Furniture Kingdom Limited - Limited company - abbreviated - 11.6
Furniture Kingdom Limited - Limited company - abbreviated - 11.6
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 30 APRIL 2015 |
| FOR |
| FURNITURE KINGDOM LIMITED |
| FURNITURE KINGDOM LIMITED (REGISTERED NUMBER: 02828559) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 30 APRIL 2015 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| FURNITURE KINGDOM LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2015 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| SOLICITORS: |
| FURNITURE KINGDOM LIMITED (REGISTERED NUMBER: 02828559) |
| ABBREVIATED BALANCE SHEET |
| 30 APRIL 2015 |
| 30.4.15 | 30.4.14 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| Investment property | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Other reserves | 1,202,239 | 1,202,239 |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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. |
| FURNITURE KINGDOM LIMITED (REGISTERED NUMBER: 02828559) |
| ABBREVIATED BALANCE SHEET - continued |
| 30 APRIL 2015 |
| The financial statements were approved by the Board of Directors on |
| FURNITURE KINGDOM LIMITED (REGISTERED NUMBER: 02828559) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 30 APRIL 2015 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance with the |
| Financial Reporting Standard for Smaller Entities (effective April 2008). |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| The freehold and long leasehold properties are located in Benfleet, Essex. An assessment of the net realisable |
| value of the property at historic cost has been undertaken. On the basis that the property will be well |
| maintained and such repair costs will be charged to the profit and loss account, it is the view of the directors |
| that the net realisable value at historic cost equates to cost. Depreciation is charged on the freehold property |
| (excluding land) on the cost less estimated residual value over 50 years. On the basis of the above, no charge is |
| deemed necessary. An impairment review is carried out on an annual basis to assess whether the market value |
| of the property is at least as much as the carrying value in the accounts. Provision is made for any permanent |
| fall in value. |
| Investment property |
| Investment property is included at cost plus incidental costs. The Company does not depreciate Investment |
| Property. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
| held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
| leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to the profit and loss account over the relevant period. The |
| capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
| period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to the profit and loss account in the period to which they relate. |
| FURNITURE KINGDOM LIMITED (REGISTERED NUMBER: 02828559) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2015 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 May 2014 |
| Additions |
| Disposals | ( |
) |
| Reclassification/transfer | ( |
) |
| At 30 April 2015 |
| DEPRECIATION |
| At 1 May 2014 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 April 2015 |
| NET BOOK VALUE |
| At 30 April 2015 |
| At 30 April 2014 |
| 3. | INVESTMENT PROPERTY |
| In accordance with IAS 40 Investment Properties have been reclassified and included in the Balance Sheet at |
| cost plus associated costs. No depreciation is provided as the company maintains the properties to a high |
| standard. The Directors estimate the fair value of the Investment Properties to be £643,292 at the Balance |
| Sheet date. (2014 : £137,002) |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.4.15 | 30.4.14 |
| value: | £ | £ |
| Ordinary | 1 |
| 5. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The Company has made one of its Investment Properties available to Mr PL Harrison, one of the Directors. |