Nobis Furniture Ltd 31/10/2020 iXBRL

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Company registration number: 07365686
Nobis Furniture Ltd
Unaudited filleted financial statements
31 October 2020
Nobis Furniture Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Nobis Furniture Ltd
Directors and other information
Directors Mrs Eileen Mary Booth
Mr Leslie Booth
Company number 07365686
Registered office Unit 2B
Cyrus Way
Cygnet Park
Hampton
PE7 8HP
Business address Unit 2B
Cyrus Way
Cygnet Park
Hampton
PE7 8HP
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
Nobis Furniture Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Nobis Furniture Ltd
Year ended 31 October 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nobis Furniture Ltd for the year ended 31 October 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Nobis Furniture Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Nobis Furniture Ltd and state those matters that we have agreed to state to the board of directors of Nobis Furniture Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nobis Furniture Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Nobis Furniture Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nobis Furniture Ltd. You consider that Nobis Furniture Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Nobis Furniture Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
11 June 2021
Nobis Furniture Ltd
Statement of financial position
31 October 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 44,078 43,518
_______ _______
44,078 43,518
Current assets
Debtors 6 7,209 15,832
Cash at bank and in hand 25,090 6,896
_______ _______
32,299 22,728
Creditors: amounts falling due
within one year 7 ( 56,950) ( 51,596)
_______ _______
Net current liabilities ( 24,651) ( 28,868)
_______ _______
Total assets less current liabilities 19,427 14,650
Creditors: amounts falling due
after more than one year 8 ( 13,888) ( 5,213)
Provisions for liabilities ( 2,873) ( 2,766)
_______ _______
Net assets 2,666 6,671
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 2,566 6,571
_______ _______
Shareholders funds 2,666 6,671
_______ _______
For the year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 June 2021 , and are signed on behalf of the board by:
Mr Leslie Booth
Director
Company registration number: 07365686
Nobis Furniture Ltd
Notes to the financial statements
Year ended 31 October 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 2B, Cyrus Way, Cygnet Park, Hampton, PE7 8HP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Website - Nil
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2019: 5 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Website Total
£ £ £ £
Cost
At 1 November 2019 16,206 16,400 28,959 61,565
Additions 4,737 - - 4,737
_______ _______ _______ _______
At 31 October 2020 20,943 16,400 28,959 66,302
_______ _______ _______ _______
Depreciation
At 1 November 2019 10,103 7,944 - 18,047
Charge for the year 2,063 2,114 - 4,177
_______ _______ _______ _______
At 31 October 2020 12,166 10,058 - 22,224
_______ _______ _______ _______
Carrying amount
At 31 October 2020 8,777 6,342 28,959 44,078
_______ _______ _______ _______
At 31 October 2019 6,103 8,456 28,959 43,518
_______ _______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 3,039 4,175
Other debtors 4,170 11,657
_______ _______
7,209 15,832
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 3,429 2,200
Trade creditors 7,318 17,442
Corporation tax 15,761 10,642
Social security and other taxes 28,442 15,316
Other creditors 2,000 5,996
_______ _______
56,950 51,596
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 13,888 2,430
Other creditors - 2,783
_______ _______
13,888 5,213
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 1,948 (2019 £ - ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2020 2019
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Directors advances, credits and guarantees
Included in Other Debtors is a balance of £3,224 owing from the directors. This is unsecured, interest free and repayable by 30 April 2021.