Company registration number 02347828 (England and Wales)
OFFICE IMAGE INTERIORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
OFFICE IMAGE INTERIORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OFFICE IMAGE INTERIORS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
102,074
10,181
Current assets
Stocks
8,500
7,000
Debtors
4
286,730
117,999
Cash at bank and in hand
115,917
110,315
411,147
235,314
Creditors: amounts falling due within one year
5
(308,788)
(125,571)
Net current assets
102,359
109,743
Total assets less current liabilities
204,433
119,924
Creditors: amounts falling due after more than one year
6
(35,053)
(43,472)
Provisions for liabilities
(18,218)
(1,934)
Net assets
151,162
74,518
Capital and reserves
Called up share capital
7
714
714
Capital redemption reserve
786
786
Profit and loss reserves
149,662
73,018
Total equity
151,162
74,518
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OFFICE IMAGE INTERIORS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 November 2023
Mr E P Loftus
Director
Company registration number 02347828 (England and Wales)
OFFICE IMAGE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2023
- 3 -
1
Accounting policies
Company information
Office Image Interiors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, United Kingdom, BB1 6AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected economic useful life as follows:
Fixtures and fittings
25% per annum reducing balance
Motor Vehicles
25% per annum reducing balance
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
OFFICE IMAGE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax is recognised, without discounting, in respect of timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
1
OFFICE IMAGE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Motor Vehicles
Total
£
£
£
Cost
At 30 June 2022
20,247
25,980
46,227
Additions
2,266
115,691
117,957
Disposals
(15,625)
(15,625)
At 29 June 2023
22,513
126,046
148,559
Depreciation and impairment
At 30 June 2022
14,208
21,838
36,046
Depreciation charged in the year
1,602
12,304
13,906
Eliminated in respect of disposals
(3,467)
(3,467)
At 29 June 2023
15,810
30,675
46,485
Carrying amount
At 29 June 2023
6,703
95,371
102,074
At 29 June 2022
6,039
4,142
10,181
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
257,523
117,151
Amounts owed by group undertakings
26,185
Other debtors
3,022
848
286,730
117,999
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,842
3,264
Trade creditors
94,935
63,272
Amounts owed to group undertakings
127,156
31,152
Corporation tax
44,595
20,039
Other taxation and social security
29,999
316
Other creditors
6,261
7,528
308,788
125,571
OFFICE IMAGE INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,053
43,472
The bank loan is a loan provided under the bounce back loan scheme secured by the government.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
11,687
30,417
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
714
714
714
714