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REGISTERED NUMBER: 01908938 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

SELTEX INTERIORS LIMITED

SELTEX INTERIORS LIMITED (REGISTERED NUMBER: 01908938)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 DECEMBER 2022




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


SELTEX INTERIORS LIMITED (REGISTERED NUMBER: 01908938)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 283,082 141,798

CURRENT ASSETS
Inventories 130,204 127,618
Debtors 5 238,864 141,449
Cash at bank and in hand 312,386 270,594
681,454 539,661
CREDITORS
Amounts falling due within one year 6 282,058 206,183
NET CURRENT ASSETS 399,396 333,478
TOTAL ASSETS LESS CURRENT
LIABILITIES

682,478

475,276

CREDITORS
Amounts falling due after more than one
year

7

(159,001

)

(37,046

)

PROVISIONS FOR LIABILITIES 9 (30,800 ) (30,800 )
NET ASSETS 492,677 407,430

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 442,677 357,430
492,677 407,430

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2023 and were signed on its behalf by:




Mr A Fenman - Director


SELTEX INTERIORS LIMITED (REGISTERED NUMBER: 01908938)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 DECEMBER 2022

1. STATUTORY INFORMATION

Seltex Interiors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01908938

Registered office: 1 Horizon Trade Park
Ring Way
London
N11 2NW

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies,the director is required to make judgements,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when services are rendered to the customers.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and Machinery - 20% on reducing balance
Fixtures and Fittings - 10% on reducing balance
Motor Vehicles - 20% on reducing balance

The company has adopted the policy of not to depreciate the asset in the year of purchase, however full depreciation will be provided in the year of disposal.

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.


SELTEX INTERIORS LIMITED (REGISTERED NUMBER: 01908938)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Factoring debts
The company has all of its sales invoices subjected to factoring. The company's factoring arrangements can neither be called as derecognition nor linked presentation. Hence a separate presentation has been adopted whereby gross debts are shown as an asset on the balance sheet and proceeds from the factors are included within creditors as a liability.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value .

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2021 - 10 ) .

SELTEX INTERIORS LIMITED (REGISTERED NUMBER: 01908938)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2022

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2022 95,196 326,476 7,250 428,922
Additions 160,014 - - 160,014
At 31 December 2022 255,210 326,476 7,250 588,936
DEPRECIATION
At 1 January 2022 52,094 230,156 4,874 287,124
Charge for year 8,622 9,632 476 18,730
At 31 December 2022 60,716 239,788 5,350 305,854
NET BOOK VALUE
At 31 December 2022 194,494 86,688 1,900 283,082
At 31 December 2021 43,102 96,320 2,376 141,798


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 50,906 55,797
Other debtors 187,958 85,652
238,864 141,449

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 10,480 10,459
Hire purchase contracts (see note 8) 30,020 -
Trade creditors 63,803 57,694
Taxation and social security 5,114 24,611
Other creditors 172,641 113,419
282,058 206,183

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 31,942 37,046
Hire purchase contracts (see note 8) 127,059 -
159,001 37,046

SELTEX INTERIORS LIMITED (REGISTERED NUMBER: 01908938)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2022

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 30,020 -
Between one and five years 127,059 -
157,079 -

Non-cancellable operating leases
2022 2021
£    £   
Between one and five years 32,500 32,500

9. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 30,800 30,800

Deferred
tax
£   
Balance at 1 January 2022 30,800
Balance at 31 December 2022 30,800

10. RELATED PARTY DISCLOSURES

Included in the other creditors less than one year is an amount of £44,934 (2021: £35,783 ) due to the directors of the company. The loan was interest free and repayable on demand.