Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-3112021-11-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity1truetrue 04553344 2021-11-01 2022-10-31 04553344 2020-11-01 2021-10-31 04553344 2022-10-31 04553344 2021-10-31 04553344 c:CompanySecretary1 2021-11-01 2022-10-31 04553344 c:Director1 2021-11-01 2022-10-31 04553344 c:RegisteredOffice 2021-11-01 2022-10-31 04553344 d:Buildings d:ShortLeaseholdAssets 2021-11-01 2022-10-31 04553344 d:Buildings d:ShortLeaseholdAssets 2022-10-31 04553344 d:Buildings d:ShortLeaseholdAssets 2021-10-31 04553344 d:PlantMachinery 2021-11-01 2022-10-31 04553344 d:PlantMachinery 2022-10-31 04553344 d:PlantMachinery 2021-10-31 04553344 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 04553344 d:FurnitureFittings 2021-11-01 2022-10-31 04553344 d:FurnitureFittings 2022-10-31 04553344 d:FurnitureFittings 2021-10-31 04553344 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 04553344 d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 04553344 d:ComputerSoftware 2022-10-31 04553344 d:ComputerSoftware 2021-10-31 04553344 d:OtherResidualIntangibleAssets 2021-11-01 2022-10-31 04553344 d:CurrentFinancialInstruments 2022-10-31 04553344 d:CurrentFinancialInstruments 2021-10-31 04553344 d:Non-currentFinancialInstruments 2022-10-31 04553344 d:Non-currentFinancialInstruments 2021-10-31 04553344 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 04553344 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 04553344 d:ShareCapital 2022-10-31 04553344 d:ShareCapital 2021-10-31 04553344 d:RetainedEarningsAccumulatedLosses 2022-10-31 04553344 d:RetainedEarningsAccumulatedLosses 2021-10-31 04553344 c:OrdinaryShareClass1 2021-11-01 2022-10-31 04553344 c:OrdinaryShareClass1 2022-10-31 04553344 c:OrdinaryShareClass1 2021-10-31 04553344 c:FRS102 2021-11-01 2022-10-31 04553344 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 04553344 c:FullAccounts 2021-11-01 2022-10-31 04553344 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 04553344 d:ComputerSoftware d:OwnedIntangibleAssets 2021-11-01 2022-10-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 04553344












INTERNI DESIGN STUDIO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

 

INTERNI DESIGN STUDIO LTD

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 12


 

INTERNI DESIGN STUDIO LTD
 
COMPANY INFORMATION


Director
D W Muchiri 




Company secretary
P Timlin



Registered number
04553344



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:04553344
INTERNI DESIGN STUDIO LTD

BALANCE SHEET
AS AT 31 OCTOBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
22,710
33,324

Tangible assets
 5 
81,993
109,260

  
104,703
142,584

Current assets
  

Stocks
 6 
195,836
230,395

Debtors: amounts falling due after more than one year
 7 
97,688
97,687

Debtors: amounts falling due within one year
 7 
80,950
38,152

Cash at bank and in hand
  
1,666
7,480

  
376,140
373,714

Creditors: amounts falling due within one year
 8 
(4,019,650)
(3,498,064)

Net current liabilities
  
 
 
(3,643,510)
 
 
(3,124,350)

  

Net liabilities
  
(3,538,807)
(2,981,766)


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
  
(3,539,807)
(2,982,766)

Total deficit
  
(3,538,807)
(2,981,766)


Page 2


 
REGISTERED NUMBER:04553344
INTERNI DESIGN STUDIO LTD
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2022

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D W Muchiri
Director

Date: 26 October 2023

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 

INTERNI DESIGN STUDIO LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

1.


General information

Interni Design Studio Ltd is a private company limited by shares and registered in England and Wales. Its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

As at the balance sheet date, the company liabilities exceeded assets by £3,503,998 (2021: £2,981,766). After making enquires, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilites as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 

INTERNI DESIGN STUDIO LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 5

 

INTERNI DESIGN STUDIO LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Other intangible fixed assets
-
5
years

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Plant and machinery
-
33%
Fixtures and fittings
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 

INTERNI DESIGN STUDIO LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

  
2.10

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
 
Page 7

 

INTERNI DESIGN STUDIO LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)


Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

Page 8

 

INTERNI DESIGN STUDIO LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

4.


Intangible assets




Website development

£



Cost


At 1 November 2021
53,070



At 31 October 2022

53,070



Amortisation


At 1 November 2021
19,746


Charge for the year on owned assets
10,614



At 31 October 2022

30,360



Net book value



At 31 October 2022
22,710



At 31 October 2021
33,324



Page 9

 

INTERNI DESIGN STUDIO LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

5.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 November 2021
174,769
30,582
168,383
373,734


Additions
-
-
7,160
7,160



At 31 October 2022

174,769
30,582
175,543
380,894



Depreciation


At 1 November 2021
73,414
29,861
161,199
264,474


Charge for the year on owned assets
24,967
721
8,739
34,427



At 31 October 2022

98,381
30,582
169,938
298,901



Net book value



At 31 October 2022
76,388
-
5,605
81,993



At 31 October 2021
101,355
721
7,184
109,260


6.


Stocks

2022
2021
£
£

Finished goods and goods for resale
195,836
230,395


Page 10

 

INTERNI DESIGN STUDIO LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

7.


Debtors

2022
2021
£
£

Due after more than one year

Other debtors
97,688
97,687


2022
2021
£
£

Due within one year

Other debtors
48,511
28,909

Prepayments and accrued income
32,439
9,243

80,950
38,152



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Other loans
3,895,989
3,334,343

Trade creditors
91,919
118,177

Other taxation and social security
13,732
31,342

Other creditors
242
242

Accruals and deferred income
17,768
13,960

4,019,650
3,498,064



9.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1,000 (2021 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



10.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,813 (2021: £1,845). At the balance sheet date £242 (2021: £242) of contributions were unpaid and included in creditors.

Page 11

 

INTERNI DESIGN STUDIO LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

11.


Related party transactions

As at the balance sheet date, the company owed the director £3,895,989 (2021: £3,334,343).

 
Page 12