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Registration number: 06937327

Advanced Commercial Interiors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Advanced Commercial Interiors Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Advanced Commercial Interiors Limited

Company Information

Directors

Richard Yeo

Roy Thompson

Registered office

Pear Tree Yard Town Street
Sandiacre
Nottingham
NG10 5DU

Accountants

Butler Cook
Office 3B, New Winnings Court
Ormonde Drive
Denby Hall Business Park
Denby
Derbyshire
DE5 8LE

 

Advanced Commercial Interiors Limited

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors of the company

The directors who held office during the year were as follows:

Richard Yeo

Roy Thompson

Principal activity

The principal activity of the company is Development of building projects

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

.........................................
Richard Yeo
Director

.........................................
Roy Thompson
Director

 

Advanced Commercial Interiors Limited

(Registration number: 06937327)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

228,763

221,346

Current assets

 

Debtors

5

1,093,316

1,074,171

Investments

6

90

90

Cash at bank and in hand

 

756,141

568,308

 

1,849,547

1,642,569

Creditors: Amounts falling due within one year

7

(763,720)

(698,001)

Net current assets

 

1,085,827

944,568

Total assets less current liabilities

 

1,314,590

1,165,914

Provisions for liabilities

(33,013)

(33,013)

Net assets

 

1,281,577

1,132,901

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,281,477

1,132,801

Shareholders' funds

 

1,281,577

1,132,901

For the financial year ending 30 June 2023 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.

 

Advanced Commercial Interiors Limited

(Registration number: 06937327)
Balance Sheet as at 30 June 2023

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 Board on 9 February 2024 and signed on its behalf by:
 

.........................................
Richard Yeo
Director

.........................................
Roy Thompson
Director

 

Advanced Commercial Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Pear Tree Yard Town Street
Sandiacre
Nottingham
NG10 5DU
England

These financial statements were authorised for issue by the Board on 9 February 2024.

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.

 

Advanced Commercial Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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

Office Equipment

33% Reducing Balance

Motor Vehicles

25% Reducing Balance

Fixtures & Fittings

15% Reducing Balance

Long Leasehold

10% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Advanced Commercial Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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.

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.

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.

 

Advanced Commercial Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 8).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

79,326

26,801

318,786

424,913

Additions

-

10,893

57,418

68,311

At 30 June 2023

79,326

37,694

376,204

493,224

Depreciation

At 1 July 2022

31,730

16,346

155,491

203,567

Charge for the year

7,933

4,959

48,002

60,894

At 30 June 2023

39,663

21,305

203,493

264,461

Carrying amount

At 30 June 2023

39,663

16,389

172,711

228,763

At 30 June 2022

47,596

10,455

163,295

221,346

Included within the net book value of land and buildings above is £39,663 (2022 - £47,596) in respect of long leasehold land and buildings.
 

 

Advanced Commercial Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

391,914

375,418

Amounts owed by related parties

663,000

663,000

Prepayments

 

9,733

7,706

Other debtors

 

28,669

28,047

   

1,093,316

1,074,171

6

Current asset investments

2023
£

2022
£

Shares in group undertakings

90

90

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

288,557

208,037

Taxation and social security

362,828

387,681

Other creditors

112,335

102,283

763,720

698,001

Creditors: amounts falling due after more than one year

2023
£

2022
£

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100