Company Registration No. 09004008 (England and Wales)
Bespoke Home Interior Design Limited
Annual report and financial statements
for the year ended 30 April 2024
Bespoke Home Interior Design Limited
Company information
Directors
N J Pailing
G Aylward
Secretary
G Aylward
Company number
09004008
Registered office
Broadoak Business Park
Ashburton Road West
Trafford Park
Manchester
M17 1RW
Independent auditor
Saffery LLP
Trinity
16 John Dalton Street
Manchester
M2 6HY
Bankers
Royal Bank of Scotland plc
1 Spinningfields Square
Manchester
M3 3AP
Bespoke Home Interior Design Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 21
Bespoke Home Interior Design Limited
Strategic report
For the year ended 30 April 2024
1
The directors present the strategic report for the year ended 30 April 2024.
Introduction
The principal activity of the Company is a holding company.
The principal activity of the Group is the marketing, designs, manufacture, and installation of bespoke luxury fitted products for the home and engages with customers online with a focused digital marketing approach through its nationwide estate of showrooms and also through home sales visits.
Business review
Bespoke Home Interior Design Limited (the "Company") is part of the wider BHID Group Limited Group (the "Group").
The Company and the Group had a positive FY24, in spite of the very challenging macro environment.
From a supply-side perspective, some of the headwinds that were particularly challenging in the prior year (namely labour availability & inflation pressures, significant raw materials & energy inflation, and general inflation) abated and we started to see some commodity-linked deflation. We were also pleased to see the availability of high-quality labour improving during the year.
Our colleagues throughout our showrooms, factories and offices are critical in delivering on our customer promises for exceptional quality and service, and the continued success of the Group. To support our colleagues during the periods of significant consumer and household inflation the Group was pleased to award an annual pay award in April 2023, that for the second year running, was over double the levels previously awarded pre-2020 (the Covid period). Whilst the Directors were pleased to make this annual pay award, they are mindful that our clients are also experiencing challenging times, and with consumer confidence being challenged, future pay awards need to balance these challenges, and they are likely to return to more normalized levels seen pre-2020.
From a demand-side perspective, the headwinds faced in the prior year persisted and in various areas deteriorated in the year. Some of these challenging macro factors that adversely affect consumer confidence and demand included:
Persistent cost of living challenges (albeit CPI inflation did slow from 7.9% in May ’23 to 2.3% in April ’24);
Bank of England interest rates remained at a 16 year high of 5.25% and the anticipated rate cuts in late 2023 were pushed out, causing mortgage rates to rise again in Q1 2024;
Residential property transaction volumes reduced by 20% in 2023 (-20% vs 2019/Pre-Covid);
Continued instability & low confidence in the UK Government;
Continuation of the Russian led war in Ukraine; and
Hamas & Israel war commencing in October 2023, heightening the geopolitical uncertainties.
Despite these factors the Group continued to experience strong demand for its products and services, with a further 2% increase in Order Intake over the prior year.
Principal risks and uncertainties
Due to the nature of the business, there are no material risks or uncertainties which require disclosure.
Financial key performance indicators
Due to the nature of the business, there are no relevant key performance indicators which require disclosure.
Bespoke Home Interior Design Limited
Strategic report (continued)
For the year ended 30 April 2024
2
This report was approved by the board and signed on its behalf.
G Aylward
Director
30 September 2024
Bespoke Home Interior Design Limited
Directors' report
For the year ended 30 April 2024
3
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of a holding company.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
N J Pailing
G Aylward
Post reporting date events
On 10 May 2024, BHID Group Limited, the ultimate parent company of Bespoke Home Interior Design Limited, was acquired by Hartford Bidco Limited. The directors consider that from 10 May 2024 the ultimate parent undertaking of the company is Hartford Topco Limited, a company registered in England and Wales.
Auditor
Saffery LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Energy and carbon report
The carbon reporting requirement has been included in the consolidated accounts for BHID Group Limited, reflecting our commitment to transparency and sustainability in our operations.
