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COMPANY REGISTRATION NUMBER: 09275936
Celine Interior Design Limited
Filleted Unaudited Financial Statements
31 October 2023
Celine Interior Design Limited
Financial Statements
Year ended 31 October 2023
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Balance sheet
2 to 3
Notes to the financial statements
4 to 8
Celine Interior Design Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Celine Interior Design Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Celine Interior Design Limited for the year ended 31 October 2023, which comprise the balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Celine Interior Design Limited, as a body, in accordance with the terms of our engagement letter dated 11 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Celine Interior Design Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Celine Interior Design Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Celine Interior Design Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Celine Interior Design Limited. You consider that Celine Interior Design Limited 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 financial statements of Celine Interior Design Limited. 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 financial statements.
MILLER DAVIES LLP Chartered Accountants
A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN
18 November 2024
Celine Interior Design Limited
Balance Sheet
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
24,609
15,989
Investments
6
500,000
500,000
---------
---------
524,609
515,989
Current assets
Stocks
3,693,761
6,200,685
Debtors
7
20,404
Cash at bank and in hand
3,032,011
1,677,677
------------
------------
6,746,176
7,878,362
Creditors: amounts falling due within one year
8
3,645,989
3,664,034
------------
------------
Net current assets
3,100,187
4,214,328
------------
------------
Total assets less current liabilities
3,624,796
4,730,317
Creditors: amounts falling due after more than one year
9
1,860,000
3,900,000
------------
------------
Net assets
1,764,796
830,317
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,764,794
830,315
------------
---------
Shareholders funds
1,764,796
830,317
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Celine Interior Design Limited
Balance Sheet (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 18 November 2024 , and are signed on behalf of the board by:
Ms Charchafchi
Mr S A A Kafil-Husain
Director
Director
Company registration number: 09275936
Celine Interior Design Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
10% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
4,351
55,816
20,097
80,264
Additions
5,862
7,142
13,004
-------
--------
--------
--------
At 31 October 2023
4,351
61,678
27,239
93,268
-------
--------
--------
--------
Depreciation
At 1 November 2022
4,351
50,624
9,300
64,275
Charge for the year
2,470
1,914
4,384
-------
--------
--------
--------
At 31 October 2023
4,351
53,094
11,214
68,659
-------
--------
--------
--------
Carrying amount
At 31 October 2023
8,584
16,025
24,609
-------
--------
--------
--------
At 31 October 2022
5,192
10,797
15,989
-------
--------
--------
--------
6. Investments
Shares in participating interests
£
Cost
At 1 November 2022 and 31 October 2023
500,000
---------
Impairment
At 1 November 2022 and 31 October 2023
---------
Carrying amount
At 31 October 2023
500,000
---------
At 31 October 2022
500,000
---------
7. Debtors
2023
2022
£
£
Other debtors
20,404
--------
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
84,972
Corporation tax
480,918
195,019
Social security and other taxes
108,574
Other creditors
3,080,099
3,360,441
------------
------------
3,645,989
3,664,034
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,860,000
3,900,000
------------
------------
10. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
3,532,011
2,177,677
------------
------------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
4,033,288
7,310,443
------------
------------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Ms Charchafchi
( 2,176,445)
1,313,592
( 862,853)
Mr S A A Kafil-Husain
( 294,459)
( 568,393)
( 862,852)
------------
------------
------------
( 2,470,904)
745,199
( 1,725,705)
------------
------------
------------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Ms Charchafchi
( 2,456,283)
279,838
( 2,176,445)
Mr S A A Kafil-Husain
( 484,237)
189,778
( 294,459)
------------
---------
------------
( 2,940,520)
469,616
( 2,470,904)
------------
---------
------------
12. Related party transactions
Included in other creditors is an amount of £82,726 (2022 - £198,511) due to Rayan & Co Enterprises, a company controlled by Mr Kafil-Husain and Ms Charchafchi .