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COMPANY REGISTRATION NUMBER: 09772568
Edward Thomas Interiors Limited
Filleted Unaudited Abridged Financial Statements
31 March 2024
Edward Thomas Interiors Limited
Abridged Financial Statements
Year Ended 31 March 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Edward Thomas Interiors Limited
Abridged Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
5
231,800
158,910
Current Assets
Stocks
385,412
469,090
Debtors
1,162,684
1,225,630
Cash at bank and in hand
802,799
251,761
------------
------------
2,350,895
1,946,481
Creditors: amounts falling due within one year
1,967,586
1,575,370
------------
------------
Net Current Assets
383,309
371,111
---------
---------
Total Assets Less Current Liabilities
615,109
530,021
Creditors: amounts falling due after more than one year
165,104
157,033
Provisions
19,097
18,393
---------
---------
Net Assets
430,908
354,595
---------
---------
Capital and Reserves
Called up share capital
7
100
100
Profit and loss account
430,808
354,495
---------
---------
Shareholders Funds
430,908
354,595
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 abridged 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 abridged financial statements .
Edward Thomas Interiors Limited
Abridged Statement of Financial Position (continued)
31 March 2024
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
Mr S E Hird
Director
Company registration number: 09772568
Edward Thomas Interiors Limited
Notes to the Abridged Financial Statements
Year Ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 21 Sovereign Road, Kings Norton Business Centre, Birmingham, B30 3HN.
2. Statement of compliance
These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Income tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Plant and machinery
-
25% straight line
Fixtures, fittings and Office equipment
-
20% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
33% straight line
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 abridged 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 35 (2023: 27 ).
5. Tangible assets
£
Cost
At 1 April 2023
495,265
Additions
257,670
Disposals
( 226,352)
---------
At 31 March 2024
526,583
---------
Depreciation
At 1 April 2023
336,355
Charge for the year
92,142
Disposals
( 133,714)
---------
At 31 March 2024
294,783
---------
Carrying amount
At 31 March 2024
231,800
---------
At 31 March 2023
158,910
---------
6. Secured liabilities
The aggregate amount of secured liabilities, secured on the assets of the company at the year end were £923,242 (2023: £723,876).
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
59,157
72,877
Later than 1 year and not later than 5 years
58,788
90,385
---------
---------
117,945
163,262
---------
---------
9. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
2024
£
Mr S E Hird
Balance brought forward 49,837
Advances 25,163
Repaid (75,000)
Mr A T Richardson
Balance brought forward 50,000
Advances
Repaid (50,000)
10. Related party transactions
During the period balances were outstanding between the company and its related parties. Amounts due from/(to) the related companies:
2024 2023
£ £
Amounts owed by entities under common control 348,008 ( 3,600)
All outstanding balances with related parties are unsecured, interest free, and payable on demand.