FURSEWOOD LIMITED

FURSEWOOD LIMITED

FURSEWOOD LIMITED - Company Information

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FURSEWOOD LIMITED

Company Registration Number:
05263408 (England and Wales)

Unaudited abridged accounts for the year ended 31 October 2019

Period of accounts

Start date: 01 June 2018

End date: 31 October 2019

FURSEWOOD LIMITED

Contents of the Financial Statements

for the Period Ended 31 October 2019

Balance sheet
Notes

FURSEWOOD LIMITED

Balance sheet

As at 31 October 2019


Notes
17 months to 31 October 2019
2018


£
£
Fixed assets
Tangible assets: 3 13,680 178,764
Total fixed assets: 13,680 178,764
Current assets
Stocks: 55,000 57,953
Debtors: 4 274,176 556,237
Cash at bank and in hand: 71,913 5,878
Total current assets: 401,089 620,068
Creditors: amounts falling due within one year: 5 (291,850) (626,772)
Net current assets (liabilities): 109,239 (6,704)
Total assets less current liabilities: 122,919 172,060
Creditors: amounts falling due after more than one year: 6 0 (16,250)
Provision for liabilities: (1,816) (9,856)
Total net assets (liabilities): 121,103 145,954
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 121,003 145,854
Shareholders funds: 121,103 145,954

The notes form part of these financial statements

FURSEWOOD LIMITED

Balance sheet statements

For the year ending 31 October 2019 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 26 October 2020
and signed on behalf of the board by:

Name: Mr. A. N. C. Kubare
Status: Director

The notes form part of these financial statements

FURSEWOOD LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2019

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue is measured at fair value of the consideration received or receivable and is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of Value Added Tax. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tangible fixed assets and depreciation policy

Tangible fixed assets held for the Company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at annual rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives as follows.Reducing Balance MethodFixtures, fittings and equipment - 15% to 25%Straight Line MethodFreehold property - 2%Motor vehicles - 25%Assets held under finance leases are depreciated in the same way as owned assets.At each balance sheet date, the Company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Valuation and information policy

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Cost is determined on a first-in-first-out basis.

Other accounting policies

LEASING AND HIRE PURCHASE CONTRACTSAssets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets aquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.TAXATIONTaxation represents the sum of tax currently payable and deferred tax. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted by the end of the reporting period.PENSIONSThe Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the period.

FURSEWOOD LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2019

2. Employees

17 months to 31 October 2019 2018
Average number of employees during the period 12 9

FURSEWOOD LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2019

3. Tangible Assets

Total
Cost £
At 01 June 2018 304,048
Additions 1,740
Disposals (233,987)
At 31 October 2019 71,801
Depreciation
At 01 June 2018 125,284
Charge for year 66,824
On disposals (133,987)
At 31 October 2019 58,121
Net book value
At 31 October 2019 13,680
At 31 May 2018 178,764

FURSEWOOD LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2019

4. Debtors

17 months to 31 October 2019 2018
££
Debtors due after more than one year: 0 0

DEBTORS - Due within one year:- Trade debtors - £87,049 (2018 - £221,420) Amounts owed by group undertakings - £169,365 (2018- £310,367) Other debtors - £12,631 (2018 - £24,450) Prepayments and accrued income - £5,131 (2018 - £nil) TOTAL - £274,176 (2018 - £556,237).

FURSEWOOD LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2019

5. Creditors: amounts falling due within one year note

Bank loans - £nil (2018 - £3,661)Trade creditors - £202,485 (2018 - £224,369)Amounts owed to group undertakings - £36,737 (2018 - £375,770)Amounts owed to former group undertakings - £27,499 (2018 - £nil)Other creditors - £473 (2018 - £275)Corporation tax - £7,486 (2018 - £16,074)Other taxation and social security - £2,720 (2018 - £2,388)Accruals and deferred income - £14,450 (2018- £4,235)TOTAL - £291,850 (2018 - £626,772)

FURSEWOOD LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2019

6. Creditors: amounts falling due after more than one year note

Bank loans - £nil (2018 - £16,250)

FURSEWOOD LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2019

7. Financial commitments

The Company has given a guarantee concerning borrowings of its ultimate parent undertaking, Kubs Holding Limited, which is supported by a fixed and floating charge over the assets of the Company.