Company registration number 06935145 (England and Wales)
PAUL ALEXANDER LUXURY KITCHENS LTD (FORMERLY I-HOME INTERIORS LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
PAUL ALEXANDER LUXURY KITCHENS LTD (FORMERLY I-HOME INTERIORS LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PAUL ALEXANDER LUXURY KITCHENS LTD (FORMERLY I-HOME INTERIORS LIMITED)
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,191
33,725
Current assets
Stocks
22,905
10,150
Debtors
4
251,795
112,366
Cash at bank and in hand
-
0
2,457
274,700
124,973
Creditors: amounts falling due within one year
5
(207,386)
(177,271)
Net current assets/(liabilities)
67,314
(52,298)
Total assets less current liabilities
90,505
(18,573)
Creditors: amounts falling due after more than one year
6
(58,374)
(41,078)
Net assets/(liabilities)
32,131
(59,651)
Capital and reserves
Called up share capital
7
100
100
Share premium account
19,988
19,988
Profit and loss reserves
12,043
(79,739)
Total equity
32,131
(59,651)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

PAUL ALEXANDER LUXURY KITCHENS LTD (FORMERLY I-HOME INTERIORS LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
P Spooner
Director
Company registration number 06935145 (England and Wales)
PAUL ALEXANDER LUXURY KITCHENS LTD (FORMERLY I-HOME INTERIORS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Paul Alexander Luxury Kitchens Ltd (formerly I-Home Interiors Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

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 is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

 

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

 

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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:

Plant and equipment
50% straight line
Fixtures and fittings
20% reducing balance
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

PAUL ALEXANDER LUXURY KITCHENS LTD (FORMERLY I-HOME INTERIORS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

PAUL ALEXANDER LUXURY KITCHENS LTD (FORMERLY I-HOME INTERIORS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
5,453
29,671
12,500
47,624
Additions
1,870
-
0
-
0
1,870
Disposals
-
0
(8,731)
-
0
(8,731)
At 31 October 2023
7,323
20,940
12,500
40,763
Depreciation and impairment
At 1 November 2022
5,374
6,025
2,500
13,899
Depreciation charged in the year
1,014
3,564
2,000
6,578
Eliminated in respect of disposals
-
0
(2,905)
-
0
(2,905)
At 31 October 2023
6,388
6,684
4,500
17,572
Carrying amount
At 31 October 2023
935
14,256
8,000
23,191
At 31 October 2022
79
23,646
10,000
33,725
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
248,795
109,366
Other debtors
3,000
3,000
251,795
112,366
PAUL ALEXANDER LUXURY KITCHENS LTD (FORMERLY I-HOME INTERIORS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,039
49,463
Trade creditors
47,433
39,473
Amounts owed to group undertakings
71,999
73,999
Taxation and social security
66,165
6,738
Other creditors
3,750
7,598
207,386
177,271
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
58,374
41,078
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
24,000
24,000
Between two and five years
96,000
96,000
In over five years
-
0
92,000
120,000
212,000
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