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Registration number: 07989987

Applied Interiors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2022

 

Applied Interiors Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Applied Interiors Limited

Company Information

Director

Mr N Aulton

Company secretary

Mr N Aulton

Registered office

Old Bank Buildings
Upper High Street
Cradley Heath
West Midlands
B64 5HY

Accountants

Sandwell Accountancy Services Ltd
Certified Public Accountants
Old Bank Buildings
Upper High Street
Cradley Heath
West Midlands
B64 5HY

 

Applied Interiors Limited

(Registration number: 07989987)
Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

33,449

15,615

Current assets

 

Debtors

284,344

67,095

Cash at bank and in hand

 

68,438

51,551

 

352,782

118,646

Creditors: Amounts falling due within one year

5

(96,907)

(32,332)

Net current assets

 

255,875

86,314

Total assets less current liabilities

 

289,324

101,929

Creditors: Amounts falling due after more than one year

5

(62,960)

(55,165)

Net assets

 

226,364

46,764

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

226,264

46,664

Shareholders' funds

 

226,364

46,764

For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 8 August 2022
 

.........................................
Mr N Aulton
Company secretary and director 1

   
 

Applied Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Old Bank Buildings
Upper High Street
Cradley Heath
West Midlands
B64 5HY
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Applied Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance basis

Motor vehicles

20% Reducing balance basis

Computer equipment

20% Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Applied Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Applied Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2021

5,131

738

22,010

27,879

Additions

-

-

26,195

26,195

At 30 April 2022

5,131

738

48,205

54,074

Depreciation

At 1 May 2021

3,795

545

7,924

12,264

Charge for the year

266

39

8,056

8,361

At 30 April 2022

4,061

584

15,980

20,625

Carrying amount

At 30 April 2022

1,070

154

32,225

33,449

At 30 April 2021

1,336

193

14,086

15,615

5

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

7

9,641

4,301

Taxation and social security

 

8,319

7,036

Accruals and deferred income

 

1,600

1,400

Other creditors

 

77,347

19,595

 

96,907

32,332

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

62,960

55,165

 

Applied Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

6

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.01 each

10,000

100.00

10,000

100.00

         

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

46,280

50,000

Hire purchase contracts

16,680

5,165

62,960

55,165

2022
£

2021
£

Current loans and borrowings

Hire purchase contracts

9,641

4,301

8

Dividends

   

2022

 

2021

   

£

 

£

Final dividend of £1.32 (2021 - £1.47) per ordinary share

 

13,226

 

14,650

         

9

Related party transactions

 

Applied Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

14,688

14,296