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Registration number: 08786670

I Fit Out Limited

Unaudited Filleted Financial Statements

for the Period from 1 December 2022 to 30 June 2023

 

I Fit Out Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 11

 

I Fit Out Limited

Company Information

Directors

Mr Richard Hood

Mr Dominic Maher

Company secretary

Cobat Secretarial Services Limited

Registered office

1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

I Fit Out Limited

Directors' Report for the Period from 1 December 2022 to 30 June 2023

The directors present their report and the financial statements for the period from 1 December 2022 to 30 June 2023.

Directors of the company

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

Mr Richard Hood

Mr Dominic Maher (appointed 19 May 2023)

Principal activity

The principal activity of the company is Building refurbishment

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 4 March 2024 and signed on its behalf by:
 

.........................................
Mr Richard Hood
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
I Fit Out Limited
for the Period Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of I Fit Out Limited for the period ended 30 June 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of I Fit Out Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that I Fit Out Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the Company. You consider that I Fit Out Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of the Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

4 March 2024

 

I Fit Out Limited

(Registration number: 08786670)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

17,748

21,420

Current assets

 

Stocks

5

393,388

87,150

Debtors

6

15,920

33,727

Cash at bank and in hand

 

17,883

246,391

 

427,191

367,268

Creditors: Amounts falling due within one year

7

(254,790)

(227,792)

Net current assets

 

172,401

139,476

Total assets less current liabilities

 

190,149

160,896

Creditors: Amounts falling due after more than one year

7

(27,082)

(33,391)

Net assets

 

163,067

127,505

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

162,967

127,405

Shareholders' funds

 

163,067

127,505

For the financial period 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 period 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 

.........................................
Mr Richard Hood
Director

 

I Fit Out Limited

Statement of Changes in Equity for the Period from 1 December 2022 to 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

100

127,405

127,505

Profit for the period

-

35,562

35,562

At 30 June 2023

100

162,967

163,067

Share capital
£

Retained earnings
£

Total
£

At 1 December 2021

100

126,872

126,972

Profit for the period

-

533

533

At 30 November 2022

100

127,405

127,505

 

I Fit Out Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 30 June 2023

1

General information

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

The address of its registered office is:
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

These financial statements were authorised for issue by the Board on 4 March 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

I Fit Out Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 30 June 2023

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

Motor Vehicle

20% Reducing Balance

Computer

20% Reducing Balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Borrowings

 

I Fit Out Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 30 June 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 2).

 

I Fit Out Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

6,402

11,500

39,810

57,712

Additions

765

-

-

765

At 30 June 2023

7,167

11,500

39,810

58,477

Depreciation

At 1 December 2022

4,080

9,571

22,641

36,292

Charge for the period

617

386

3,434

4,437

At 30 June 2023

4,697

9,957

26,075

40,729

Carrying amount

At 30 June 2023

2,470

1,543

13,735

17,748

At 30 November 2022

2,322

1,929

17,169

21,420

5

Stocks

2023
£

2022
£

Work in progress

393,388

85,000

Other inventories

-

2,150

393,388

87,150

6

Debtors

Current

2023
£

2022
£

Other debtors

15,920

33,727

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

16,034

27,910

Other creditors

238,756

199,882

254,790

227,792

 

I Fit Out Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 30 June 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

27,082

33,391

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

27,082

33,391

10

Related party transactions

 

I Fit Out Limited

Notes to the Unaudited Financial Statements for the Period from 1 December 2022 to 30 June 2023

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

2022
£

Remuneration

20,500

24,000