The Furniture Quarter Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09797429 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

The Furniture Quarter Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr R J Smith

REGISTERED OFFICE:

117 Abington Avenue

Northampton

Northamptonshire

NN1 4QB

REGISTERED NUMBER:

09797429 (England and Wales)

ACCOUNTANTS:

Clifford Roberts

63 Broad Green

Wellingborough

Northamptonshire

NN8 4LQ

FIXED ASSETS

Tangible assets

4

-

16,692

CURRENT ASSETS

Stocks

-

53,968

Debtors

5

-

33,313

Cash at bank and in hand

2,861

10,031

2,861

97,312

CREDITORS

Amounts falling due within one year

6

1,240

140,045

NET CURRENT ASSETS/(LIABILITIES)

1,621

(42,733

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,621

(26,041

)

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

8

1,620

(26,042

)

SHAREHOLDERS' FUNDS

1,621

(26,041

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 31 January 2019 and were signed by:

Mr R J Smith - Director

1.	STATUTORY INFORMATION

The Furniture Quarter 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

Revenue

Turnover represents net invoices sale of goods and services, excluding value added tax.

Revenue is recognised when the significant risks of ownership of the product have been transferred to

the buyer, which may be upon shipment, or the product being ready for delivery, based on specific

contract terms.

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

-

20% on cost

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.

Taxation

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.

Debtors and creditors

Short term debtors are measured at transaction price, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including

bank loans, are measured initially at fair value, net of transaction costs, and are measured

subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2017

23,291

Disposals

(23,291

)

At 31 March 2018

-

DEPRECIATION

At 1 April 2017

6,599

Eliminated on disposal

(6,599

)

At 31 March 2018

-

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

16,692

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

12,007

Amounts owed by group undertakings

-

21,306

-

33,313

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxation and social security

-

19,300

Other creditors

1,240

120,745

1,240

140,045

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

20

Ordinary

£0.05

1

1

8.

RESERVES

Retained

earnings

£

At 1 April 2017

(26,042

)

Profit for the year

27,662

At 31 March 2018

1,620

9.	RELATED PARTY DISCLOSURES

At the beginning of the financial year the company transferred its trade to a fellow subsidiary company.

At the year end the company owed £Nil to this fellow subsidiary company (2017 was owed £21,305).

The loan had been provided interest free with no payment terms.

The company has accrued costs amounting to £Nil (2017: £104,157) which is due to a fellow

subsidiary company.

During the period the company borrowed £1,240 (2017: £10,337) from the director, which was

outstanding at the year end. This was provided interest free and repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Home Furniture Centre Limited.