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COMPANY REGISTRATION NUMBER: 03841158
Combined Office Interiors Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Combined Office Interiors Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Combined Office Interiors Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
5,460
8,715
Current assets
Stocks
34,387
51,212
Debtors
6
280,812
375,310
Cash at bank and in hand
29,878
15,000
---------
---------
345,077
441,522
Creditors: amounts falling due within one year
7
349,105
367,240
---------
---------
Net current (liabilities)/assets
( 4,028)
74,282
-------
--------
Total assets less current liabilities
1,432
82,997
-------
--------
Net assets
1,432
82,997
-------
--------
Capital and reserves
Called up share capital
536
536
Capital redemption reserve
474
474
Profit and loss account
422
81,987
-------
--------
Shareholders funds
1,432
82,997
-------
--------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 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 financial statements .
Combined Office Interiors Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 12 August 2024 , and are signed on behalf of the board by:
C D Griffin
Director
Company registration number: 03841158
Combined Office Interiors Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The principal place of business is Centree House, Unit 6-8, Bicton Industrial Park, Kimbolton, Huntingdon, Cambs, PE28 0LQ.
2. Statement of compliance
These 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.
Other operating income
Other operating income is accounted for on an accruals basis.
Going concern
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. The company is supported by other companies within the group and the directors have concluded that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
Revenue recognition
The turnover shown in the Statement of Income and Retained Earnings represents sales of goods during the year, net of value added tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Income and Retained Earnings, 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:
Improvements to leasehold property
-
20% reducing balance
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% reducing balance
Stocks
Goods for resale are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Defined contribution pension plans
The company operates a defined contribution pension scheme for employees and contributes to the personal schemes of the directors. The assets of the schemes are held separately from those of the company and contributions for the year are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 8 ).
5. Tangible assets
Improvements to leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
5,964
14,252
12,150
32,366
-------
--------
--------
--------
Depreciation
At 1 January 2023
696
10,805
12,150
23,651
Charge for the year
1,053
2,202
3,255
-------
--------
--------
--------
At 31 December 2023
1,749
13,007
12,150
26,906
-------
--------
--------
--------
Carrying amount
At 31 December 2023
4,215
1,245
5,460
-------
--------
--------
--------
At 31 December 2022
5,268
3,447
8,715
-------
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
161,398
143,726
Amounts owed by group undertakings and undertakings in which the company has a participating interest
98,560
212,413
Other debtors
20,854
19,171
---------
---------
280,812
375,310
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,826
Trade creditors
287,988
244,845
Amounts owed to group undertakings and undertakings in which the company has a participating interest
24,079
66,591
Social security and other taxes
16,940
29,581
Other creditors
20,098
24,397
---------
---------
349,105
367,240
---------
---------
Bank loans and overdrafts are secured by way of a debenture over the assets of the company.
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
19,181
14,038
Later than 1 year and not later than 5 years
39,375
27,884
--------
--------
58,556
41,922
--------
--------
9. Controlling party
The company's parent undertaking is C.O.I. Properties Limited, a company incorporated in England and Wales and whose registered office address is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ.