Furniture Kingdom Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02828559 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

FOR

FURNITURE KINGDOM LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P L Harrison

Mrs D W Harrison

SECRETARY:

Mrs D W Harrison

REGISTERED OFFICE:

63 High Street

Hurstpierpoint

West Sussex

BN6 9RE

REGISTERED NUMBER:

02828559 (England and Wales)

ACCOUNTANTS:

Sykes Dalby & Truelove Limited

Chartered Accountants

63 High Street

Hurstpierpoint

West Sussex

BN6 9RE

SOLICITORS:

Andrew Hurrell, Solicitors & Notary

Central Chambers

227 London Road

Hadleigh

Benfleet

Essex

SS7 2RF

FIXED ASSETS

Tangible assets

4

868,449

879,585

Investment property

5

812,459

812,459

1,680,908

1,692,044

CURRENT ASSETS

Stocks

96,985

108,924

Debtors

6

38,712

36,538

Cash at bank and in hand

194,208

160,037

329,905

305,499

CREDITORS

Amounts falling due within one year

7

104,052

109,784

NET CURRENT ASSETS

225,853

195,715

TOTAL ASSETS LESS CURRENT LIABILITIES

1,906,761

1,887,759

PROVISIONS FOR LIABILITIES

167,700

228,962

NET ASSETS

1,739,061

1,658,797

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,738,061

1,657,797

SHAREHOLDERS' FUNDS

1,739,061

1,658,797

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 3 September 2018 and were signed on its behalf by:

P L Harrison - Director

1.	STATUTORY INFORMATION

Furniture Kingdom 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Freehold property

-

4% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

The freehold properties are located in Benfleet, Essex. Following the adoption of FRS102 (Section1A), the

freehold buildings, excluding land, are being depreciated at the rate of 4% per annum.The new policy came

into effect on 1 May 2015.

Investment property

Following adoption of FRS102 Section 1A, the investment properties are included in the Balance Sheet at fair

value.The valuation was carried out by the Directors having regard to local market conditions on 30 April

2017. 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.

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.

In accordance with FRS102 Section 1A, deferred taxation has been provided on property and investment

properties which have been revalued with effect 1 May 2015.

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 10 (2017 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 May 2017

888,144

-

61,957

Additions

-

17,542

3,575

At 30 April 2018

888,144

17,542

65,532

DEPRECIATION

At 1 May 2017

39,852

-

61,119

Charge for year

19,926

3,508

1,102

Eliminated on disposal

-

-

-

At 30 April 2018

59,778

3,508

62,221

NET BOOK VALUE

At 30 April 2018

828,366

14,034

3,311

At 30 April 2017

848,292

-

838

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2017

67,377

5,976

1,023,454

Additions

-

-

21,117

Disposals

(12,732

)

-

(12,732

)

At 30 April 2018

54,645

5,976

1,031,839

DEPRECIATION

At 1 May 2017

37,009

5,889

143,869

Charge for year

7,568

53

32,157

Eliminated on disposal

(12,636

)

-

(12,636

)

At 30 April 2018

31,941

5,942

163,390

NET BOOK VALUE

At 30 April 2018

22,704

34

868,449

At 30 April 2017

30,368

87

879,585

5.	INVESTMENT PROPERTY

The Investment Properties have been included in the Balance Sheet at fair value. The Directors estimate the

fair value of the Investment Properties to be £812,459 at the Balance Sheet date. (2017 : £812,459)

Fair value at 30 April 2018 is represented by:

£

Valuation in 2015

93,633

Valuation in 2016

36,846

Valuation in 2017

38,688

Cost

643,292

812,459

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Trade debtors

2,113

2,174

VAT

362

-

Prepayments

36,237

34,364

38,712

36,538

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Trade creditors

40,933

41,389

Tax

7,065

11,124

Social security and other taxes

6,476

2,683

VAT

-

2,677

Other creditors

565

-

Monies received in advance

11,719

16,846

Deposits paid in advance

13,630

22,584

Directors' current accounts

3,000

-

Accruals & deferred income

20,664

12,481

104,052

109,784

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2018 and

30 April 2017:

30.4.18

30.4.17

£

£

P L Harrison

Balance outstanding at start of year

-

-

Amounts repaid

(3,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(3,000

)

-

The Company has made one of its Investment Properties available to Mr PL and Mrs D Harrison who are

directors of the company.Mr P Harrison received a dividend of £5,000 in his capacity as shareholder.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is P L Harrison.