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Registration number: 10817317

Defined Interiors Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Defined Interiors Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 14

 

Defined Interiors Ltd

Company Information

Directors

Mr Richard Hood

Mr Dominic Maher

Company secretary

Cobat Secretarial Services Limited

Registered office

1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

Defined Interiors Ltd

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Richard Hood

Mr Dominic Maher

Principal activity

The principal activity of the company is Building completion and finishing

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 Board on 14 November 2024 and signed on its behalf by:
 

.........................................
Mr Dominic Maher
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Defined 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 Defined Interiors Ltd for the year ended 30 June 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Defined Interiors Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Defined 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 the Company. You consider that Defined 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 the Company. 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.

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

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

14 November 2024

 

Defined Interiors Ltd

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

 

9,825,846

10,874,472

Cost of sales

 

(7,102,266)

(8,068,733)

Gross profit

 

2,723,580

2,805,739

Administrative expenses

 

(1,199,661)

(1,176,554)

Operating profit

 

1,523,919

1,629,185

Other interest receivable and similar income

 

52,043

-

Interest payable and similar expenses

 

(1,763)

(580)

   

50,280

(580)

Profit before tax

4

1,574,199

1,628,605

Tax on profit

 

(374,294)

(336,067)

Profit for the financial year

 

1,199,905

1,292,538

The above results were derived from continuing operations.

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

 

Defined Interiors Ltd

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

1,199,905

1,292,538

Total comprehensive income for the year

1,199,905

1,292,538

 

Defined Interiors Ltd

(Registration number: 10817317)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

20,663

27,346

Current assets

 

Stocks

6

2,000

125,000

Debtors

7

4,145,552

1,251,698

Cash at bank and in hand

 

857,558

2,270,998

 

5,005,110

3,647,696

Creditors: Amounts falling due within one year

8

(1,433,159)

(1,153,480)

Net current assets

 

3,571,951

2,494,216

Total assets less current liabilities

 

3,592,614

2,521,562

Creditors: Amounts falling due after more than one year

8

(19,162)

(28,015)

Net assets

 

3,573,452

2,493,547

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

3,573,352

2,493,447

Shareholders' funds

 

3,573,452

2,493,547

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.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

 

Defined Interiors Ltd

(Registration number: 10817317)
Balance Sheet as at 30 June 2024

.........................................
Mr Dominic Maher
Director

 

Defined Interiors Ltd

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

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

100

2,493,447

2,493,547

Profit for the year

-

1,199,905

1,199,905

Dividends

-

(120,000)

(120,000)

At 30 June 2024

100

3,573,352

3,573,452

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

100

1,579,909

1,580,009

Profit for the year

-

1,292,538

1,292,538

Dividends

-

(379,000)

(379,000)

At 30 June 2023

100

2,493,447

2,493,547

 

Defined 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 UK.

The address of its registered office is:
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

These financial statements were authorised for issue by the Board on 14 November 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.

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.

 

Defined Interiors Ltd

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

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

Fixtures and Fittings

20% Reducing Balance

Office Equipment

20% Reducing Balance

Plant and Machinery

20% Reducing Balance

Motor Vehicles

20% Straight Line

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.

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

 

Defined Interiors Ltd

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

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

6,683

6,837

 

Defined Interiors Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

1,541

30,345

3,453

35,339

At 30 June 2024

1,541

30,345

3,453

35,339

Depreciation

At 1 July 2023

681

6,069

1,243

7,993

Charge for the year

172

6,069

442

6,683

At 30 June 2024

853

12,138

1,685

14,676

Carrying amount

At 30 June 2024

688

18,207

1,768

20,663

At 30 June 2023

860

24,276

2,210

27,346

6

Stocks

2024
£

2023
£

Work in progress

-

125,000

Other inventories

2,000

-

2,000

125,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

164,579

-

Other debtors

3,980,973

1,251,698

 

4,145,552

1,251,698

8

Creditors

Creditors: amounts falling due within one year

 

Defined Interiors Ltd

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

2024
£

2023
£

Due within one year

Trade creditors

780,427

32,500

Taxation and social security

612,003

763,098

Other creditors

40,729

357,882

1,433,159

1,153,480

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

19,162

28,015

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

19,162

28,015

11

Dividends

2024

2023

£

£

Final dividend of £1,200.00 (2023 - £3,790.00) per ordinary share

120,000

379,000

 

 

12

Related party transactions

 

Defined Interiors Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

138,000

120,000

13

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

395,075

337,071

UK corporation tax adjustment to prior periods

(20,781)

(1,004)

374,294

336,067

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,574,199

1,628,605

Corporation tax at standard rate

374,294

336,067

Total tax charge

374,294

336,067