Inro Furniture Limited - Period Ending 2018-06-30

Registration number: 07659086

Inro Furniture Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

Roffe Swayne
Ashcombe Court
Woolsack Way
Godalming
Surrey
GU7 1LQ

Inro Furniture Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Inro Furniture Limited

Company Information

Directors

R Burrows T W Mackenzie-Burrows

Registered office

1 Hill Cottages St Anns Hill Road Chertsey Surrey KT16 9NL

Accountants

Roffe Swayne Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ

Page 1

Inro Furniture Limited

(Registration number: 07659086)
Balance Sheet as at 30 June 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	1,728	670
Current assets
Stocks		28,009	22,085
Debtors	5	139,395	58,137
Cash at bank and in hand		4	4
		167,408	80,226
Creditors: Amounts falling due within one year	6	(81,465)	(48,626)
Net current assets		85,943	31,600
Total assets less current liabilities		87,671	32,270
Creditors: Amounts falling due after more than one year	6	(26,500)	(37,100)
Net assets/(liabilities)		61,171	(4,830)
Capital and reserves
Called up share capital	7	1	1
Profit and loss account		61,170	(4,831)
Total equity		61,171	(4,830)

For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Inro Furniture Limited

(Registration number: 07659086)
Balance Sheet as at 30 June 2018

Approved and authorised by the Board on 8 February 2019 and signed on its behalf by:
 

R Burrows

Director

T W Mackenzie-Burrows

Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Inro Furniture Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

1	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.

2	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.

Revenue recognition

Turnover represents net invoiced sales of goods, excluding value added tax. Revenue is recognised when work is complete.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

Page 4

Inro Furniture Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

4	Tangible assets

	Fixtures and fittings  £	Computer equipment  £	Total £
Cost or valuation
At 1 July 2017	1,488	9,204	10,692
Additions	250	1,632	1,882
At 30 June 2018	1,738	10,836	12,574
Depreciation
At 1 July 2017	1,099	8,923	10,022
Charge for the year	90	734	824
At 30 June 2018	1,189	9,657	10,846
Carrying amount
At 30 June 2018	549	1,179	1,728
At 30 June 2017	389	281	670

Page 5

Inro Furniture Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

5

Debtors

	2018 £	2017 £
Trade debtors	53,373	13,770
Directors' current account	69,578	41,367
Other debtors	16,444	3,000
	139,395	58,137

6

Creditors

	2018 £	2017 £
Due within one year
Bank loans and overdrafts	23,850	15,500
Trade creditors	13,014	3,327
Taxation and social security	1,100	2,489
Accruals and deferred income	2,530	2,730
Corporation tax	16,200	3,000
Other creditors	24,771	21,580
	81,465	48,626

	2018 £	2017 £
Due after one year
Loans and borrowings	26,500	37,100
The loan has been secured by a personal guarantee by the directors.

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £0.01 each	100	1.00	100	1.00

Page 6

Inro Furniture Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

8	Related party transactions

Transactions with directors

2018	At 1 July 2017 £	Advances to directors £	Repayments by director £	At 30 June 2018 £
R Burrows
	32,396	41,958	(25,262)	49,092
T W Mackenzie-Burrows
	8,971	19,679	(8,164)	20,486

2017	At 1 July 2016 £	Advances to directors £	Repayments by director £	At 30 June 2017 £
R Burrows
	12,355	32,396	(12,355)	32,396
T W Mackenzie-Burrows
	(4,499)	21,530	(8,060)	8,971

Page 7