STEVEN_BURGESS_FINE_FURNI - Accounts

Company Registration No. SC258853 (Scotland)
STEVEN BURGESS FINE FURNITURE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
STEVEN BURGESS FINE FURNITURE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
STEVEN BURGESS FINE FURNITURE LTD
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
304,222
323,856
Current assets
Stocks
128,000
172,000
Debtors
5
1,667
13,460
Cash at bank and in hand
49,178
28,199
178,845
213,659
Creditors: amounts falling due within one year
6
(448,069)
(524,648)
Net current liabilities
(269,224)
(310,989)
Total assets less current liabilities
34,998
12,867
Provisions for liabilities
(6,531)
(9,047)
Net assets
28,467
3,820
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
28,466
3,819
Total equity
28,467
3,820

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

STEVEN BURGESS FINE FURNITURE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 January 2021 and are signed on its behalf by:
Mr S Burgess
Director
Company Registration No. SC258853
STEVEN BURGESS FINE FURNITURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information

Steven Burgess Fine Furniture Ltd is a private company limited by shares incorporated in Scotland. The registered office is The Furniture Shop, Arnprior, Stirling, United Kingdom, FK8 3HA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
not provided
Property improvements
10% on cost
Plant & machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Any impairment loss is recognised immediately in profit or loss.

 

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

 

STEVEN BURGESS FINE FURNITURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, hire purchase and directors' loans.

 

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

 

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of Income and Retained Earnings.

 

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 12 (2019 - 12).

STEVEN BURGESS FINE FURNITURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
350,000
Amortisation and impairment
At 1 April 2019 and 31 March 2020
350,000
Carrying amount
At 31 March 2020
-
At 31 March 2019
-
STEVEN BURGESS FINE FURNITURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
4
Tangible fixed assets
Freehold property
Property improvements
Plant & machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2019
228,175
45,368
32,170
51,322
22,695
38,380
418,110
Additions
-
-
1,208
-
200
-
1,408
At 31 March 2020
228,175
45,368
33,378
51,322
22,895
38,380
419,518
Depreciation and impairment
At 1 April 2019
-
4,537
26,650
35,984
17,488
9,595
94,254
Depreciation charged in the year
-
4,537
1,683
3,835
3,791
7,196
21,042
At 31 March 2020
-
9,074
28,333
39,819
21,279
16,791
115,296
Carrying amount
At 31 March 2020
228,175
36,294
5,045
11,503
1,616
21,589
304,222
At 31 March 2019
228,175
40,831
5,520
15,338
5,207
28,785
323,856
STEVEN BURGESS FINE FURNITURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
1,667
-
Prepayments and accrued income
-
13,460
1,667
13,460
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
61,402
92,340
Taxation and social security
19,898
32,201
Deferred income
85,076
99,500
Other creditors
274,449
292,127
Accruals and deferred income
7,244
8,480
448,069
524,648
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
2020-03-312019-04-01false12 January 2021CCH SoftwareCCH Accounts Production 2020.200No description of principal activityMr S BurgessMr P LyonMr P LyonSC2588532019-04-012020-03-31SC2588532020-03-31SC2588532019-03-31SC258853core:LandBuildingscore:OwnedOrFreeholdAssets2020-03-31SC258853core:LandBuildingscore:LeasedAssetsHeldAsLessee2020-03-31SC258853core:PlantMachinery2020-03-31SC258853core:FurnitureFittings2020-03-31SC258853core:ComputerEquipment2020-03-31SC258853core:MotorVehicles2020-03-31SC258853core:LandBuildingscore:OwnedOrFreeholdAssets2019-03-31SC258853core:LandBuildingscore:LeasedAssetsHeldAsLessee2019-03-31SC258853core:PlantMachinery2019-03-31SC258853core:FurnitureFittings2019-03-31SC258853core:ComputerEquipment2019-03-31SC258853core:MotorVehicles2019-03-31SC258853core:CurrentFinancialInstrumentscore:WithinOneYear2020-03-31SC258853core:CurrentFinancialInstrumentscore:WithinOneYear2019-03-31SC258853core:CurrentFinancialInstruments2020-03-31SC258853core:CurrentFinancialInstruments2019-03-31SC258853core:ShareCapital2020-03-31SC258853core:ShareCapital2019-03-31SC258853core:RetainedEarningsAccumulatedLosses2020-03-31SC258853core:RetainedEarningsAccumulatedLosses2019-03-31SC258853bus:Director12019-04-012020-03-31SC258853core:LandBuildingscore:OwnedOrFreeholdAssets2019-04-012020-03-31SC258853core:LandBuildingscore:LeasedAssetsHeldAsLessee2019-04-012020-03-31SC258853core:PlantMachinery2019-04-012020-03-31SC258853core:FurnitureFittings2019-04-012020-03-31SC258853core:ComputerEquipment2019-04-012020-03-31SC258853core:MotorVehicles2019-04-012020-03-31SC2588532018-04-012019-03-31SC258853core:NetGoodwill2019-03-31SC258853core:LandBuildingscore:OwnedOrFreeholdAssets2019-03-31SC258853core:LandBuildingscore:LeasedAssetsHeldAsLessee2019-03-31SC258853core:PlantMachinery2019-03-31SC258853core:FurnitureFittings2019-03-31SC258853core:ComputerEquipment2019-03-31SC258853core:MotorVehicles2019-03-31SC2588532019-03-31SC258853bus:PrivateLimitedCompanyLtd2019-04-012020-03-31SC258853bus:SmallCompaniesRegimeForAccounts2019-04-012020-03-31SC258853bus:FRS1022019-04-012020-03-31SC258853bus:AuditExemptWithAccountantsReport2019-04-012020-03-31SC258853bus:Director22019-04-012020-03-31SC258853bus:CompanySecretary12019-04-012020-03-31SC258853bus:FullAccounts2019-04-012020-03-31xbrli:purexbrli:sharesiso4217:GBP