DF Soft Furnishing Ltd Filleted accounts for Companies House (small and micro)

DF Soft Furnishing Ltd Filleted accounts for Companies House (small and micro)

DF SOFT FURNISHING LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10225185
DF Soft Furnishing Ltd
Filleted Unaudited Financial Statements
Year ended
31 July 2023
DF Soft Furnishing Ltd
Financial Statements
Year ended 31 July 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
DF Soft Furnishing Ltd
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
57,880
21,949
Current assets
Stocks
4,000
4,000
Debtors
6
71,937
70,683
Cash at bank and in hand
–
3,184
--------
--------
75,937
77,867
Creditors: amounts falling due within one year
7
68,960
67,428
--------
--------
Net current assets
6,977
10,439
--------
--------
Total assets less current liabilities
64,857
32,388
Creditors: amounts falling due after more than one year
8
47,532
31,103
Provisions
11,222
–
--------
--------
Net assets
6,103
1,285
--------
--------
DF Soft Furnishing Ltd
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
6,003
1,185
-------
-------
Shareholders funds
6,103
1,285
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 April 2024 , and are signed on behalf of the board by:
C D Dancer-Farren
L Dancer-Farren
Director
Director
Company registration number: 10225185
DF Soft Furnishing Ltd
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Church Green East, Redditch, Worcs, B98 9BT. The company trades from 6 Eachway, Rubery, Birmingham, B45 9DQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer. Where a service is incomplete at the year end, turnover represents the value of the service provided to that date based on an appropriate proportion of the total expected consideration at completion. The value of incomplete services is recorded as accrued income and included as part of debtors.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 August 2022
54,729
3,855
58,584
Additions
60,000
686
60,686
Disposals
( 27,735)
–
( 27,735)
--------
-------
--------
At 31 July 2023
86,994
4,541
91,535
--------
-------
--------
Depreciation
At 1 August 2022
34,083
2,552
36,635
Charge for the year
18,796
497
19,293
Disposals
( 22,273)
–
( 22,273)
--------
-------
--------
At 31 July 2023
30,606
3,049
33,655
--------
-------
--------
Carrying amount
At 31 July 2023
56,388
1,492
57,880
--------
-------
--------
At 31 July 2022
20,646
1,303
21,949
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
60,502
61,352
Other debtors
11,435
9,331
--------
--------
71,937
70,683
--------
--------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
–
3,525
----
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,435
1,267
Trade creditors
24,164
37,424
Social security and other taxes
16,966
13,864
Barclaycard
194
–
Other creditors
21,201
14,873
--------
--------
68,960
67,428
--------
--------
Other creditors include hire purchase creditors of £15,061 (2022 £4,879) which are secured on the assets concerned.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
10,133
16,467
Other creditors
37,399
14,636
--------
--------
47,532
31,103
--------
--------
Other creditors include hire purchase creditors of £37,399 (2022 £14,636) which are secured on the assets concerned.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Directors' advances, credits and guarantees
At the start of the year advances to directors from the company totalled £ 4,898 . During the year there were further advances of £ 29,950 . Repayments of £ 24,067 were made and the balance at the period end was £ 10,781 . The advances were made interest free and are repayable on demand.