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Registered number: 09543175
Pin Cushion Interior Decorations Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09543175
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,534 3,067
Tangible Assets 5 13,788 17,018
15,322 20,085
CURRENT ASSETS
Stocks 6 6,327 10,650
Debtors 7 51,305 43,304
Cash at bank and in hand 4,348 4,595
61,980 58,549
Creditors: Amounts Falling Due Within One Year 8 (97,206 ) (87,023 )
NET CURRENT ASSETS (LIABILITIES) (35,226 ) (28,474 )
TOTAL ASSETS LESS CURRENT LIABILITIES (19,904 ) (8,389 )
Creditors: Amounts Falling Due After More Than One Year 9 (19,445 ) (27,778 )
NET LIABILITIES (39,349 ) (36,167 )
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account (39,350 ) (36,168 )
SHAREHOLDERS' FUNDS (39,349) (36,167)
Page 1
Page 2
For the year ending 31 January 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 Jozef Perkins
Director
31/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pin Cushion Interior Decorations Limited Registered number 09543175 is a limited by shares private company incorporated in England & Wales. The Registered Office is 149 Roman Bank, Skegness, Lincolnshire, PE25 1RY.
The company was formerly known as Cushion & Curtain Centre Limited. Tthe name was changed to Pin Cushion Interior Decorations Limited on 5 March 2020.
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Leasehold 5 years
Plant & Machinery 15% Straight line
Motor Vehicles 20% Reducing balance
Fixtures & Fittings 20% Straight line
Computer Equipment 20% Straight line
2.5. Stocks and Work in Progress
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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.8. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 2
Sales, marketing and distribution 1 1
Manufacturing 4 8
6 11
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 15,331
As at 31 January 2024 15,331
Amortisation
As at 1 February 2023 12,264
Provided during the period 1,533
As at 31 January 2024 13,797
Net Book Value
As at 31 January 2024 1,534
As at 1 February 2023 3,067
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 February 2023 6,809 10,232 29,195 10,924
Additions - 845 - -
Disposals - - (1,950 ) -
As at 31 January 2024 6,809 11,077 27,245 10,924
Depreciation
As at 1 February 2023 6,809 7,479 16,670 10,731
Provided during the period - 749 2,440 139
Disposals - - (1,623 ) -
As at 31 January 2024 6,809 8,228 17,487 10,870
Net Book Value
As at 31 January 2024 - 2,849 9,758 54
As at 1 February 2023 - 2,753 12,525 193
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Page 5
Computer Equipment Total
£ £
Cost
As at 1 February 2023 4,608 61,768
Additions - 845
Disposals - (1,950 )
As at 31 January 2024 4,608 60,663
Depreciation
As at 1 February 2023 3,061 44,750
Provided during the period 420 3,748
Disposals - (1,623 )
As at 31 January 2024 3,481 46,875
Net Book Value
As at 31 January 2024 1,127 13,788
As at 1 February 2023 1,547 17,018
6. Stocks
2024 2023
£ £
Stock 6,327 10,650
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 17,076 21,319
Amounts recoverable on contracts 16,046 18,719
Prepayments and accrued income 1,016 3,266
Other debtors 17,167 -
51,305 43,304
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 18,993 15,922
Bank loans and overdrafts 15,503 14,355
Corporation tax - 1,099
Other taxes and social security 1,839 3,386
VAT 811 13,245
Accruals and deferred income 8,698 10,109
Government grants within one year 8,333 8,333
Director's loan account 43,029 20,574
97,206 87,023
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Government grants after one year 19,445 27,778
10. Deferred Taxation
No provision has been made for deferred tax asset totalling £2,820 (2023 £2,960) at the year end in relation to excess tax losses carried forward.
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
12. Other Commitments
At the end of the period the company had annual commitments under non-cancellable operating leases as follows:
2024 2023
£ £
Not later than one year - 4,073
Later than one year and not later than five years 27,543 19,143
27,543 23,216
13. Related Party Transactions
During the year, the company paid £14,778.68 (2023 £15,896.04) in respect of rent of the company premises to close family members of Mr Jozef Perkins who is sole director and shareholder of the company.
14. Ultimate Controlling Party
The company's ultimate controlling party is Mr Jozef Perkins by virtue of his ownership of 100% of the issued share capital in the company.
15. Going concern
Included in creditors less than one year is a director's loan account of £43,029 (2023 £20,574). The director has given his assurance that he will not withdraw funds to the detriment of other creditors.
There was a net deficiency of assets of £39,349 (2023 £36,167) at the balance sheet date, however the director considers that the company retains sufficient working capital to continue trading for the foreseeable future.
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