INSIDE DESIGN LIMITED

Company Registration Number:
12762785 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

INSIDE DESIGN LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

INSIDE DESIGN LIMITED

Balance sheet

As at 31 December 2023


Notes

2023

2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Tangible assets: 3 43,277 37,579
Total fixed assets: 43,277 37,579
Current assets
Stocks: 55,200 15,225
Debtors:   155,131 195,280
Cash at bank and in hand:   116,352
Total current assets: 210,331 326,857
Creditors: amounts falling due within one year:   (73,296) (81,913)
Net current assets (liabilities): 137,035 244,944
Total assets less current liabilities: 180,312 282,523
Creditors: amounts falling due after more than one year:   (53,002) (78,679)
Total net assets (liabilities): 127,310 203,844
Capital and reserves
Called up share capital: 200 200
Profit and loss account: 127,110 203,644
Shareholders funds: 127,310 203,844

The notes form part of these financial statements

INSIDE DESIGN LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 06 September 2024
and signed on behalf of the board by:

Name: Michael McNeil
Status: Director

The notes form part of these financial statements

INSIDE DESIGN LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

The turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Other accounting policies

Introduction The Directors present their strategic report and financial results for the period ended 31 December 2023. Business review We entered 2023 with a comprehensive forward order bank, however due to delays out of our control, such as major planning hurdles and delays in build programs, 2023 trading has been extremely challenging. Our order book continued to grow, throughout the year, with new projects awarded, however this did not flow through into site launches or project starts during the period. As a result of these delays, a substantial order bank is carried into 2024 which will benefit next year. We report that the company performance during 2023, was significantly less than our budgeted numbers, resulting in a loss for the period. Turnover was down by 55% however gross margins remained strong at 36.2%. The balance sheet remains positive at £127,310. The groups cash position remains very strong for this trading period, with combined cash at bank, at year end of £940,521. Throughout 2023 we made changes to strengthen the team and other key areas of the business. We split the current teams, to form a technical design department and an interior design department, with a lead design manager to head the day-to-day operation. During 2023 we have secured additional clients forming strategic relationships for the future, our sales pipeline remains very strong with secured work for the next three years with our current and new partners. Further investment has been made to our head office, design suite, warehousing, and distribution facility, creating an enhanced working and customer facing environment. Full detailed five-year business plans have been produced in late 2023 for all group companies, to cover the next phase of trading. As a group of companies, we saw our trading exceed £6.7m during 2023 financial year, with net profits over £403,000, and combined cash at bank of £940,521 at year end.

INSIDE DESIGN LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 2022
Average number of employees during the period 9 9

INSIDE DESIGN LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible Assets

Total
Cost £
At 01 January 2023 41,479
Additions 9,598
At 31 December 2023 51,077
Depreciation
At 01 January 2023 3,900
Charge for year 3,900
At 31 December 2023 7,800
Net book value
At 31 December 2023 43,277
At 31 December 2022 37,579