Bespoke Home Interior Design Limited
Directors' report (continued)
For the year ended 30 April 2024
4
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
G Aylward
Director
30 September 2024
Bespoke Home Interior Design Limited
Independent auditor's report
To the members of Bespoke Home Interior Design Limited
5
Opinion
We have audited the financial statements of Bespoke Home Interior Design Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Bespoke Home Interior Design Limited
Independent auditor's report (continued)
To the members of Bespoke Home Interior Design Limited
6
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Bespoke Home Interior Design Limited
Independent auditor's report (continued)
To the members of Bespoke Home Interior Design Limited
7
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Bespoke Home Interior Design Limited
Independent auditor's report (continued)
To the members of Bespoke Home Interior Design Limited
8
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Simon Kite
Senior Statutory Auditor
For and on behalf of Saffery LLP
30 September 2024
Statutory Auditors
Trinity
16 John Dalton Street
Manchester
M2 6HY
Bespoke Home Interior Design Limited
Statement of comprehensive income
For the year ended 30 April 2024
9
2024
2023
Notes
£000
£000
Turnover
-
-
Administrative expenses
(109)
(106)
Operating loss
3
(109)
(106)
Interest payable and similar expenses
5
(756)
(646)
Loss before taxation
(865)
(752)
Tax on loss
6
2
Loss for the financial year
(863)
(752)
The income statement has been prepared on the basis that all operations are continuing operations.
Bespoke Home Interior Design Limited
Statement of financial position
As at 30 April 2024
10
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Investments
7
17,476
17,476
Current assets
Debtors
9
31,871
31,869
Creditors: amounts falling due within one year
10
(44,298)
(42,683)
Net current liabilities
(12,427)
(10,814)
Total assets less current liabilities
5,049
6,662
Creditors: amounts falling due after more than one year
11
(6,500)
(7,250)
Net liabilities
(1,451)
(588)
Capital and reserves
Called up share capital
14
1
1
Share premium account
15
62
62
Profit and loss reserves
(1,514)
(651)
Total equity
(1,451)
(588)
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
G Aylward
Director
Company Registration No. 09004008
Bespoke Home Interior Design Limited
Statement of changes in equity
For the year ended 30 April 2024
11
Share capital
Share premium account
Profit and loss reserves
Total
£000
£000
£000
£000
Balance at 1 May 2022
1
62
101
164
Year ended 30 April 2023:
Loss and total comprehensive income
-
-
(752)
(752)
Balance at 30 April 2023
1
62
(651)
(588)
Year ended 30 April 2024:
Loss and total comprehensive income
-
-
(863)
(863)
Balance at 30 April 2024
1
62
(1,514)
(1,451)
Bespoke Home Interior Design Limited
Notes to the financial statements
For the year ended 30 April 2024
12
1
Accounting policies
Company information
Bespoke Home Interior Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is Broadoak Business Park, Ashburton Road West, Trafford Park, Manchester, M17 1RW.
The principal activity is that of a holding company.
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.
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 £000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of BHID Group Limited. These consolidated financial statements are available from its registered office, Broadoak Business Park, Ashburton Road West, Trafford Park, Manchester, M17 1RW.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Bespoke Home Interior Design Limited is a wholly owned subsidiary of BHID Group Limited and the results of Bespoke Home Interior Design Limited are included in the consolidated financial statements of BHID Group Limited which are available from Companies House.
Bespoke Home Interior Design Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
13
1.2
Going concern
The directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of these financial statements.true
In their consideration of going concern, the directors have reviewed the Group’s future cash flow forecasts and profit projections for the period to 30 April 2026, on both a base case and certain sensitised basis, considering the principal risks and uncertainties of the Group.
These forecasts have been prepared based on past experience, the outstanding order book, marketing data and KPI’s, market data and expected trading, and they reflect any potential impact of wider market headwinds on trading activity and liquidity. The directors have reviewed these forecasts and have also considered sensitivities in respect of potential downside scenarios and the mitigating actions available to the Group.
Under all scenarios, there was sufficient headroom on covenants and cash headroom. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
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 current liabilities.
Bespoke Home Interior Design Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
14
1.5
Financial instruments
The company only 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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Investments held as fixed assets are shown at cost less provision for impairment.
Short term debtors are measured at transaction price, less any impairment.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Bespoke Home Interior Design Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
15
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate in the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument,
All borrowing costs are recognised in the Statement of Comprehensive Income for the year in which they occurred.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Dividend income is recognised when the right to receive payment is established.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Bespoke Home Interior Design Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
16
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Critical accounting judgements and key sources of estimation uncertainty
Management consider there to be no key judgements in the application of accounting policies or key sources of estimation uncertainty.
3
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£000
£000
Fees payable to the company's auditor for the audit of the company's financial statements
4
Employees
The company has no employees other than the directors who did not receive any remuneration (2023: £nil).
