PAPWORTH FURNITURE LIMITED

PAPWORTH FURNITURE LIMITED

PAPWORTH FURNITURE LIMITED - Company Information

Print Friendly Version

PAPWORTH FURNITURE LIMITED

Company Registration Number:
03145742 (England and Wales)

Unaudited abridged accounts for the year ended 31 January 2022

Period of accounts

Start date: 01 February 2021

End date: 31 January 2022

PAPWORTH FURNITURE LIMITED

Contents of the Financial Statements

for the Period Ended 31 January 2022

Balance sheet
Notes

PAPWORTH FURNITURE LIMITED

Balance sheet

As at 31 January 2022


Notes
2022
2021


£
£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 142,540 185,195
Investments:   0 0
Total fixed assets: 142,540 185,195
Current assets
Stocks: 256,742 228,856
Debtors:   631,863 781,706
Cash at bank and in hand: 171,709 157,026
Investments:   0 0
Total current assets: 1,060,314 1,167,588
Creditors: amounts falling due within one year:   (306,051) (388,891)
Net current assets (liabilities): 754,263 778,697
Total assets less current liabilities: 896,803 963,892
Creditors: amounts falling due after more than one year:   (187,733) (267,325)
Provision for liabilities: 0 0
Total net assets (liabilities): 709,070 696,567
Capital and reserves
Called up share capital: 47,000 47,000
Share premium account: 0 0
Revaluation reserve: 00
Other reserves: 28,000 28,000
Profit and loss account: 634,070 621,567
Shareholders funds: 709,070 696,567

The notes form part of these financial statements

PAPWORTH FURNITURE LIMITED

Balance sheet statements

For the year ending 31 January 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 18 May 2022
and signed on behalf of the board by:

Name: L Tilley
Status: Director

The notes form part of these financial statements

PAPWORTH FURNITURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied andservices rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership havetransferred to the buyer (usually on despatch of the goods); the amount of revenue can be measuredreliably; it is probable that the associated economic benefits will flow to the entity; and the costsincurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, overthe useful economic life of that asset as follows:Plant and machinery - Depreciated over 7 years less any potential residual balanceFittings fixtures and equipment - Depreciated over 12 months from month after purchaseIf there is an indication that there has been a significant change in depreciation rate, useful life orresidual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Other accounting policies

StocksStocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costincludes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to theirpresent location and condition.Defined contribution plansContributions to defined contribution plans are recognised as an expense in the period in which therelated service is provided. Prepaid contributions are recognised as an asset to the extent that theprepayment 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 reportingdate in which the employees render the related service, the liability is measured on a discounted presentvalue basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period inwhich it arises.

PAPWORTH FURNITURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2022

2. Employees

2022 2021
Average number of employees during the period 16 16

PAPWORTH FURNITURE LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2022

3. Tangible Assets

Total
Cost £
At 01 February 2021 834,713
Additions 7,144
Disposals 0
Revaluations 0
Transfers 0
At 31 January 2022 841,857
Depreciation
At 01 February 2021 649,518
Charge for year 49,799
On disposals 0
Other adjustments 0
At 31 January 2022 699,317
Net book value
At 31 January 2022 142,540
At 31 January 2021 185,195