OLIVER JAMES FURNITURE LIMITED

OLIVER JAMES FURNITURE LIMITED

OLIVER JAMES FURNITURE LIMITED - Company Information

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OLIVER JAMES FURNITURE LIMITED

Company Registration Number:
05680619 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2020

Period of accounts

Start date: 01 April 2019

End date: 31 March 2020

OLIVER JAMES FURNITURE LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2020

Balance sheet
Notes

OLIVER JAMES FURNITURE LIMITED

Balance sheet

As at 31 March 2020


Notes
2020
2019


£
£
Fixed assets
Tangible assets: 3 4,496 6,365
Total fixed assets: 4,496 6,365
Current assets
Stocks: 180,896 53,520
Debtors:   11,850 8,250
Cash at bank and in hand: 81,302 52,192
Total current assets: 274,048 113,962
Creditors: amounts falling due within one year:   (251,087) (116,893)
Net current assets (liabilities): 22,961 (2,931)
Total assets less current liabilities: 27,457 3,434
Total net assets (liabilities): 27,457 3,434
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 27,357 3,334
Shareholders funds: 27,457 3,434

The notes form part of these financial statements

OLIVER JAMES FURNITURE LIMITED

Balance sheet statements

For the year ending 31 March 2020 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 29 May 2020
and signed on behalf of the board by:

Name: P Acutt
Status: Director

The notes form part of these financial statements

OLIVER JAMES FURNITURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

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

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 policy

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:Leasehold land and building - over term of leasePlant and machinery - over 4 yearsFixtures, fittings, tools and equipment - over 4 years

Other accounting policies

StocksStocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

OLIVER JAMES FURNITURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

2. Employees

2020 2019
Average number of employees during the period 10 10

OLIVER JAMES FURNITURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

3. Tangible Assets

Total
Cost £
At 01 April 2019 77,039
At 31 March 2020 77,039
Depreciation
At 01 April 2019 70,674
Charge for year 1,869
At 31 March 2020 72,543
Net book value
At 31 March 2020 4,496
At 31 March 2019 6,365