Company Registration No. 09812243 (England and Wales)
MM FURNISHINGS LTD
Unaudited accounts
for the year ended 27 October 2022
MM FURNISHINGS LTD
Unaudited accounts
Contents
MM FURNISHINGS LTD
Company Information
for the year ended 27 October 2022
Company Number
09812243 (England and Wales)
Registered Office
LEVEL 1 DEVONSHIRE HOUSE
1 MAYFAIR PLACE
LONDON
W1J 8AJ
ENGLAND
MM FURNISHINGS LTD
Statement of financial position
as at 27 October 2022
Tangible assets
3,852
3,280
Cash at bank and in hand
21,780
3,363
Creditors: amounts falling due within one year
(439,776)
(461,838)
Net current assets
24,108
57,689
Total assets less current liabilities
27,960
60,969
Creditors: amounts falling due after more than one year
(22,257)
(35,733)
Provisions for liabilities
Called up share capital
1
1
Profit and loss account
4,970
24,612
Shareholders' funds
4,971
24,613
For the year ending 27 October 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 director acknowledges her 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 and authorised for issue on 25 July 2023 and were signed on its behalf by
Itala Santos
Director
Company Registration No. 09812243
MM FURNISHINGS LTD
Notes to the Accounts
for the year ended 27 October 2022
MM FURNISHINGS LTD is a private company, limited by shares, registered in England and Wales, registration number 09812243. The registered office is LEVEL 1 DEVONSHIRE HOUSE, 1 MAYFAIR PLACE, LONDON, W1J 8AJ, ENGLAND.
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.
The accounts are presented in £ sterling.
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.
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:
Plant & machinery
25% on reducing balance
Motor vehicles
25% on reducing balance
Computer equipment
25% on reducing balance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Inventories have 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.
MM FURNISHINGS LTD
Notes to the Accounts
for the year ended 27 October 2022
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.
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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 28 October 2021
314
7,000
5,689
13,003
At 27 October 2022
314
7,000
7,545
14,859
At 28 October 2021
79
5,339
4,305
9,723
Charge for the year
59
415
810
1,284
At 27 October 2022
138
5,754
5,115
11,007
At 27 October 2022
176
1,246
2,430
3,852
At 27 October 2021
235
1,661
1,384
3,280
Amounts falling due within one year
Trade debtors
32,812
156,463
Accrued income and prepayments
-
666
Other debtors
395,292
345,035
MM FURNISHINGS LTD
Notes to the Accounts
for the year ended 27 October 2022
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
25,082
34,014
Trade creditors
64,982
28,132
Taxes and social security
194,606
239,370
Other creditors
26,497
6,337
7
Creditors: amounts falling due after more than one year
2022
2021
The bank loans are guaranteed by the Government (being part of the Coronavirus Bounce Back Loan Scheme).
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
268,579
150,051
102,942
315,688
268,579
150,051
102,942
315,688
This loan was unsecured with interest charged at HMRC approved rates with no specified repayment date.
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Average number of employees
During the year the average number of employees was 3 (2021: 4).
