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Registration number: 08334136

Lisa Barton Interiors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Lisa Barton Interiors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Lisa Barton Interiors Limited

Company Information

Directors

Lisa Barton

Craig Barton

Registered office

9 Hare & Billet Road
Blackheath
SE3 0RB

Accountants

Field Sullivan Limited
9 Hare & Billet Road
Blackheath
SE3 0RB

 

Lisa Barton Interiors Limited

(Registration number: 08334136)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

5

-

1,000

Tangible assets

6

6,644

576,487

Investment property

7

700,000

-

 

706,644

577,487

Current assets

 

Stocks

8

14,100

13,225

Debtors

9

54,910

69,382

Cash at bank and in hand

 

210,885

164,108

 

279,895

246,715

Creditors: Amounts falling due within one year

10

(103,033)

(99,521)

Net current assets

 

176,862

147,194

Total assets less current liabilities

 

883,506

724,681

Creditors: Amounts falling due after more than one year

10

(243,166)

(264,369)

Provisions for liabilities

(24,523)

-

Net assets

 

615,817

460,312

Capital and reserves

 

Called up share capital

12

2

2

Retained earnings

615,815

460,310

Shareholders' funds

 

615,817

460,312

For the financial year ending 31 December 2022 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 of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Lisa Barton Interiors Limited

(Registration number: 08334136)
Balance Sheet as at 31 December 2022

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................
Lisa Barton
Director

 

Lisa Barton Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
9 Hare & Billet Road
Blackheath
SE3 0RB

These financial statements were authorised for issue by the Board on 23 October 2023.

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 when the service is performed, if the service straddles more than one accounting period,
income is recognised on a pro rata basis.

Tax

The tax expense for the period comprises current and deferred 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.

 

Lisa Barton Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years straight line

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.

 

Lisa Barton Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Lisa Barton Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 3).

4

Taxation

Tax charged/(credited) in the income statement

2022
£

2021
£

Current taxation

UK corporation tax

27,375

27,045

Deferred taxation

Arising from origination and reversal of timing differences

24,524

-

Tax expense in the income statement

51,899

27,045

 

Lisa Barton Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

10,000

10,000

At 31 December 2022

10,000

10,000

Amortisation

At 1 January 2022

9,000

9,000

Amortisation charge

1,000

1,000

At 31 December 2022

10,000

10,000

Carrying amount

At 31 December 2022

-

-

At 31 December 2021

1,000

1,000

6

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

518,205

26,165

544,370

Additions

52,724

3,300

56,024

Transfers to/from investment property

(570,929)

-

(570,929)

At 31 December 2022

-

29,465

29,465

Depreciation

At 1 January 2022

-

20,606

20,606

Charge for the year

-

2,215

2,215

At 31 December 2022

-

22,821

22,821

Carrying amount

At 31 December 2022

-

6,644

6,644

At 31 December 2021

570,929

5,558

576,487

Included within the net book value of land and buildings above is £ (2021 - £570,929) in respect of freehold land and buildings.
 

 

Lisa Barton Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Investment properties

2022
£

Additions

570,929

Fair value adjustments

129,071

At 31 December

700,000

The directors have valued the investment property at the year end at £700,000.

8

Stocks

2022
£

2021
£

Other inventories

14,100

13,225

9

Debtors

Current

2022
£

2021
£

Trade debtors

53,157

66,829

Other debtors

1,753

2,553

 

54,910

69,382

10

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

13

24,715

24,714

Trade creditors

 

8,644

6,173

Taxation and social security

 

61,093

65,323

Accruals and deferred income

 

1,740

1,460

Other creditors

 

6,841

1,851

 

103,033

99,521

 

Lisa Barton Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

13

243,166

264,369

11

Deferred tax and other provisions

Deferred tax
£

Total
£

Additional provisions

24,523

24,523

At 31 December 2022

24,523

24,523

12

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

 

2

2

2

2

13

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

171,390

189,988

Other borrowings

71,776

74,381

243,166

264,369

2022
£

2021
£

Current loans and borrowings

Bank borrowings

24,715

24,714

 

Lisa Barton Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

14

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £32,000.00 (2021 - £20,000.00) per each Ordinary A

 

32,000

 

20,000

Interim dividend of £32,000.00 (2021 - £20,000.00) per each Ordinary B

 

32,000

 

20,000

   

64,000

 

40,000

15

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

36,033

20,829

Contributions paid to money purchase schemes

792

792

36,825

21,621