Company registration number 08306358 (England and Wales)
UPHOLSTERY SKILLS CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
UPHOLSTERY SKILLS CENTRE LIMITED
COMPANY INFORMATION
Directors
Mr M P Marsh
Mr P J Marsh
Mr D Popkin
Ms A Shreeve
(Appointed 16 June 2022)
Company number
08306358
Registered office
134 Buckingham Palace Road
London
SW1W 9SA
Accountants
Magus Chartered Accountants
134 Buckingham Palace Road
London
SW1W 9SA
Business address
39 Bury Road
Epping
Essex
CM16 5ET
UPHOLSTERY SKILLS CENTRE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
UPHOLSTERY SKILLS CENTRE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,705
2,429
Current assets
Debtors
5,951
3,668
Cash at bank and in hand
26,937
75,875
32,888
79,543
Creditors: amounts falling due within one year
5
(4,788)
(42,631)
Net current assets
28,100
36,912
Total assets less current liabilities
29,805
39,341
Creditors: amounts falling due after more than one year
6
(20,367)
(31,333)
Net assets
9,438
8,008
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
9,338
7,908
Total equity
9,438
8,008
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 27 December 2023 and are signed on its behalf by:
Ms A Shreeve
Director
Company registration number 08306358 (England and Wales)
UPHOLSTERY SKILLS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Upholstery Skills Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is 134 Buckingham Palace Road, London, SW1W 9SA.
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 represents amounts receivable for goods and services net of VAT and trade discounts.
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:
Fixtures, fittings & equipment
20% Straight line basis
Computer equipment
20% Straight line basis
Motor vehicles
20% Straight line basis
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
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.
UPHOLSTERY SKILLS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
3,623
2,224
5,000
10,847
Depreciation and impairment
At 1 April 2022
1,900
1,519
4,999
8,417
Depreciation charged in the year
430
295
725
At 31 March 2023
2,329
1,814
4,999
9,142
Carrying amount
At 31 March 2023
1,294
410
1
1,705
At 31 March 2022
1,723
705
1
2,429
UPHOLSTERY SKILLS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,587
7,833
Trade creditors
4,338
2,943
Corporation tax
(5)
16,779
Other taxation and social security
8,917
7,853
Other creditors
(19,049)
7,223
4,788
42,631
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,367
31,333
7
Control
No party had control of the company.