REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
ABI INTERIORS INTERNATIONAL LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
ABI INTERIORS INTERNATIONAL LIMITED |
ABI INTERIORS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12954559) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ABI INTERIORS INTERNATIONAL LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 June 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
ABI INTERIORS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12954559) |
BALANCE SHEET |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
ABI INTERIORS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12954559) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
ABI Interiors International Limited is a |
The trading address of the company is 316 Design Centre East, Chelsea Harbour, London, SW10 0XF. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
ABI Interiors Pty Limited, a fellow group company, will continue to provide any financial and operational support which may be necessary in order that the company can continue to trade and meet its liabilities, as they fall due, for the foreseeable future, and in any event for a period in excess of 12 months and 1 day from the date of the signing of the audit report. |
The directors have assessed the ability of ABI Interiors Pty Limited to provide this support, reviewing the fellow group company's cash flow forecasts, its latest results and its financier agreements. As part of this review, the directors have noted that the fellow group company is party to a trade finance facility that is due for renewal on 31 December 2024. The directors are confident that the facility will be renewed and have no reason to believe that it won't be renewed. This assessment is based on the previous successful annual renewals of this facility, the fact that the fellow group company is profitable, is in a net current assets position and that the facility covenants have not been breached to date. |
As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents the amount charged on the sale of goods, excluding discounts, rebates, value added tax, and other sales tax. |
Turnover is recognised when goods are delivered to the customer. |
Turnover relating to sales made in the final 3 days of the period are deferred, in order to account for the uncertainty over delivery times, leading to goods being received following the year end. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery etc - | 20% to 50% on cost, over remaining term of lease and between 5 and 20 years |
ABI INTERIORS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12954559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ABI INTERIORS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12954559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors & accruals |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Other creditors |
ABI INTERIORS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12954559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.23 | 30.6.22 |
£ | £ |
Within one year |
Between one and five years |
9. | PROVISIONS FOR LIABILITIES |
30.6.23 | 30.6.22 |
£ | £ |
Deferred tax | 915 | 915 |
Sales returns provisions | 9,479 | 7,344 |
Sales |
Deferred | returns |
tax | provisions |
£ | £ |
Balance at 1 July 2022 |
Charge to Income Statement during year |
Utilised during year | ( |
) |
Balance at 30 June 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.23 | 30.6.22 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
ABI INTERIORS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12954559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Qualified opinion |
We have audited the financial statements of ABI Interiors International Limited (the 'company') for the period ended 30 June 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion |
In the course of conducting our audit, we were unable to obtain sufficient appropriate audit evidence in respect of the £394,027 value of the company's opening stock, recognised in the financial statements as at 30th June 2022. As a result of this, we are unable to conclude on the accuracy of the opening stock amount included in the income statement and balance sheet and also the resulting impact on opening retained earnings and current year earnings. It is not practicable to quantify the financial effects of this potential misstatement. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. |
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
ABI INTERIORS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12954559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued |
As described in the Basis for qualified opinion section of our report, our audit opinion is qualified due to the fact that we were unable to obtain sufficient appropriate audit evidence in respect of the £394,027 value of the company's opening stock, recognised in the financial statements as at 30th June 2022. |
Matters on which we are required to report by exception |
Except for the matter described in the basis for qualified opinion section of our report, in light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any matters in the Report of the Director that are inconsistent with our overall view of the financial statements. |
Arising solely from the limitation on the scope of our work relating to stock, referred to above: |
- We have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
- We were unable to determine whether adequate accounting records have been kept. |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: |
- returns adequate for our audit have not been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors' remuneration specified by law are not made. |
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
for and on behalf of |
As stated above, the audit opinion was qualified. In addition, we would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
"Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed." |
12. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |
ABI INTERIORS INTERNATIONAL LIMITED (REGISTERED NUMBER: 12954559) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
13. | ULTIMATE PARENT COMPANY |
company. The registered address of the company is Level 23, 480 Queen Street, Brisbane City, QLD 4000. |
ABI International Holdings Pty Ltd prepares consolidated financial statements. These financial statements are available upon request in writing to the above registered address. |