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Registered number: 01854684









CITY OFFICE INTERIORS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2024

 
CITY OFFICE INTERIORS LIMITED
 
 
COMPANY INFORMATION


Directors
D C Brown (resigned 31 January 2024)
S D Spires 
C Brandist (resigned 23 January 2023)




Registered number
01854684



Registered office
1310 Solihull Parkway
Birmingham Business Park

Birmingham

B37 7YB





 
CITY OFFICE INTERIORS LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9


 
CITY OFFICE INTERIORS LIMITED
REGISTERED NUMBER: 01854684

BALANCE SHEET
AS AT 30 APRIL 2024

30 April
31 October
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
10,633

  
-
10,633

Current assets
  

Stocks
  
-
61,300

Debtors: amounts falling due within one year
 5 
635,293
2,072,457

Cash at bank and in hand
  
717,199
3,017,468

  
1,352,492
5,151,225

Creditors: amounts falling due within one year
 6 
(1,311,310)
(3,246,312)

Net current assets
  
 
 
41,182
 
 
1,904,913

Total assets less current liabilities
  
41,182
1,915,546

Provisions for liabilities
  

Other provisions
  
(30,000)
-

Net assets
  
11,182
1,915,546


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
1,182
1,905,546

  
11,182
1,915,546


Page 1

 
CITY OFFICE INTERIORS LIMITED
REGISTERED NUMBER: 01854684
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2024.




S D Spires
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CITY OFFICE INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


General information

City Office Interiors Limited is a limited liability company incorporated and domiciled in the United Kingdom. The address of its registered office is shown on the company information page. 
The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for a period of 18 months ended 30 April 2024 (2022: 52 weeks ended 31 October 2022).  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
CITY OFFICE INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 
CITY OFFICE INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
10-20%

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 

Profit on long-term contracts is taken as the work carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value with costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. 

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

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.

Page 5

 
CITY OFFICE INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 7 (2022 - 8).

Page 6

 
CITY OFFICE INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

4.


Tangible fixed assets







Motor vehicles
Fixtures and fittings
Total

£
£
£





At 1 November 2022
181,483
62,398
243,881


Additions
-
857
857


Disposals
(181,483)
(63,255)
(244,738)



At 30 April 2024

-
-
-





At 1 November 2022
172,293
60,955
233,248


Charge for the period on owned assets
9,190
1,000
10,190


Disposals
(181,483)
(61,955)
(243,438)



At 30 April 2024

-
-
-



Net book value



At 30 April 2024
-
-
-



At 31 October 2022
9,190
1,443
10,633

Page 7

 
CITY OFFICE INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

5.


Debtors

30 April
31 October
2024
2022
£
£


Trade debtors
506,503
784,119

Amounts owed by group undertakings
-
1,009,505

Other debtors
125,261
178,446

Prepayments and accrued income
3,529
62,387

Deferred taxation
-
38,000

635,293
2,072,457



6.


Creditors: Amounts falling due within one year

30 April
31 October
2024
2022
£
£

Trade creditors
237,229
978,076

Corporation tax
-
11,000

Other taxation and social security
629,545
238,010

Other creditors
-
39,322

Accruals and deferred income
444,536
1,979,904

1,311,310
3,246,312



7.


Provisions








Office closure costs

£





Charged to profit or loss
30,000


8.


Pension commitments

The company contributes to individuals' personal pension plans and the pension cost charge for the year was £158,928 (2022: £43,125). Contributions totalling £Nil (2022: £39,322) were payable at the balance sheet date and are included in creditors. 

Page 8

 
CITY OFFICE INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

9.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 April
31 October
2024
2022
£
£


Not later than 1 year
-
14,968


10.


Controlling party

The ultimate parent company is Soft Interiors Limited. Copies of the financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. 
The controlling party is S D Spires. 

 
Page 9