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Company No: 11079716 (England and Wales)

STED INTERIORS LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

STED INTERIORS LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

STED INTERIORS LIMITED

BALANCE SHEET

As at 30 November 2023
STED INTERIORS LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 533 401
533 401
Current assets
Stocks 100 75
Debtors 4 83,582 156,534
Cash at bank and in hand 9,740 4,260
93,422 160,869
Creditors: amounts falling due within one year 5 ( 34,630) ( 81,682)
Net current assets 58,792 79,187
Total assets less current liabilities 59,325 79,588
Creditors: amounts falling due after more than one year 6 ( 12,729) ( 15,236)
Net assets 46,596 64,352
Capital and reserves
Called-up share capital 7 300 300
Profit and loss account 46,296 64,052
Total shareholders' funds 46,596 64,352

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of STED Interiors Limited (registered number: 11079716) were approved and authorised for issue by the Board of Directors on 08 February 2024. They were signed on its behalf by:

Mr S Edwards
Director
STED INTERIORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
STED INTERIORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

STED Interiors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Apex Brest Road, Derriford Business Park, Plymouth, PL6 5FL, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised by reference to the stage of completion of the contract and work undertaken on each individual project. Work is regularly billed but where work has been completed and not yet billed income continues to be recognised in line with stage of completion irrespective of billed work.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 2

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 December 2022 2,581 2,581
Additions 645 645
At 30 November 2023 3,226 3,226
Accumulated depreciation
At 01 December 2022 2,180 2,180
Charge for the financial year 513 513
At 30 November 2023 2,693 2,693
Net book value
At 30 November 2023 533 533
At 30 November 2022 401 401

4. Debtors

2023 2022
£ £
Trade debtors 39,339 114,430
Other debtors 44,243 42,104
83,582 156,534

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 2,314 2,314
Trade creditors 14,033 45,681
CIS withheld 1,523 3,746
Taxation and social security 14,370 28,481
Other creditors 2,390 1,460
34,630 81,682

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 12,729 15,236

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
200 Ordinary A shares of £ 1.00 each 200 200
100 Ordinary B shares of £ 1.00 each 100 100
300 300

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
As at 1 December 34,044 24,799
Advances to director 33,458 9,245
Repayments by director (33,713) 0
As at 30 November 33,789 34,044

During the year the company operated a loan account with the director which is repayable on demand and carries an interest charge of 2.25% per annum.