Bespoke Home Interior Design Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
17
5
Interest payable and similar expenses
2024
2023
£000
£000
Interest on bank overdrafts and loans
711
601
Other interest on financial liabilities
45
45
756
646
6
Taxation
2024
2023
£000
£000
Deferred tax
Origination and reversal of timing differences
(2)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£000
£000
Loss before taxation
(865)
(752)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
(216)
(147)
Group relief
214
147
Taxation credit for the year
(2)
-
7
Fixed asset investments
2024
2023
Notes
£000
£000
Investments in subsidiaries
8
17,476
17,476
Bespoke Home Interior Design Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
18
8
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Address
Nature of business
Class of shares held
% Held
Direct
Indirect
Neville Johnson Holdings Limited
1
Intermediary holding company
Ordinary
100
-
Neville Johnson Group Limited
2
Intermediary holding company
Ordinary & deferred
-
100
Neville Johnson Offices Limited
3
Intermediary holding company
Ordinary & deferred
-
100
Neville Johnson Limited
1
Marketing, manufacture and installation of home studies, lounges, home cinemas, offices. bedrooms and staircases
Ordinary
-
100
Neville Johnson Staircases Limited
1
Dormant
Ordinary
-
100
Tom Howley Limited
1
Marketing, manufacture and installation of bespoke kitchen furniture
Ordinary
-
100
London Door Company Limited
1
Marketing, manufacture and installation of high quality exterior and interior doors
Ordinary
-
100
The London Door Company (Subsidiary) Limited
1
Dormant
Ordinary
-
100
Registered office addresses (all UK unless otherwise indicated):
1
Broadoak Business Park Ashburton Road West, Trafford Park, Manchester, M17 1RW
2
C/O Neville Johnson Limited, Broadoak Business Park Ashburton Road West, Trafford Park, Manchester, M17 1RW
3
Neville Johnson, Broadoak Business Park Ashburton Road West, Trafford Park, Manchester, M17 1RW
9
Debtors
2024
2023
Amounts falling due within one year:
£000
£000
Amounts owed by group undertakings
31,869
31,869
Bespoke Home Interior Design Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
9
Debtors (continued)
19
2024
2023
Amounts falling due after more than one year:
£000
£000
Deferred tax asset (note 13)
2
Total debtors
31,871
31,869
Amounts owed by group undertakings are repayable on demand, unsecured and bear no interest.
10
Creditors: amounts falling due within one year
2024
2023
Notes
£000
£000
Bank loans
12
615
570
Amounts owed to group undertakings
43,615
42,050
Accruals and deferred income
68
63
44,298
42,683
Amounts owed to group undertakings are repayable on demand, unsecured and bear no interest.
11
Creditors: amounts falling due after more than one year
2024
2023
Notes
£000
£000
Bank loans and overdrafts
12
6,500
7,250
Amounts owed to group undertakings are unsecured, bear no interest and are repayable on demand.
Secured loans
Bank loans are secured by a fixed and floating charge on all assets of the company.
12
Loans and overdrafts
2024
2023
£000
£000
Bank loans
7,115
7,820
Payable within one year
615
570
Payable after one year
6,500
7,250
The long-term loans are secured by fixed and floating charges over all assets of the Company.
Bespoke Home Interior Design Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
12
Loans and overdrafts (continued)
20
The nature of the outstanding loan is that it is a revolving credit facility (RCF) of £10m. Interest is charged at 4.25% above the bank's Sterling Relevant Reference Rate repayable in instalments with the remainder of the balance of the loan repayable in April 2027.
Post year-end, on 10 May 2024, this RCF was fully repaid early as part of the Group's refinancing.
13
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£000
£000
Short term timing differences
2
-
2024
Movements in the year:
£000
Liability at 1 May 2023
-
Credit to profit or loss
(2)
Asset at 30 April 2024
(2)
Bespoke Home Interior Design Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
21
14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of 1p each
62,500
62,500
1
1
There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.
15
Share premium account
Share premium represents the difference between issue price and nominal value of ordinary shares currently in issue.
16
Financial commitments, guarantees and contingent liabilities
The Company is subject to a joint bank guarantee with its parent undertaking, the BHID Group and its subsidiaries. The contingent liability at 30 April 2024 was £7,250,000 (2023: £8,000,000).
17
Controlling party
As at 30 April 2024 the directors consider that the ultimate parent undertaking of the Company is BHID Group Limited which is registered in England and Wales. The Third Alcuin Fund Limited Partnership (a fund controlled by Alcuin Capital Partners LLP) hold a 49% shareholding in BHID Group Limited. The immediate parent undertaking is BHID Group Limited which is registered in England and Wales.
On 10 May 2024, BHID Group Limited, the ultimate parent company of Bespoke Home Interior Design Limited, was acquired by Hartford Bidco Limited. The directors consider that from 10 May 2024 the ultimate parent undertaking of the company is Hartford Topco Limited, a company registered in England and Wales. The Third Alcuin Fund Limited Partnership continue to be deemed to be the ultimate controlling party.
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