P F & C Jepson (Furniture) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01266595 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2022

for

P F & C Jepson (Furniture) Limited

Trading as

Sherwood Bed Centre

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

S Jepson

P F Jepson

Mrs C L Anderson

REGISTERED OFFICE:

15-17 Warsop Road

Mansfield Woodhouse

Nottinghamshire

NG19 9LE

REGISTERED NUMBER:

01266595 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

25 Brunts Street

Mansfield

Nottinghamshire

NG18 1AX

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P F & C Jepson (Furniture) Limited for the year ended 31 July 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of P F & C Jepson (Furniture) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of P F & C Jepson (Furniture) Limited and state those matters that we have agreed to state to the Board of Directors of P F & C Jepson (Furniture) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P F & C Jepson (Furniture) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that P F & C Jepson (Furniture) Limited 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 P F & C Jepson (Furniture) Limited. You consider that P F & C Jepson (Furniture) Limited 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 P F & C Jepson (Furniture) Limited. 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.

Wright Vigar Limited

Chartered Accountants & Business Advisers

25 Brunts Street

Mansfield

Nottinghamshire

NG18 1AX

25 April 2023

FIXED ASSETS

Tangible assets

4

89,523

93,907

CURRENT ASSETS

Stocks

173,007

148,092

Debtors

5

15,267

18,710

Cash at bank and in hand

268,925

381,966

457,199

548,768

CREDITORS

Amounts falling due within one year

6

163,132

328,969

NET CURRENT ASSETS

294,067

219,799

TOTAL ASSETS LESS CURRENT LIABILITIES

383,590

313,706

PROVISIONS FOR LIABILITIES

1,031

1,282

NET ASSETS

382,559

312,424

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Retained earnings

377,559

307,424

382,559

312,424

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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 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 25 April 2023 and were signed on its behalf by:

S Jepson - Director

1.	STATUTORY INFORMATION

P F & C Jepson (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.

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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and Buildings

-

Straight line over 20 years

Office Equipment

-

15% on reducing balance

Motor vehicles

-

25% 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.

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.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Land and

Office

Motor

Buildings

Equipment

vehicles

Totals

£

£

£

£

COST

At 1 August 2021

192,491

15,334

19,284

227,109

Additions

-

2,615

-

2,615

Disposals

-

(1,817

)

(436

)

(2,253

)

At 31 July 2022

192,491

16,132

18,848

227,471

DEPRECIATION

At 1 August 2021

107,238

8,610

17,354

133,202

Charge for year

4,736

1,144

472

6,352

Eliminated on disposal

-

(1,213

)

(393

)

(1,606

)

At 31 July 2022

111,974

8,541

17,433

137,948

NET BOOK VALUE

At 31 July 2022

80,517

7,591

1,415

89,523

At 31 July 2021

85,253

6,724

1,930

93,907

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

3,829

10,258

Other debtors

11,438

8,452

15,267

18,710

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

52,341

101,159

Taxation and social security

40,533

62,324

Other creditors

70,258

165,486

163,132

328,969

7.	OTHER FINANCIAL COMMITMENTS

The company leases premises under non-cancellable operating leases for £18250 per annum. This commitment expires on 3 January 2024.