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Registration number: 13711115

Interior Smart Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Interior Smart Solutions Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Interior Smart Solutions Ltd

Company Information

Director

Mr Darren Dunn

Registered office

C/o BDK Accountants LTD
24 Scotts Road
Bromley
Kent
BR1 3QD

Accountants

BDK Accountants Ltd
24 Scotts Road
Bromley
Kent
BR1 3QD

 

Interior Smart Solutions Ltd

(Registration number: 13711115)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

39,230

22,321

Current assets

 

Stocks

5

2,683

16,000

Debtors

6

19,732

87

Cash at bank and in hand

 

4,635

4,388

 

27,050

20,475

Creditors: Amounts falling due within one year

7

(58,278)

(35,352)

Net current liabilities

 

(31,228)

(14,877)

Total assets less current liabilities

 

8,002

7,444

Provisions for liabilities

(7,443)

(4,224)

Net assets

 

559

3,220

Capital and Reserves

 

Called up share capital

8

300

300

Retained Earnings

259

2,920

Shareholders' funds

 

559

3,220

For the financial year ending 31 October 2023 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 14 August 2024
 

.........................................
Mr Darren Dunn
Director

 

Interior Smart Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
C/o BDK Accountants LTD
24 Scotts Road
Bromley
Kent
BR1 3QD
England

These financial statements were authorised for issue by the director on 14 August 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.

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 and deferred 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.

 

Interior Smart Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 Vehicle

25% Dimishing balance basis

Office Equipment

25% Straight line basis

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Interior Smart Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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 2 (2022 - 1).

 

Interior Smart Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

116

29,645

29,761

Additions

-

29,995

29,995

At 31 October 2023

116

59,640

59,756

Depreciation

At 1 November 2022

29

7,411

7,440

Charge for the year

29

13,057

13,086

At 31 October 2023

58

20,468

20,526

Carrying amount

At 31 October 2023

58

39,172

39,230

At 31 October 2022

87

22,234

22,321

5

Stocks

2023
£

2022
£

Work in progress

2,683

16,000

6

Debtors

Current

2023
£

2022
£

Trade Debtors

8,093

-

Other debtors

11,639

87

 

19,732

87

 

Interior Smart Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade Creditors

110

3,700

Taxation and social security

8,868

5,062

Accruals and deferred income

2,100

-

Other creditors

47,200

26,590

58,278

35,352

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

100

100

100

100

Ordinary C of £1 each

100

100

100

100

 

300

300

300

300

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £146.66 (2022 - £53.33) per ordinary share

 

37,000

 

16,000

         

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

21,665

5,845