Registered number
07299899
Interior Motives (NW) Limited
Unaudited Filleted Accounts
30 June 2023
Interior Motives (NW) Limited
Registered number: 07299899
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,707 2,276
Tangible assets 4 77,487 65,470
79,194 67,746
Current assets
Stocks 74,560 47,560
Debtors 5 36,377 112,795
Cash at bank and in hand 5,701 -
116,638 160,355
Creditors: amounts falling due within one year 6 (192,870) (134,975)
Net current (liabilities)/assets (76,232) 25,380
Total assets less current liabilities 2,962 93,126
Creditors: amounts falling due after more than one year 7 (75,804) (100,496)
Provisions for liabilities - (4,974)
Net liabilities (72,842) (12,344)
Capital and reserves
Called up share capital 2 2
Profit and loss account (72,844) (12,346)
Shareholders' funds (72,842) (12,344)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Scott
Director
Approved by the board on 6 March 2024
Interior Motives (NW) Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 2,845
At 30 June 2023 2,845
Amortisation
At 1 July 2022 569
Provided during the year 569
At 30 June 2023 1,138
Net book value
At 30 June 2023 1,707
At 30 June 2022 2,276
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 63,800 33,213 18,500 115,513
Additions - 8,870 31,395 40,265
Disposals - - (18,500) (18,500)
At 30 June 2023 63,800 42,083 31,395 137,278
Depreciation
At 1 July 2022 12,760 24,845 12,438 50,043
Charge for the year 10,208 5,699 6,279 22,186
On disposals - - (12,438) (12,438)
At 30 June 2023 22,968 30,544 6,279 59,791
Net book value
At 30 June 2023 40,832 11,539 25,116 77,487
At 30 June 2022 51,040 8,368 6,062 65,470
5 Debtors 2023 2022
£ £
Trade debtors 6,278 27,371
Deferred tax asset 3,344 -
Other debtors 26,755 85,424
36,377 112,795
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 68,399 17,962
Obligations under finance lease and hire purchase contracts 4,862 2,005
Trade creditors 39,373 23,937
Taxation and social security costs 3,536 10,575
Other creditors 76,700 80,496
192,870 134,975
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 75,804 100,496
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 88,082 94,164
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs and Mr M Scott
Loan 1 61,983 15,716 (136,044) (58,345)
61,983 15,716 (136,044) (58,345)
10 Controlling party
The company was controlled throughout the current period by its directors, Mrs Maxine Scott and Mr Mark Scott, as between them they own 100% of the issued share capital.
11 Other information
Interior Motives (NW) Limited is a private company limited by shares and incorporated in England. Its registered office is:
A7 Manor Point
Manor Lane
Holmes Chapel
Cheshire
CW4 8GL
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