Interior Solutions (Peebles) Limited |
Balance Sheet |
As at 30 April 2023 |
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Notes |
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2023 |
|
2022 |
|
£ |
£ |
Fixed assets |
Tangible assets |
4 |
|
- |
|
67,041 |
|
Current assets |
Stocks |
|
|
- |
|
3,418 |
Debtors |
5 |
|
3,768 |
|
2,615 |
Cash at bank and in hand |
|
|
109 |
|
8,849 |
|
|
|
3,877 |
|
14,882 |
|
Creditors: amounts falling due within one year |
6 |
|
(11,948) |
|
(26,388) |
|
|
|
|
|
|
Net current liabilities |
|
|
(8,071) |
|
(11,506) |
Total assets less current liabilities |
|
|
(8,071) |
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55,535 |
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Creditors: amounts falling due after more than one year |
7 |
|
- |
|
(32,081) |
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Net (liabilities)/assets |
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|
(8,071) |
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23,454 |
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|
|
|
|
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Capital and reserves |
Called up share capital |
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|
100 |
|
100 |
Profit and loss account |
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|
(8,171) |
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23,354 |
Shareholder's funds |
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|
(8,071) |
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23,454 |
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|
|
|
|
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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. |
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts were approved by the Board on 15 November 2023 and signed on its behalf by : |
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Gareth Harrison |
Director |
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Interior Solutions (Peebles) Limited |
Notes to the Accounts |
For the Year Ended 30 April 2023 |
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1 |
Statutory information |
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Interior Solutions (Peebles) Limited is a private company limited by shares and incorporated in Scotland. Its registered number and registered office address can be found on the Company Information page. |
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2 |
Accounting policies |
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Basis of preparation |
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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). The company permanently ceased trading on 11 November 2022. For this reason the accounts have not been prepared on a going concern basis. No adjustments were necessary to the amounts at which the remaining assets and liabilities are included in these accounts. |
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Turnover |
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Turnover represents the value, net of value added tax, of work done in the year under contracts to supply goods and services to third parties and includes the relevant proportion of contract value for performance up to the year end. |
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Tangible fixed assets |
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Tangible fixed assets are valued at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
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Vehicles |
25% reducing balance |
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Tools & equipment |
20% reducing balance |
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Office & showroom equipment |
25% & 30% reducing balance |
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Stocks |
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Stocks are valued at the lower of cost and estimated net realisable value. |
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Debtors |
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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. |
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Creditors |
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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. |
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2 |
Accounting policies (continued) |
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Taxation |
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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. Current and deferred tax assets and liabilities are not discounted. |
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Grants |
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Grants that do not impose specified future performance-related conditions are recognised as income when the grant proceeds are received or become receivable. Grants imposing specified future performance-related conditions are recognised as income only when the performance-related conditions are met. |
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Leased assets |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2023 |
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2022 |
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3 |
Employees |
No. |
No. |
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Average number of persons employed by the company |
3 |
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4 |
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Office |
4 |
Tangible fixed assets |
Vehicles |
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Tools & Equipment |
& showroom equipment |
Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 May 2022 |
58,950 |
|
48,114 |
|
6,052 |
|
113,116 |
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Disposals |
(58,950) |
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(48,114) |
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(6,052) |
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(113,116) |
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At 30 April 2023 |
- |
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- |
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- |
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- |
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Depreciation |
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At 1 May 2022 |
15,527 |
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26,797 |
|
3,751 |
|
46,075 |
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On disposals |
(15,527) |
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(26,797) |
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(3,751) |
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(46,075) |
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At 30 April 2023 |
- |
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- |
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- |
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- |
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Net book value |
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At 30 April 2023 |
- |
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- |
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- |
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- |
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At 30 April 2022 |
43,423 |
|
21,317 |
|
2,301 |
|
67,041 |
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|
2023 |
|
2022 |
|
5 |
Debtors |
£ |
£ |
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Trade debtors |
- |
|
2,052 |
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Other debtors |
3,768 |
|
563 |
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|
|
|
|
|
3,768 |
|
2,615 |
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6 |
Creditors: amounts falling due within one year |
£ |
£ |
|
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Obligations under finance lease and hire purchase contracts |
- |
|
3,797 |
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Trade creditors |
1,523 |
|
13,668 |
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Taxes and social security costs |
6,720 |
|
4,712 |
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Other creditors |
3,705 |
|
4,211 |
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|
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|
11,948 |
|
26,388 |
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7 |
Creditors: amounts falling due after one year |
£ |
£ |
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Obligations under finance lease and hire purchase contracts |
- |
|
32,081 |
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