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Registration number: 05880213

Sussex Design Interiors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Sussex Design Interiors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Sussex Design Interiors Limited

Company Information

Director

Mr P Nelson

Registered office

Unit B 5 Stones Nursery
Toddington Lane
Littlehampton
West Sussex
BN17 7PP

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

Sussex Design Interiors Limited

(Registration number: 05880213)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,144

2,144

Current assets

 

Stocks

5

1,500

1,500

Debtors

6

7,060

9,225

Cash at bank and in hand

 

10,903

4,085

 

19,463

14,810

Creditors: Amounts falling due within one year

7

(24,744)

(24,606)

Net current liabilities

 

(5,281)

(9,796)

Total assets less current liabilities

 

(4,137)

(7,652)

Creditors: Amounts falling due after more than one year

7

(25,000)

(30,711)

Net liabilities

 

(29,137)

(38,363)

Capital and reserves

 

Called up share capital

8

10

10

Profit and loss account

(29,147)

(38,373)

Shareholders' deficit

 

(29,137)

(38,363)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Sussex Design Interiors Limited

(Registration number: 05880213)
Balance Sheet as at 31 July 2023

Approved and authorised by the director on 18 April 2024
 

.........................................
Mr P Nelson
Director

 

Sussex Design Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Unit B 5 Stones Nursery
Toddington Lane
Littlehampton
West Sussex
BN17 7PP

These financial statements were authorised for issue by the director on 18 April 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.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

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.

 

Sussex Design Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2

Accounting policies (continued)

Tax

The tax expense for the period comprises deferred 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.

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

Motor vehicles

- straight line over 3 years

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.

 

Sussex Design Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2

Accounting policies (continued)

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

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 the director) during the year, was 2 (2022 - 3).

 

Sussex Design Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

3,000

3,000

At 31 July 2023

3,000

3,000

Depreciation

At 1 August 2022

856

856

Charge for the year

1,000

1,000

At 31 July 2023

1,856

1,856

Carrying amount

At 31 July 2023

1,144

1,144

At 31 July 2022

2,144

2,144

5

Stocks

2023
£

2022
£

Other inventories

1,500

1,500

1,500

1,500

 

Sussex Design Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Debtors

Current

2023
£

2022
£

Other debtors

7,060

9,225

 

7,060

9,225

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

12,954

10,242

Trade creditors

 

3,457

7,481

Taxation and social security

 

3,832

3,920

Accruals and deferred income

 

2,734

700

Other creditors

 

1,767

2,263

 

24,744

24,606

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

25,000

30,711

 

25,000

30,711

 

Sussex Design Interiors Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

25,000

30,711

25,000

30,711

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,333

10,122

Other borrowings

4,621

120

12,954

10,242