Sofasforless Limited

Sofasforless Ltd, based in London, UK, is a small, active company established a decade ago in 2015. With nine employees and £363,009 in assets, it operates from a real address and is overseen by one director and owner. The company is an irregular importer, primarily dealing in raw hides, skins (not fur), and leather, with its last import activity occurring one month ago in September 2022.

The company’s core business revolves around wholesale furniture, carpets, and lighting equipment, alongside retail sales of furniture and lighting. It operates a specialised store, catering to a specific market segment. The website is non-existent, which suggests a reliance on wholesale channels and limited direct-to-consumer sales.

Financially, Sofasforless Ltd presents a mixed picture. While property, plant, and equipment gross cost increased by 23%, reflecting potential investments in its operations, net assets have dramatically decreased by 320%, plummeting to -£130,000. This significant decline is largely attributed to a sharp drop in retained earnings and accumulated losses. Cash bank on hand has also seen a drastic reduction, falling by 95% to just £1,700. Bank borrowings, however, have decreased by 81%, which could indicate efforts to manage debt. Trade debtors have also fallen by 95%, which could be a positive sign of improved collections. Despite these challenges, the company’s small size (meeting two of three criteria for turnover under £10.2m, assets under £5.1m, and fewer than 50 employees) allows for some flexibility. The lack of an auditor mentioned suggests the company is exempt from an audit as a small entity. The financial statements are therefore unaudited.

The company's substantial losses and dwindling cash reserves raise concerns about its financial health. While the decrease in bank borrowings is a positive development, the overall trend suggests that Sofasforless Ltd is burning through money. The lack of a website and reliance on irregular imports could be contributing factors to these challenges.

Registered in England/Wales under the registration number 09388090, with a registered address at N16 5HF, England, London, 161 Lordship Road.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.