Company Registration No. 3553260 (England and Wales)
Complete Office Furniture (UK) Limited
Unaudited accounts
for the year ended 31 May 2018
Complete Office Furniture (UK) Limited
Unaudited accounts
Contents
Complete Office Furniture (UK) Limited
Company Information
for the year ended 31 May 2018
Director
Mr Trevor J White
Company Number
3553260 (England and Wales)
Registered Office
Headcorn Road
Sutton Valence
Maidstone
Kent
ME17 3EH
UK
Complete Office Furniture (UK) Limited
Statement of financial position
as at 31 May 2018
Tangible assets
167,245
214,530
Inventories
143,805
93,999
Cash at bank and in hand
-
33,869
Creditors: amounts falling due within one year
(217,555)
(279,605)
Net current liabilities
(40,159)
(1,472)
Total assets less current liabilities
127,086
213,058
Creditors: amounts falling due after more than one year
(163,183)
(165,488)
Provisions for liabilities
Deferred tax
(31,873)
(28,198)
Net (liabilities)/assets
(67,970)
19,372
Called up share capital
1,000
1,000
Profit and loss account
(68,970)
18,372
Shareholders' funds
(67,970)
19,372
For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 22 February 2019.
Mr Trevor J White
Director
Company Registration No. 3553260
Complete Office Furniture (UK) Limited
Notes to the Accounts
for the year ended 31 May 2018
Complete Office Furniture (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 3553260. The registered office is Headcorn Road, Sutton Valence, Maidstone, Kent, ME17 3EH, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight Line over the term of the lease.
Plant & machinery
20% Straight Line
Motor vehicles
25% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Complete Office Furniture (UK) Limited
Notes to the Accounts
for the year ended 31 May 2018
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2017
102,048
53,079
108,160
263,287
Disposals
-
-
(28,122)
(28,122)
At 31 May 2018
102,048
53,435
80,038
235,521
At 1 June 2017
-
34,491
14,266
48,757
Charge for the year
10,205
7,577
5,510
23,292
On disposals
-
-
(3,773)
(3,773)
At 31 May 2018
10,205
42,068
16,003
68,276
At 31 May 2018
91,843
11,367
64,035
167,245
At 31 May 2017
102,048
18,588
93,894
214,530
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
48,048
64,836
Work in progress
66,830
18,370
Finished goods
76,975
75,629
Trade debtors
31,266
98,763
Accrued income and prepayments
625
33,677
Other debtors
1,700
17,825
Complete Office Furniture (UK) Limited
Notes to the Accounts
for the year ended 31 May 2018
7
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
48,111
-
Obligations under finance leases and hire purchase contracts
60,565
23,210
Trade creditors
67,393
197,995
Taxes and social security
31,050
22,310
Loans from directors
10,436
28,574
8
Creditors: amounts falling due after more than one year
2018
2017
Obligations under finance leases and hire purchase contracts
163,183
165,488
9
Deferred taxation
2018
2017
Accelerated capital allowances
31,873
28,198
Provision at start of year
28,198
13,976
Charged to the profit and loss account
3,675
14,222
Provision at end of year
31,873
28,198
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
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Average number of employees
During the year the average number of employees was 5 (2017: 7).
