Company Registration No. 02720588 (England and Wales)
The Odd Chair Company Limited
Unaudited accounts
for the year ended 31 December 2019
The Odd Chair Company Limited
Unaudited accounts
Contents
The Odd Chair Company Limited
Company Information
for the year ended 31 December 2019
Directors
James COOK
Victoria COOK
Company Number
02720588 (England and Wales)
Registered Office
The Studio
Eaves Cottage Farm
Eaves Lane
Eaves
PR4 0BH
Accountants
Ambledene Accountancy
Cotton Court
Church Street
Preston
PR1 3BY
The Odd Chair Company Limited
Statement of financial position
as at 31 December 2019
Tangible assets
56,329
57,024
Inventories
336,900
336,900
Cash at bank and in hand
234,620
52,173
Creditors: amounts falling due within one year
(404,604)
(249,630)
Net current assets
331,635
270,352
Net assets
387,964
327,376
Called up share capital
100
100
Profit and loss account
387,864
327,276
Shareholders' funds
387,964
327,376
For the year ending 31 December 2019 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 directors acknowledge their 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.
The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2020 and were signed on its behalf by
James COOK
Director
Company Registration No. 02720588
The Odd Chair Company Limited
Notes to the Accounts
for the year ended 31 December 2019
The Odd Chair Company Limited is a private company, limited by shares, registered in England and Wales, registration number 02720588. The registered office is The Studio, Eaves Cottage Farm, Eaves Lane, Eaves, PR4 0BH.
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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 directors have considered the consequences of COVID19 and they have determined that the consequences of the pandemic on the future performance of the business do not create a material uncertainty that casts significant doubt upon the company?s ability to continue as a going concern.
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
10% on cost (Leasehold improvements)
Fixtures & fittings
20% on reducing balance
Computer equipment
25% on cost
Stock of finished goods 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.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The Odd Chair Company Limited
Notes to the Accounts
for the year ended 31 December 2019
Corporation tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. 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 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.
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 in accordance with the scheme.
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Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2019
357,044
76,932
21,834
455,810
Additions
895
-
2,163
3,058
At 31 December 2019
357,939
76,932
23,997
458,868
At 1 January 2019
320,491
62,938
15,357
398,786
Charge for the year
90
2,799
864
3,753
At 31 December 2019
320,581
65,737
16,221
402,539
At 31 December 2019
37,358
11,195
7,776
56,329
At 31 December 2018
36,553
13,994
6,477
57,024
Work in progress
156,900
156,900
Finished goods
180,000
180,000
Trade debtors
130,423
96,613
Accrued income and prepayments
12,296
12,296
Other debtors
22,000
22,000
The Odd Chair Company Limited
Notes to the Accounts
for the year ended 31 December 2019
7
Creditors: amounts falling due within one year
2019
2018
Trade creditors
110,997
85,542
Taxes and social security
66,738
30,388
Other creditors
14,572
7,139
Loans from directors
212,297
126,561
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Average number of employees
During the year the average number of employees was 17 (2018: 17).
