire |
ST8 6AR |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the entity. |
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Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Turnover is measured at the fair value of the consideration received or receivable and represents |
amounts receivable for goods supplied and services rendered, stated net of discounts and of Value |
Added Tax. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of |
the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can |
be measured reliably, it is probable that the associated economic benefits will flow to the entity, and |
the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
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Goodwill |
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over |
the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of |
the acquired business. |
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Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is |
amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of |
goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. |
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock |
to its present location and condition. |
FOAM FURNISHINGS LTD (REGISTERED NUMBER: 04709001) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the |
contractual provisions of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement |
constitutes a financing transaction, where it is recognised at the present value of the future payments |
discounted at a market rate of interest for a similar debt instrument. |
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Debt instruments are subsequently measured at amortised cost. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of |
impairment at the end of each reporting date. If there is objective evidence of impairment, an |
impairment loss is recognised in profit or loss immediately. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Assets held under finance leases are recognised in the statement of financial position as assets and |
liabilities at the lower of the fair value of the assets and the present value of the minimum lease |
payments, which is determined at the inception of the lease term. Any initial direct costs of the lease |
are added to the amount recognised as an asset. |
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Lease payments apportioned between the finance charges and reduction of the outstanding lease |
liability using the effective interest method. Finance charges are allocated to each period so as to |
produce a constant rate of interest on the remaining balance of the liability. |
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Pension costs and other post-retirement benefits |
Contributions to defined contribution plans are recognised as an expense in the period in which the |
related service is provided. Prepaid contributions are recognised as an asset to the extent that the |
prepayment will lead to a reduction in future payments or a cash refund. |
FOAM FURNISHINGS LTD (REGISTERED NUMBER: 04709001) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable |
amount being estimated where such indicators exist. Where the carrying value exceeds the |
recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for |
possible reversal at each reporting date. |
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For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of |
an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to |
which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that |
includes the asset and generates cash inflows that largely independent of the cash inflows from other |
assets or groups of assets. |
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For impairment testing of goodwill, the goodwill acquired in a business combination is, from the |
acquisition date, allocated to each of the cash-generating units that are expected to benefit from the |
synergies of the combination, irrespective of whether other assets or liabilities of the company are |
assigned to those units. |
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Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past |
event, it is probable that the entity will be required to transfer economic benefits in settlement and the |
amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the |
statement of financial position and the amount of the provision as an expense. |
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Provisions are initially measured at the best estimate of the amount required to settle the obligation at |
the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the |
current best estimate of the amount that would be required to settle the obligation. Any adjustments to |
the amounts previously recognised are recognised in profit or loss unless the provision was originally |
recognised as part of the cost of an asset. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2018 |
and 30 April 2019 |
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AMORTISATION |
At 1 May 2018 |
and 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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FOAM FURNISHINGS LTD (REGISTERED NUMBER: 04709001) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 May 2018 |
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Additions |
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At 30 April 2019 |
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DEPRECIATION |
At 1 May 2018 |
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Charge for year |
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At 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2018 |
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Additions |
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At 30 April 2019 |
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DEPRECIATION |
At 1 May 2018 |
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Charge for year |
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At 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.19 | 30.4.18 |
£ | £ |
Trade debtors |
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Other debtors |
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FOAM FURNISHINGS LTD (REGISTERED NUMBER: 04709001) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.19 | 30.4.18 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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The amounts due under hire purchase and finance leases are secured on the related asset. |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.4.19 | 30.4.18 |
£ | £ |
Hire purchase contracts |
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The amounts due under hire purchase and finance leases are secured on the related asset. |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 April 2019 and |
30 April 2018: |
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30.4.19 | 30.4.18 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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10. | RELATED PARTY DISCLOSURES |
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All transactions undertaken with the directors are deemed to be conducted under normal market |
conditions and/or are not material. |