PAUL ANTHONY FURNISHINGS LTD

PAUL ANTHONY FURNISHINGS LTD - Company Information

2019-04-012020-03-312020-03-31false02299499PAUL ANTHONY FURNISHINGS 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Registered Number
02299499
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 March 2020

PAUL ANTHONY FURNISHINGS LTD

Company Information


Registered Address	Care Of Redstone Accountancy
	28 Kansas Avenue
	Salford
	M50 2GL

PAUL ANTHONY FURNISHINGS LTD

Balance Sheet as at
31 March 2020

	Notes	2020		2019
		£	£	£	£
Fixed assets
Tangible assets	5		23,655		18,151
			23,655		18,151
Current assets
Stocks	6	41,409		50,000
Debtors	7	313,458		382,434
Cash at bank and on hand		9,491		17,862
		364,358		450,296
Creditors amounts falling due within one year	8	(215,373)		(219,252)
Net current assets (liabilities)			148,985		231,044
Total assets less current liabilities			172,640		249,195
Creditors amounts falling due after one year	9		(4,088)		(7,832)
Net assets			168,552		241,363
Capital and reserves
Called up share capital			204		204
Profit and loss account			168,348		241,159
Shareholders' funds			168,552		241,363

The company is a private company limited by shares and registered in England and Wales. It 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 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 and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 23 December 2020, and are signed on its behalf by:

KEIGHER, Anthony
Director
Registered Company No. 02299499

PAUL ANTHONY FURNISHINGS LTD

Notes to the Financial Statements
for the year ended 31 March 2020

1.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

2.	PRINCIPAL ACTIVITIES
	The principal activity of the company continued to be that of furniture retailers.

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	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.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Inventories policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	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.

Revenue recognition policy

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.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

3.	CRITICAL ESTIMATES AND JUDGEMENTS
	In the application of the company’s accounting policies, the director is required to make judgements, In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There have been no judgements, estimates or assumptions made in the preparation of these financial statements.

CRITICAL ESTIMATES AND JUDGEMENTS

In the application of the company’s accounting policies, the director is required to make judgements, In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There have been no judgements, estimates or assumptions made in the preparation of these financial statements.

4.	EMPLOYEE INFORMATION

		2020		2019
	Average number of employees during the year	17		19

5.	PROPERTY, PLANT AND EQUIPMENT

	Vehicles £	Fixtures & fittings £	Total £
Cost or valuation
At 01 April 19	32,980	22,439	55,419
Additions	10,315	1,683	11,998
At 31 March 20	43,295	24,122	67,417
Depreciation and impairment
At 01 April 19	18,829	18,439	37,268
Charge for year	5,687	807	6,494
At 31 March 20	24,516	19,246	43,762
Net book value
At 31 March 20	18,779	4,876	23,655
At 31 March 19	14,151	4,000	18,151

6.	INVENTORIES

		2020 £		2019 £
	Other inventories	41,409		50,000
	Total	41,409		50,000

7.	DEBTORS
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

DEBTORS

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	2020 £	2019 £
Trade debtors / trade receivables	77,710	40,634
Other debtors	234,777	261,894
Prepayments and accrued income	971	79,906
Total	313,458	382,434

8.	CREDITORS WITHIN ONE YEAR
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	2020 £	2019 £
Trade creditors / trade payables	79,308	84,536
Bank borrowings and overdrafts	16,731
Taxation and social security	59,096	86,856
Finance lease and HP contracts	3,744	3,428
Other creditors	56,494	44,432
Total	215,373	219,252

9.	CREDITORS AFTER ONE YEAR

		2020 £		2019 £
	Other creditors	4,088		7,832
	Total	4,088		7,832