Wharfedale Furniture Limited - Accounts to registrar (filleted) - small 18.2

Wharfedale Furniture Limited - Accounts to registrar (filleted) - small 18.2

WHARFEDALE FURNITURE LIMITED - Company Information

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REGISTERED NUMBER: 05987650 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020

FOR

WHARFEDALE FURNITURE LIMITED
WHARFEDALE FURNITURE LIMITED (REGISTERED NUMBER: 05987650)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WHARFEDALE FURNITURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2020







DIRECTORS: I M Burrell
Mrs S P Burrell





SECRETARY: Mrs S P Burrell





REGISTERED OFFICE: St Pauls House
23 Park Square
Leeds
West Yorkshire
LS1 2ND





REGISTERED NUMBER: 05987650 (England and Wales)





ACCOUNTANTS: Sedulo Leeds Limited
St Paul's House
23 Park Square
Leeds
West Yorkshire
LS1 2ND
Page 1
WHARFEDALE FURNITURE LIMITED (REGISTERED NUMBER: 05987650)

BALANCE SHEET
31 JANUARY 2020

31.1.20 31.1.19
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,024 1,441
1,024 1,441

CURRENT ASSETS
Stocks 15,210 15,932
Debtors 6 18,000 18,356
Cash at bank 5,622 4,769
38,832 39,057
CREDITORS
Amounts falling due within one year 7 47,667 40,209
NET CURRENT LIABILITIES (8,835 ) (1,152 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(7,811
)
289

PROVISIONS FOR LIABILITIES 194 158
NET (LIABILITIES)/ASSETS (8,005 ) 131

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (8,105 ) 31
SHAREHOLDERS' FUNDS (8,005 ) 131

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The notes form part of these financial statements

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WHARFEDALE FURNITURE LIMITED (REGISTERED NUMBER: 05987650)

BALANCE SHEET - continued
31 JANUARY 2020


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2021 and were signed on its behalf by:





I M Burrell - Director


The notes form part of these financial statements

Page 3
WHARFEDALE FURNITURE LIMITED (REGISTERED NUMBER: 05987650)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020


1. STATUTORY INFORMATION

Wharfedale Furniture Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company in the year under review was that of furniture retail.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
In common with virtually every other business in the country, the Company has been experiencing the effects of the Coronavirus pandemic. Whilst the full impact of this exceptional situation on the Company cannot be assessed with complete certainty at the current time, the Directors believe they have taken all possible steps to protect the Company including accessing relevant Government assistance.
At the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 4 continued...
WHARFEDALE FURNITURE LIMITED (REGISTERED NUMBER: 05987650)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2020


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2019
and 31 January 2020 25,000
AMORTISATION
At 1 February 2019
and 31 January 2020 25,000
NET BOOK VALUE
At 31 January 2020 -
At 31 January 2019 -

Page 5 continued...
WHARFEDALE FURNITURE LIMITED (REGISTERED NUMBER: 05987650)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2020


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2019
and 31 January 2020 21,564
DEPRECIATION
At 1 February 2019 20,123
Charge for year 417
At 31 January 2020 20,540
NET BOOK VALUE
At 31 January 2020 1,024
At 31 January 2019 1,441

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.20 31.1.19
£    £   
Trade debtors - 149
Other debtors 18,000 18,207
18,000 18,356

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.20 31.1.19
£    £   
Trade creditors 21,369 18,862
Taxation and social security 17,912 12,341
Other creditors 8,386 9,006
47,667 40,209

8. LEASING AGREEMENTS
The company is committed to paying £13,500 per annum under non-cancellable operating leases. The total commitment due between one and five years is £50,625 (2019 - £64,125).

9. RELATED PARTY DISCLOSURES

Included within other debtors is an amount of £12,042 which is owed by the directors of the company (2019 : £12,718). This loan is interest free with no fixed term of repayment.

The directors of the company have given a personal guarantee in respect of the operating lease on the premises from which the company trades.

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