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Registration number: 05953414

Martello Interiors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Martello Interiors Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 11

 

Martello Interiors Ltd

Company Information

Director

Mr Theodore Moustaka

Company secretary

Mrs Angela Moustaka

Registered office

13 High Street
New Romney
TN28 8BN

Accountants

Elements Financial Solutions Limited
T/A AIMS Accountants for Business
2 Chalk Close
Dartford
Kent
DA1 1AN

 

Martello Interiors Ltd

Director's Report for the Year Ended 30 June 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Director of the company

The director who held office during the year was as follows:

Mr Theodore Moustaka

Principal activity

The principal activity of the company is the supplying and fitting of blinds

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 18 October 2024
 

.........................................
Mr Theodore Moustaka
Director

 

Financial Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Martello Interiors Ltd
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Martello Interiors Ltd for the year ended 30 June 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/publicinterest/memberregulations.

This report is made solely to the Board of Directors of Martello Interiors Ltd, as a body, in accordance with the terms of our engagement letter dated 4 May 2021. Our work has been undertaken solely to prepare for your approval the accounts of Martello Interiors Ltd and state those matters that we have agreed to state to the Board of Directors of Martello Interiors Ltd, as a body, in this report in accordance with the requirements of the Institute of Financial Accountants. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Martello Interiors Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Martello Interiors Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Martello Interiors Ltd. You consider that Martello Interiors Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Martello Interiors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Elements Financial Solutions Limited
T/A AIMS Accountants for Business
Jacob David CoutinhoAFA/MIPA
2 Chalk Close
Dartford
Kent
DA1 1AN

18 October 2024

 

Martello Interiors Ltd

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

 

221,830

230,474

Cost of sales

 

(105,622)

(109,233)

Gross profit

 

116,208

121,241

Administrative expenses

 

(110,051)

(123,072)

Operating profit/(loss)

 

6,157

(1,831)

Profit/(loss) before tax

6,157

(1,831)

Tax on profit/(loss)

 

(1,169)

-

Profit/(loss) for the financial year

 

4,988

(1,831)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Martello Interiors Ltd

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit/(loss) for the year

4,988

(1,831)

Total comprehensive income for the year

4,988

(1,831)

 

Martello Interiors Ltd

(Registration number: 05953414)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,066

3,668

Current assets

 

Debtors

5

23,505

15,414

Cash at bank and in hand

 

43,221

51,721

 

66,726

67,135

Creditors: Amounts falling due within one year

6

(7,522)

(10,806)

Net current assets

 

59,204

56,329

Total assets less current liabilities

 

62,270

59,997

Creditors: Amounts falling due after more than one year

6

-

785

Net assets

 

62,270

60,782

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

62,260

60,772

Shareholders' funds

 

62,270

60,782

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 October 2024
 

.........................................
Mr Theodore Moustaka
Director

 

Martello Interiors Ltd

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

10

60,772

60,782

Profit for the year

-

4,988

4,988

Dividends

-

(3,500)

(3,500)

At 30 June 2024

10

62,260

62,270

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

10

62,603

62,613

Loss for the year

-

(1,831)

(1,831)

At 30 June 2023

10

60,772

60,782

 

Martello Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
13 High Street
New Romney
TN28 8BN
England

These financial statements were authorised for issue by the director on 18 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Martello Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance method

Office equipment

25% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Martello Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 4).

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

5,673

18,186

23,859

Additions

421

-

421

At 30 June 2024

6,094

18,186

24,280

Depreciation

At 1 July 2023

5,231

14,960

20,191

Charge for the year

216

807

1,023

At 30 June 2024

5,447

15,767

21,214

Carrying amount

At 30 June 2024

647

2,419

3,066

At 30 June 2023

442

3,226

3,668

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

22,552

15,136

Other debtors

953

278

 

23,505

15,414

 

Martello Interiors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

11,944

9,182

Taxation and social security

14,830

13,324

Accruals and deferred income

(3,916)

(3,990)

Other creditors

(15,336)

(7,710)

7,522

10,806

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

(785)

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

-

(785)