2022-09-012023-08-312023-08-31false01649895Colwith Interiors 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Colwith Interiors Limited

Registered Number
01649895
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2023

Colwith Interiors Limited
Company Information
for the year from 1 September 2022 to 31 August 2023

Directors

BOWNESS, Philip
BOWNESS, Susan

Company Secretary

BOWNESS, Susan

Registered Address

Low Colwith
Little Langdale
Ambleside
LA22 9NU

Registered Number

01649895 (England and Wales)
Colwith Interiors Limited
Statement of Financial Position
31 August 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets333,59537,209
33,59537,209
Current assets
Stocks478,49561,412
Debtors5583,513704,545
Cash at bank and on hand268,913274,763
930,9211,040,720
Creditors amounts falling due within one year6(230,359)(260,149)
Net current assets (liabilities)700,562780,571
Total assets less current liabilities734,157817,780
Provisions for liabilities7(3,500)(5,100)
Net assets730,657812,680
Capital and reserves
Called up share capital100100
Profit and loss account730,557812,580
Shareholders' funds730,657812,680
The financial statements were approved and authorised for issue by the Board of Directors on 22 August 2024, and are signed on its behalf by:
BOWNESS, Philip
Director
BOWNESS, Susan
Director

Registered Company No. 01649895
Colwith Interiors Limited
Notes to the Financial Statements
for the year ended 31 August 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the 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.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-2
Plant and machinery-20
Vehicles25-
Office Equipment-20
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of financial position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Statement of Earnings.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20232022
Average number of employees during the year77
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 September 2251,138236,78780,078-4,270372,273
Additions-1,045---1,045
Disposals-(1,222)(11,991)-(516)(13,729)
At 31 August 2351,138236,61068,087-3,754359,589
Depreciation and impairment
At 01 September 2226,927235,23168,636-4,270335,064
Charge for year1,0245452,861--4,430
On disposals-(1,060)(11,923)(517)-(13,500)
At 31 August 2327,951234,71659,574(517)4,270325,994
Net book value
At 31 August 2323,1871,8948,513517(516)33,595
At 31 August 2224,2111,55611,442--37,209
4.Stocks

2023

2022

££
Raw materials and consumables7,35011,072
Work in progress71,14550,340
Total78,49561,412
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables533,197693,664
Other debtors35,898-
Prepayments and accrued income14,41810,881
Total583,513704,545
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables33,11240,484
Taxation and social security4,83233,975
Other creditors184,120181,705
Accrued liabilities and deferred income8,2953,985
Total230,359260,149
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.
7.Provisions for liabilities
The deferred tax provision relates to accelerated capital allowances.

2023

2022

££
Net deferred tax liability (asset)3,5005,100
Total3,5005,100
8.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £4,888 (2022 - £7,137).
9.Related party transactions
On 1 September 2022 the company owed the Directors £177,871. During the period the directors were repaid £23,000 and made further advances of £25,422. At 31 August 2023 the company owed the Directors £180,294. No interest was charged on this loan and the loan is repayable on demand.