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Registration number: 04186125

Joseph King Interiors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

Pages for filing with Registrar

 

Joseph King Interiors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Joseph King Interiors Limited

Company Information

Directors

B A Woodward

N J Ford

Registered office

Bookbinder House
1 Kingsdown Parade
Bristol
BS6 5UD

Registered number

04186125

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Joseph King Interiors Limited

(Registration number: 04186125)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

12,176

14,887

Current assets

 

Debtors

6

7,121

10,879

Cash at bank and in hand

 

4

4

 

7,125

10,883

Creditors: Amounts falling due within one year

7

(15,860)

(14,846)

Net current liabilities

 

(8,735)

(3,963)

Total assets less current liabilities

 

3,441

10,924

Provisions for liabilities

(2,000)

(2,000)

Net assets

 

1,441

8,924

Capital and reserves

 

Called up share capital

8

150

150

Capital redemption reserve

50

50

Profit and loss account

1,241

8,724

Total equity

 

1,441

8,924

 

Joseph King Interiors Limited

(Registration number: 04186125)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 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 4 December 2024 and signed on its behalf by:
 


 

N J Ford

Director

 

Joseph King Interiors Limited

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

1

Statutory information

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

The address of its registered office is:
Bookbinder House
1 Kingsdown Parade
Bristol
BS6 5UD
England

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

Joseph King Interiors Limited

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

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.


Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Improvements to property

- Straight line over 10 years.

Equipment

- 15% on reducing balance.

Computer equipment

- Straight line over 3 years.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less any 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.

Trade creditors

Trade creditors are recognised at the transaction price.

 

Joseph King Interiors Limited

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

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.

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.

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.

Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

2,000

2,000

 

Joseph King Interiors Limited

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

2023

Liability
£

Accelerated capital allowances

2,000

2,000

5

Tangible fixed assets

Improvements to property
£

Equipment
£

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2023

16,788

20,552

2,242

39,582

At 31 March 2024

16,788

20,552

2,242

39,582

Depreciation

At 1 April 2023

8,568

13,885

2,242

24,695

Charge for the year

1,679

1,032

-

2,711

At 31 March 2024

10,247

14,917

2,242

27,406

Carrying amount

At 31 March 2024

6,541

5,635

-

12,176

At 31 March 2023

8,220

6,667

-

14,887

6

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

5,521

9,279

Other debtors

100

100

Amounts recoverable on contracts

1,500

1,500

7,121

10,879

 

Joseph King Interiors Limited

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

7

Creditors

2024
£

2023
£

Bank loans and overdrafts

4,463

5,025

Trade creditors

2,633

486

Corporation tax

-

1,963

Taxation and social security

4,794

4,688

Other creditors

1,720

934

Accruals

1,750

1,750

Directors' loan accounts

500

-

15,860

14,846

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Oridnary B shares of £1 each

50

50

50

50

 

150

150

150

150