Audus Interiors (St Albans) Ltd 09050254 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of a kitchen retailer. Digita Accounts Production Advanced 6.30.9574.0 true true 09050254 2023-06-01 2024-05-31 09050254 2024-05-31 09050254 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-05-31 09050254 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 09050254 core:CurrentFinancialInstruments 2024-05-31 09050254 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 09050254 core:Non-currentFinancialInstruments 2024-05-31 09050254 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 09050254 core:Goodwill 2024-05-31 09050254 core:FurnitureFittings 2024-05-31 09050254 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 09050254 core:MotorVehicles 2024-05-31 09050254 core:OfficeEquipment 2024-05-31 09050254 core:OtherPropertyPlantEquipment 2024-05-31 09050254 bus:SmallEntities 2023-06-01 2024-05-31 09050254 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09050254 bus:FilletedAccounts 2023-06-01 2024-05-31 09050254 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09050254 bus:RegisteredOffice 2023-06-01 2024-05-31 09050254 bus:Director1 2023-06-01 2024-05-31 09050254 bus:Director2 2023-06-01 2024-05-31 09050254 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09050254 core:Goodwill 2023-06-01 2024-05-31 09050254 core:FurnitureFittings 2023-06-01 2024-05-31 09050254 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09050254 core:MotorVehicles 2023-06-01 2024-05-31 09050254 core:OfficeEquipment 2023-06-01 2024-05-31 09050254 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 09050254 core:PlantMachinery 2023-06-01 2024-05-31 09050254 countries:England 2023-06-01 2024-05-31 09050254 2023-05-31 09050254 core:Goodwill 2023-05-31 09050254 core:FurnitureFittings 2023-05-31 09050254 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 09050254 core:MotorVehicles 2023-05-31 09050254 core:OfficeEquipment 2023-05-31 09050254 core:OtherPropertyPlantEquipment 2023-05-31 09050254 2022-06-01 2023-05-31 09050254 2023-05-31 09050254 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 09050254 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 09050254 core:CurrentFinancialInstruments 2023-05-31 09050254 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 09050254 core:Non-currentFinancialInstruments 2023-05-31 09050254 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 09050254 core:Goodwill 2023-05-31 09050254 core:FurnitureFittings 2023-05-31 09050254 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 09050254 core:MotorVehicles 2023-05-31 09050254 core:OfficeEquipment 2023-05-31 09050254 core:OtherPropertyPlantEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 09050254

Audus Interiors (St Albans) Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Audus Interiors (St Albans) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Audus Interiors (St Albans) Ltd

Company Information

Directors

Mr J Lindsey

Mr G S Audus

Registered office

1b Horseshoe Business Park
Lye Lane
Bricket Wood
St Albans
Hertfordshire
AL2 3TA

Accountants

GMR Accountants Ltd
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

 

Audus Interiors (St Albans) Ltd

(Registration number: 09050254)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

600

1,500

Tangible assets

5

197,362

167,566

 

197,962

169,066

Current assets

 

Stocks

6

314,246

576,531

Debtors

7

789,589

611,829

Cash at bank and in hand

 

329,517

492,335

 

1,433,352

1,680,695

Creditors: Amounts falling due within one year

8

(1,389,206)

(1,563,997)

Net current assets

 

44,146

116,698

Total assets less current liabilities

 

242,108

285,764

Creditors: Amounts falling due after more than one year

8

(130,263)

(154,922)

Net assets

 

111,845

130,842

Capital and reserves

 

Called up share capital

30,000

30,000

Retained earnings

81,845

100,842

Shareholders' funds

 

111,845

130,842

For the financial year ending 31 May 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 November 2024 and signed on its behalf by:
 

 

Audus Interiors (St Albans) Ltd

(Registration number: 09050254)
Balance Sheet as at 31 May 2024

.........................................
Mr J Lindsey
Director

 

Audus Interiors (St Albans) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
1b Horseshoe Business Park
Lye Lane
Bricket Wood
St Albans
Hertfordshire
AL2 3TA
United Kingdom

These financial statements were authorised for issue by the Board on 12 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Audus Interiors (St Albans) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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

Plant, machinery and fixtures

15% reducing balance basis

Office equipment

33% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

12% 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.

 

Audus Interiors (St Albans) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Audus Interiors (St Albans) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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 16 (2023 - 16).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

7,500

7,500

At 31 May 2024

7,500

7,500

Amortisation

At 1 June 2023

6,000

6,000

Amortisation charge

900

900

At 31 May 2024

6,900

6,900

Carrying amount

At 31 May 2024

600

600

At 31 May 2023

1,500

1,500

 

Audus Interiors (St Albans) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

18,959

149,998

18,415

29,283

148,937

365,592

Additions

-

-

7,733

59,802

702

68,237

At 31 May 2024

18,959

149,998

26,148

89,085

149,639

433,829

Depreciation

At 1 June 2023

4,243

112,392

8,570

1,952

70,868

198,025

Charge for the year

2,208

5,641

4,520

14,276

11,797

38,442

At 31 May 2024

6,451

118,033

13,090

16,228

82,665

236,467

Carrying amount

At 31 May 2024

12,508

31,965

13,058

72,857

66,974

197,362

At 31 May 2023

-

52,322

9,844

27,331

78,069

167,566

Included within the net book value of land and buildings above is £12,508 (2023 - £Nil) in respect of freehold land and buildings.
 

 

Audus Interiors (St Albans) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Other inventories

314,246

576,531

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

410,570

473,014

Amounts owed by related parties

10

193,579

-

Prepayments

 

102,660

93,111

Other debtors

 

82,780

45,704

   

789,589

611,829

 

Audus Interiors (St Albans) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

64,022

52,774

Trade creditors

 

421,160

392,876

Taxation and social security

 

93,738

156,966

Accruals and deferred income

 

57,952

12,630

Other creditors

 

752,334

948,751

 

1,389,206

1,563,997

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

130,263

154,922

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

97,222

138,888

Hire purchase contracts

33,041

16,034

130,263

154,922

Current loans and borrowings

2024
£

2023
£

Bank borrowings

41,667

41,666

Hire purchase contracts

20,454

10,286

Other borrowings

1,901

822

64,022

52,774

 

Audus Interiors (St Albans) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

24,140

Contributions paid to money purchase schemes

19,002

380

44,142

24,520