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COMPANY REGISTRATION NUMBER: 01286930
Commercial Interiors and Storage Ltd.
Filleted Unaudited Financial Statements
31 October 2023
Commercial Interiors and Storage Ltd.
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
62,450
97,292
Current assets
Stocks
43,447
48,449
Debtors
6
189,728
346,820
Cash at bank and in hand
32,419
161,110
---------
---------
265,594
556,379
Creditors: amounts falling due within one year
7
174,836
445,811
---------
---------
Net current assets
90,758
110,568
---------
---------
Total assets less current liabilities
153,208
207,860
Creditors: amounts falling due after more than one year
8
58,411
84,689
Provisions
Taxation including deferred tax
16,549
16,733
---------
---------
Net assets
78,248
106,438
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
77,248
105,438
--------
---------
Shareholders funds
78,248
106,438
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Commercial Interiors and Storage Ltd.
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 11 April 2024 , and are signed on behalf of the board by:
Mrs A J Gray
Director
Company registration number: 01286930
Commercial Interiors and Storage Ltd.
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
4% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
23,189
17,107
131,653
171,949
Additions
1,895
1,895
Disposals
( 23,189)
( 23,189)
--------
--------
---------
---------
At 31 October 2023
19,002
131,653
150,655
--------
--------
---------
---------
Depreciation
At 1 November 2022
6,957
9,736
57,964
74,657
Charge for the year
2,082
18,423
20,505
Disposals
( 6,957)
( 6,957)
--------
--------
---------
---------
At 31 October 2023
11,818
76,387
88,205
--------
--------
---------
---------
Carrying amount
At 31 October 2023
7,184
55,266
62,450
--------
--------
---------
---------
At 31 October 2022
16,232
7,371
73,689
97,292
--------
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 October 2023
53,239
--------
At 31 October 2022
70,985
--------
6. Debtors
2023
2022
£
£
Trade debtors
182,109
341,011
Other debtors
7,619
5,809
---------
---------
189,728
346,820
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
59,523
271,652
Corporation tax
41,217
12,710
Social security and other taxes
45,934
132,857
Other creditors
18,162
18,592
---------
---------
174,836
445,811
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,667
26,667
Other creditors
41,744
58,022
--------
--------
58,411
84,689
--------
--------
9. Other financial commitments
At the balance sheet date the company had financial commitments of £ 5,000 (2022: £ 1,990 ).