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Company No: 11072718 (England and Wales)

HOLLIE BOWDEN INTERIORS LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

HOLLIE BOWDEN INTERIORS LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

HOLLIE BOWDEN INTERIORS LTD

BALANCE SHEET

As at 30 November 2023
HOLLIE BOWDEN INTERIORS LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 13,547 17,786
13,547 17,786
Current assets
Stocks 4 69,492 43,083
Debtors 5 264,268 145,075
Cash at bank and in hand 565,074 78,674
898,834 266,832
Creditors: amounts falling due within one year 6 ( 786,617) ( 283,471)
Net current assets/(liabilities) 112,217 (16,639)
Total assets less current liabilities 125,764 1,147
Creditors: amounts falling due after more than one year 7 ( 23,847) ( 34,022)
Net assets/(liabilities) 101,917 ( 32,875)
Capital and reserves
Called-up share capital 100 100
Profit and loss account 101,817 ( 32,975 )
Total shareholder's funds/(deficit) 101,917 ( 32,875)

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Hollie Bowden Interiors Ltd (registered number: 11072718) were approved and authorised for issue by the Director on 07 August 2024. They were signed on its behalf by:

H Bowden
Director
HOLLIE BOWDEN INTERIORS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
HOLLIE BOWDEN INTERIORS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hollie Bowden Interiors Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Calvert Avenue, London, E2 7JP, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

This is the first year in which the financial statements have been prepared in accordance with FRS102 Section 1A.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 11

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 December 2022 12,115 10,409 22,524
Additions 137 896 1,033
At 30 November 2023 12,252 11,305 23,557
Accumulated depreciation
At 01 December 2022 808 3,930 4,738
Charge for the financial year 1,703 3,569 5,272
At 30 November 2023 2,511 7,499 10,010
Net book value
At 30 November 2023 9,741 3,806 13,547
At 30 November 2022 11,307 6,479 17,786

4. Stocks

2023 2022
£ £
Stocks 47,492 43,083
Work in progress 22,000 0
69,492 43,083

5. Debtors

2023 2022
£ £
Trade debtors 29,160 16,305
Other debtors 235,108 128,770
264,268 145,075

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,917 9,666
Trade creditors 48,297 30,202
Other taxation and social security 21,964 51,607
Other creditors 706,439 191,996
786,617 283,471

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 23,847 34,022

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Transactions with the entity's director

Advances

The director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rate.

At 1 December 2021, the balance owed by the director was £18,003. During the year, £111,999 was advanced to the director, and £133,722 was repaid by the director. At 30 November 2022, the balance owed to the director was £3,720.

At 1 December 2022, the balance owed to the director was £3,720. During the year, £99,593 was advanced to the director, and £9,558 was repaid by the director. At 30 November 2023 the balance owed by the director was £86,315.