Furnaces UK Limited Filleted accounts for Companies House (small and micro)

FURNACES UK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06957878

FURNACES UK LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 November 2021

FURNACES UK LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

FURNACES UK LIMITED

STATEMENT OF FINANCIAL POSITION

30 November 2021

	2021		2020
Note	£	£	£

FIXED ASSETS

Tangible assets	4		2,518	3,147

CURRENT ASSETS

Stocks		17,872	23,331
Debtors	5	3,660	37,548
Cash at bank and in hand		49,165	33,806
		---------	---------
		70,697	94,685

CREDITORS: amounts falling due within one year	6	22,980		18,863
		---------		---------
NET CURRENT ASSETS			47,717	75,822
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			50,235	78,969

CREDITORS: amounts falling due after more than one year	7	40,000	–
		---------	---------
NET ASSETS		10,235	78,969
		---------	---------

FURNACES UK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 November 2021

	2021		2020
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	10,135	78,869
	---------	---------
SHAREHOLDERS FUNDS	10,235	78,969
	---------	---------

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.

For the year ending 30 November 2021 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 were approved by the board of directors and authorised for issue on 25 August 2022 , and are signed on behalf of the board by:

Mr M Hunt

Director

Company registration number: 06957878

FURNACES UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.

Revenue recognition

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.

Current tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

	Plant and machinery	-	20% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

4. TANGIBLE ASSETS

	Plant and machinery
	£
Cost
At 1 December 2020 and 30 November 2021	18,906
	---------
Depreciation
At 1 December 2020	15,759
Charge for the year	629
	---------
At 30 November 2021	16,388
	---------
Carrying amount
At 30 November 2021	2,518
	---------
At 30 November 2020	3,147
	---------

5. DEBTORS

	2021	2020
	£	£
Trade debtors	2,672	37,548
Other debtors	988	–
	--------	---------
	3,660	37,548
	--------	---------

6. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	10,000	–
Trade creditors	10,459	12,180
Corporation tax	–	988
Social security and other taxes	627	3,873
Other creditors	1,894	1,822
	---------	---------
	22,980	18,863
	---------	---------

7. CREDITORS: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	40,000	–
	---------	-----

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.