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REGISTERED NUMBER: 04405428 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Interior Precision Limited

Interior Precision Limited (Registered number: 04405428)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Interior Precision Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: C J Stroud
A I Kerchell





SECRETARY: C J Stroud





REGISTERED OFFICE: Suite 1
19 Aviation Way
Southend Airport
Southend on Sea
Essex
SS2 6UN





REGISTERED NUMBER: 04405428 (England and Wales)





ACCOUNTANTS: Anser Solutions!
Chartered Accountants
Suite 1
19 Aviation Way
Southend Airport
Southend on Sea
Essex
SS2 6UN

Interior Precision Limited (Registered number: 04405428)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 80,283 -

CURRENT ASSETS
Debtors 4 1,075,052 803,179
Cash at bank 938,989 453,038
2,014,041 1,256,217
CREDITORS
Amounts falling due within one year 5 1,424,379 848,165
NET CURRENT ASSETS 589,662 408,052
TOTAL ASSETS LESS CURRENT
LIABILITIES

669,945

408,052

CREDITORS
Amounts falling due after more than one year 6 (188,821 ) (178,139 )

PROVISIONS FOR LIABILITIES (19,310 ) -
NET ASSETS 461,814 229,913

CAPITAL AND RESERVES
Called up share capital 40 40
Capital redemption reserve 60 60
Retained earnings 461,714 229,813
SHAREHOLDERS' FUNDS 461,814 229,913

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Interior Precision Limited (Registered number: 04405428)

Balance Sheet - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:




C J Stroud - Director



A I Kerchell - Director


Interior Precision Limited (Registered number: 04405428)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover, which is stated net of value added tax, represents the value of goods and services provided to third parties except for long term contract work in progress where turnover represents the sales value of work done in the year, including amounts not invoiced.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on cost

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Long term contract work in progress is stated at costs incurred, net of amounts transferred to cost of sales in respect of work recorded as turnover, less foreseeable losses and any applicable payments on account. Profit on long term contract work in progress is taken as work is carried out provided that the final outcome can be assessed with reasonable certainty. Full provision is made for all known or expected losses as soon as they become foreseen.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 8 ) .

Interior Precision Limited (Registered number: 04405428)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 17,326
Additions 81,728
At 30 June 2023 99,054
DEPRECIATION
At 1 July 2022 17,326
Charge for year 1,445
At 30 June 2023 18,771
NET BOOK VALUE
At 30 June 2023 80,283

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 80,090
At 30 June 2023 80,090
DEPRECIATION
Charge for year 1,445
At 30 June 2023 1,445
NET BOOK VALUE
At 30 June 2023 78,645

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 701,431 664,734
Amounts recoverable on contract 359,016 124,035
Other debtors 14,605 14,410
1,075,052 803,179

Interior Precision Limited (Registered number: 04405428)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 48,802 46,056
Hire purchase contracts 4,690 -
Trade creditors 613,574 438,576
Taxation and social security 430,912 245,216
Other creditors 326,401 118,317
1,424,379 848,165

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans 127,350 178,139
Hire purchase contracts 61,471 -
188,821 178,139

7. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Hire purchase contracts 66,161 -

Hire purchase liabilities are secured against the fixed assets they were used to procure.