Company Registration No. 02720588 (England and Wales)
The Odd Chair Company Limited
Unaudited accounts
for the year ended 31 December 2022
The Odd Chair Company Limited
Unaudited accounts
Contents
The Odd Chair Company Limited
Company Information
for the year ended 31 December 2022
Directors
James COOK
Victoria COOK
Company Number
02720588 (England and Wales)
Registered Office
Unit 15
Centurion Industrial Estate
Centurion Way
Leylan
PR25 4GU
United Kingdom
Accountants
Stewart Advisory Limited
Cotton Court
Church Street
Preston
PR1 3BY
The Odd Chair Company Limited
Statement of financial position
as at 31 December 2022
Tangible assets
26,006
46,019
Inventories
333,900
333,900
Cash at bank and in hand
244,347
380,320
Creditors: amounts falling due within one year
(231,889)
(389,392)
Net current assets
513,026
430,325
Total assets less current liabilities
539,032
476,344
Creditors: amounts falling due after more than one year
(30,833)
(40,000)
Net assets
508,199
436,344
Called up share capital
100
100
Profit and loss account
508,099
436,244
Shareholders' funds
508,199
436,344
For the year ending 31 December 2022 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2023 and were signed on its behalf by
Victoria COOK
Director
Company Registration No. 02720588
The Odd Chair Company Limited
Notes to the Accounts
for the year ended 31 December 2022
The Odd Chair Company Limited is a private company, limited by shares, registered in England and Wales, registration number 02720588. The registered office is Unit 15, Centurion Industrial Estate, Centurion Way, Leylan, PR25 4GU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Stock of finished goods been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due in accordance with the scheme.
The Odd Chair Company Limited
Notes to the Accounts
for the year ended 31 December 2022
Corporation tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on cost (Leasehold improvements)
Fixtures & fittings
20% on reducing balance
Computer equipment
25% on cost
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2022
359,098
78,934
26,245
464,277
Additions
-
14,411
2,702
17,113
At 31 December 2022
359,098
93,345
28,947
481,390
At 1 January 2022
324,348
70,435
23,475
418,258
Charge for the year
34,750
1,700
676
37,126
At 31 December 2022
359,098
72,135
24,151
455,384
At 31 December 2022
-
21,210
4,796
26,006
At 31 December 2021
34,750
8,499
2,770
46,019
Amounts falling due within one year
Trade debtors
142,668
71,201
Accrued income and prepayments
2,000
12,296
Other debtors
22,000
22,000
The Odd Chair Company Limited
Notes to the Accounts
for the year ended 31 December 2022
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
10,000
10,000
Trade creditors
82,232
133,929
Taxes and social security
39,601
82,994
Other creditors
2,867
4,487
Loans from directors
97,189
157,982
7
Creditors: amounts falling due after more than one year
2022
2021
8
Operating lease commitments
2022
2021
At 31 December 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than five years
101,000
72,000
9
Average number of employees
During the year the average number of employees was 17 (2021: 16).
