Furniture Kingdom Limited - Accounts to registrar (filleted) - small 18.2
Furniture Kingdom Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2019 |
FOR |
FURNITURE KINGDOM LIMITED |
FURNITURE KINGDOM LIMITED (REGISTERED NUMBER: 02828559) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FURNITURE KINGDOM LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Suite B |
King Business Centre |
Reeds Lane |
Sayers Common |
West Sussex |
BN6 9LS |
SOLICITORS: |
198 The Broadway |
Thorpe Bay |
Southend-On-Sea |
Essex |
SS1 3EU |
FURNITURE KINGDOM LIMITED (REGISTERED NUMBER: 02828559) |
BALANCE SHEET |
30 APRIL 2019 |
30.4.19 | 30.4.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 1,783,274 | 1,738,061 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
FURNITURE KINGDOM LIMITED (REGISTERED NUMBER: 02828559) |
BALANCE SHEET - continued |
30 APRIL 2019 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
FURNITURE KINGDOM LIMITED (REGISTERED NUMBER: 02828559) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2019 |
1. | STATUTORY INFORMATION |
Furniture Kingdom Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
The freehold properties are located in Benfleet, Essex. Following the adoption of FRS102 (Section1A), the |
freehold buildings, excluding land, are being depreciated at the rate of 4% per annum.The new policy came |
into effect on 1 May 2015. |
Investment property |
Following adoption of FRS102 Section 1A, the investment properties are included in the Balance Sheet at fair |
value.The valuation was carried out by the Directors having regard to local market conditions on 30 April |
2017. The Company does not depreciate Investment Property. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
FURNITURE KINGDOM LIMITED (REGISTERED NUMBER: 02828559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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. |
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. |
In accordance with FRS102 Section 1A, deferred taxation has been provided on property and investment |
properties which have been revalued with effect 1 May 2015. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 May 2018 |
and 30 April 2019 |
DEPRECIATION |
At 1 May 2018 |
Charge for year |
At 30 April 2019 |
NET BOOK VALUE |
At 30 April 2019 |
At 30 April 2018 |
FURNITURE KINGDOM LIMITED (REGISTERED NUMBER: 02828559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2018 |
and 30 April 2019 |
DEPRECIATION |
At 1 May 2018 |
Charge for year |
At 30 April 2019 |
NET BOOK VALUE |
At 30 April 2019 |
At 30 April 2018 |
5. | INVESTMENT PROPERTY |
The Investment Properties have been included in the Balance Sheet at fair value. The Directors estimate the |
fair value of the Investment Properties to be £812,459 at the Balance Sheet date. (2018 : £812,459) |
Fair value at 30 April 2019 is represented by: |
£ |
Valuation in 2015 | 93,633 |
Valuation in 2016 | 36,846 |
Valuation in 2017 | 38,688 |
Cost | 659,490 |
828,657 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.19 | 30.4.18 |
£ | £ |
Trade debtors |
VAT |
Prepayments |
FURNITURE KINGDOM LIMITED (REGISTERED NUMBER: 02828559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.19 | 30.4.18 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 2,926 | - |
Other creditors |
Monies received in advance | 9,529 | 11,719 |
Deposits paid in advance | 13,436 | 13,630 |
Directors' current accounts | 2,000 | 3,000 |
Accruals & deferred income |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2019 and |
30 April 2018: |
30.4.19 | 30.4.18 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
The Company has made one of its Investment Properties available to Mr PL and Mrs D Harrison who are |
directors of the company.Mr P Harrison received a dividend of £2,000 in his capacity as shareholder (2018 : |
£3,000). |