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Registered number: 13784448
Elite Bespoke Interiors Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
The Entrepreneurs Accountant (Ripple) Limited
ACCA
Kimberley
Northwick Road
Mark
Somerset
TA9 4PQ
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 13784448
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 63,978 28,398
63,978 28,398
CURRENT ASSETS
Debtors 5 578,487 35,113
Cash at bank and in hand 252,219 100,503
830,706 135,616
Creditors: Amounts Falling Due Within One Year 6 (872,347 ) (148,263 )
NET CURRENT ASSETS (LIABILITIES) (41,641 ) (12,647 )
TOTAL ASSETS LESS CURRENT LIABILITIES 22,337 15,751
NET ASSETS 22,337 15,751
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 22,237 15,651
SHAREHOLDERS' FUNDS 22,337 15,751
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Matthew Larman
Director
21 October 2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Elite Bespoke Interiors Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13784448 . The registered office is Kimberley, Northwick Road, Mark, Somerset, TA9 4PQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 4 years Straight Line
Motor Vehicles 4 years Straight Line
Fixtures & Fittings 4 years Straight Line
Computer Equipment 3 years Straight Line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 2
Page 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 36,049 - - 1,810 37,859
Additions 13,633 35,375 9,994 1,547 60,549
As at 31 March 2024 49,682 35,375 9,994 3,357 98,408
Depreciation
As at 1 April 2023 9,012 - - 449 9,461
Provided during the period 12,421 8,844 2,585 1,119 24,969
As at 31 March 2024 21,433 8,844 2,585 1,568 34,430
Net Book Value
As at 31 March 2024 28,249 26,531 7,409 1,789 63,978
As at 1 April 2023 27,037 - - 1,361 28,398
5. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 557,085 24,109
Other debtors 6,700 4,898
VAT 14,702 6,106
578,487 35,113
6. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 1,787 2,241
Corporation tax - 310
Other taxes and social security 3,441 1,548
Other creditors 850,503 91,930
Director's loan account 16,616 52,234
872,347 148,263
7. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 100 100
Page 3