Furniture Concept Ltd

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 04840084

		2019		2018
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	3		27,051		33,813

			27,051		33,813
CURRENT ASSETS
Debtors	4	8,903		19,871
Cash at bank and in hand		41,696		62,114

		50,599		81,985
Creditors: Amounts Falling Due Within One Year	5	(55,056 )		(89,424 )

NET CURRENT ASSETS (LIABILITIES)			(4,457 )		(7,439 )

TOTAL ASSETS LESS CURRENT LIABILITIES			22,594		26,374

Creditors: Amounts Falling Due After More Than One Year	6		(6,477 )		(11,557 )

NET ASSETS			16,117		14,817

CAPITAL AND RESERVES
Called up share capital	8		100		100
Profit and Loss Account			16,017		14,718

SHAREHOLDERS' FUNDS			16,117		14,818

Page 1

Balance Sheet (continued)

As at 31 July 2019

For the year ending 31 July 2019 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 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Michal Suszynski

Director

21/04/2020

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	20% reducing balance
Fixtures & Fittings	20% reducing balance
Computer Equipment	20% reducing balance

1.4. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2. Average Number of Employees

Average number of employees, including directors, during the year was as follows: 4 (2017: 4)

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Furniture Concept Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2019

3. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 August 2018	57,156	1,621	13,834	72,611

As at 31 July 2019	57,156	1,621	13,834	72,611

Depreciation
As at 1 August 2018	26,266	939	11,593	38,798
Provided during the period	6,178	136	448	6,762

As at 31 July 2019	32,444	1,075	12,041	45,560

Net Book Value
As at 31 July 2019	24,712	546	1,793	27,051

As at 1 August 2018	30,890	682	2,241	33,813

4. Debtors

	2019	2018
	£	£
Due within one year
Trade debtors	8,394	19,871
Other taxes and social security	509	-

	8,903	19,871

5. Creditors: Amounts Falling Due Within One Year

	2019	2018
	£	£
Trade creditors	9,657	17,129
Corporation tax	7,525	760
Other taxes and social security	-	4,204
VAT	4,314	15,610
Net wages	2,412	4,344
Barclays Credit card	429	396
Pension Control account	222	122
Other creditors - Advance money received	-	14,800
Other Creditors.	-	3,667
Accruals and deferred income	167	-
Directors' loan accounts	30,330	28,392

	55,056	89,424

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Furniture Concept Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2019

6. Creditors: Amounts Falling Due After More Than One Year

	2019	2018
	£	£
Net obligations under finance lease and hire purchase contracts	6,477	11,557

	6,477	11,557

7. Obligations Under Finance Leases and Hire Purchase

	2019	2018
	£	£
The maturity of these amounts is as follows:
Amounts Payable:
Between one and five years	6,477	11,557

	6,477	11,557

	6,477	11,557

8. Share Capital

	2019		2018
Allotted, Called up and fully paid	100		100

9. Dividends

	2019	2018
	£	£
On equity shares:
Interim dividend paid	29,000	44,000

	29,000	44,000

10. Controlling Party

The company's controlling party is Michal Suszynski - 49% ; Anna Suszynska - 51% by virtue of his ownership of the issued share capital in the company.

11. General Information

Furniture Concept Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04840084. The registered office is PO Box OFFICE 19, Big Yellow Self Storage, Beverley Way, New Malden, England, KT3 4PH.

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