Company registration number 01261145 (England and Wales)
INTERIOR WORKSHOPS (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
INTERIOR WORKSHOPS (LONDON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
INTERIOR WORKSHOPS (LONDON) LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
85,063
77,541
Current assets
Debtors
5
225,786
171,307
Investments
6
60,240
60,240
Cash at bank and in hand
1,036,832
1,016,009
1,322,858
1,247,556
Creditors: amounts falling due within one year
7
(563,766)
(571,319)
Net current assets
759,092
676,237
Total assets less current liabilities
844,155
753,778
Creditors: amounts falling due after more than one year
8
(62,500)
(92,500)
Provisions for liabilities
(15,235)
(16,663)
Net assets
766,420
644,615
Capital and reserves
Called up share capital
9
374
534
Capital redemption reserve
426
266
Profit and loss reserves
765,620
643,815
Total equity
766,420
644,615

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 30 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.

INTERIOR WORKSHOPS (LONDON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 15 February 2024
Mr A Munday
Director
Company registration number 01261145 (England and Wales)
INTERIOR WORKSHOPS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Interior Workshops (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1-4 Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

1.3
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
10% straight line method
Fixtures, fittings & equipment
20% reducing balance method
Motor vehicles
20% reducing balance method
1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

INTERIOR WORKSHOPS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
22
25
INTERIOR WORKSHOPS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
40,637
213,471
254,108
Additions
-
0
26,115
26,115
At 30 June 2023
40,637
239,586
280,223
Depreciation and impairment
At 1 July 2022
19,202
157,365
176,567
Depreciation charged in the year
3,103
15,490
18,593
At 30 June 2023
22,305
172,855
195,160
Carrying amount
At 30 June 2023
18,332
66,731
85,063
At 30 June 2022
21,435
56,106
77,541
4
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
60,240
60,240
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
159,649
110,597
Other debtors
66,137
60,710
225,786
171,307
6
Current asset investments
2023
2022
£
£
Other investments
60,240
60,240
INTERIOR WORKSHOPS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
30,000
30,000
Trade creditors
84,047
63,037
Corporation tax
61,885
70,959
Other taxation and social security
78,003
76,215
Other creditors
309,831
331,108
563,766
571,319
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
62,500
92,500

The long term bank loan is secured by a fixed charge with Barclays Security Trustee Limited.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
-
1,602
-
160
Ordinary A shares of 10p each
267
267
27
27
Ordinary B shares of 10p each
3,471
3,471
347
347
3,738
5,340
374
534

On 2 August 2022, the company bought back 1,602 ordinary shares of 10p each for a total consideration of £40,740.

10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
48,353
112,823
11
Directors' transactions

At the year end, included in other creditors is an amount of £28,158 (2022: £27,034) due to the director of the company.

 

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