IRIS Accounts Production v24.3.2.46 06616694 Board of Directors 1.7.23 30.6.24 30.6.24 Medium entities construction related services. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh066166942023-06-30066166942024-06-30066166942023-07-012024-06-30066166942022-06-30066166942022-07-012023-06-30066166942023-06-3006616694ns15:EnglandWales2023-07-012024-06-3006616694ns14:PoundSterling2023-07-012024-06-3006616694ns10:Director12023-07-012024-06-3006616694ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3006616694ns10:MediumEntities2023-07-012024-06-3006616694ns10:Audited2023-07-012024-06-3006616694ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3006616694ns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3006616694ns10:FullAccounts2023-07-012024-06-3006616694ns10:OrdinaryShareClass12023-07-012024-06-3006616694ns10:OrdinaryShareClass22023-07-012024-06-3006616694ns10:Director22023-07-012024-06-3006616694ns10:RegisteredOffice2023-07-012024-06-3006616694ns5:CurrentFinancialInstruments2024-06-3006616694ns5:CurrentFinancialInstruments2023-06-3006616694ns5:ShareCapital2024-06-3006616694ns5:ShareCapital2023-06-3006616694ns5:RetainedEarningsAccumulatedLosses2024-06-3006616694ns5:RetainedEarningsAccumulatedLosses2023-06-3006616694ns5:ShareCapital2022-06-3006616694ns5:RetainedEarningsAccumulatedLosses2022-06-3006616694ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3006616694ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-3006616694ns5:FurnitureFittings2023-07-012024-06-3006616694ns5:MotorVehicles2023-07-012024-06-3006616694ns5:OwnedAssets2023-07-012024-06-3006616694ns5:OwnedAssets2022-07-012023-06-300661669412023-07-012024-06-300661669412022-07-012023-06-3006616694ns10:OrdinaryShareClass12022-07-012023-06-3006616694ns10:OrdinaryShareClass22022-07-012023-06-3006616694ns5:FurnitureFittings2023-06-3006616694ns5:MotorVehicles2023-06-3006616694ns5:FurnitureFittings2024-06-3006616694ns5:MotorVehicles2024-06-3006616694ns5:FurnitureFittings2023-06-3006616694ns5:MotorVehicles2023-06-3006616694ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3006616694ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3006616694ns5:DeferredTaxation2023-06-3006616694ns5:DeferredTaxation2023-07-012024-06-3006616694ns5:DeferredTaxation2024-06-3006616694ns10:OrdinaryShareClass12024-06-3006616694ns10:OrdinaryShareClass22024-06-3006616694ns5:RetainedEarningsAccumulatedLosses2023-06-30
REGISTERED NUMBER: 06616694 (England and Wales)












Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 30 June 2024

for

Interior Partnerships Limited

Interior Partnerships Limited (Registered number: 06616694)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


Interior Partnerships Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: T S Jackson
J Singh





REGISTERED OFFICE: The Forge
3 Heron Hill
Belvedere
DA17 5ER





REGISTERED NUMBER: 06616694 (England and Wales)





AUDITORS: Ardor Business Solutions Limited
Statutory Auditors
Chartered Certified Accountants
Unit 1
Shrine Barn
Sandling Road
Hythe
Kent
CT21 4HE

Interior Partnerships Limited (Registered number: 06616694)

Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
The company continues to operate in the construction industry where the demand is influenced by economic conditions, government policies, and demographic trends. It is crucial for the company to stay abreast of market changes to align its strategies accordingly. Prudent risk management and an ability to adapt to uncertainties are critical for the company's sustained success. By identifying, assessing, and mitigating various risks, the company looks to navigate challenges effectively, ensuring resilience and competitiveness in a dynamic construction industry.

Continuous monitoring and updating of risk management strategies will be essential in the ever-evolving business landscape.

Inflation is on the rise leading to increased costs of supplies and the potential for supply issues. The company regularly reviews costs of current suppliers against industry standard to ensure the best prices are attained and where suitable, bulk discounts received.

Trade Debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to the customers and the regular monitoring of amounts of both time and credit limits. Provision for doubtful debts is made as necessary.

Liquidity risk
The company monitors and reviews liquidity risks regularly on an ongoing basis and also as part of the planning process. The Directors consider short-term requirements against available sources of funding, taking into account cash flow and response to any identified needs as necessary to support the business.

Credit Risk
The company's credit risk relates to recovery of amounts owed by customers for invoiced sales. The credit risk is managed by regular monitoring of outstanding amounts.

Turnover, Gross Profit and Operating Profit
Gross profit margin for the year for the company was 24% (2023: 10%) and operating profit margin was 17% (2023: 1%). The company seeks to provide growth in earnings through improved efficiencies and operations in light of market conditions.

Markets have proven to be difficult and the company is seeking improved volumes to be able to command better sales prices which are volume related. The generation of earnings is essential to deliver growth.

Financial Indicators 30th June 2024 30th June 2023

Turnover £20,861,833 £14,983,670

ON BEHALF OF THE BOARD:





T S Jackson - Director


16 December 2024

Interior Partnerships Limited (Registered number: 06616694)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
Ordinary B £1 shares £610 - 14 September 2023
Ordinary C £1 shares £610 - 14 September 2023

The directors recommend final dividends per share as follows:

Ordinary B £1 shares £7,953
Ordinary C £1 shares £7,953

The total distribution of dividends for the year ended 30 June 2024 will be £ 856,300 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

T S Jackson
J Singh

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Interior Partnerships Limited (Registered number: 06616694)

Report of the Directors
for the Year Ended 30 June 2024


AUDITORS
The auditors, Ardor Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T S Jackson - Director


16 December 2024

Report of the Independent Auditors to the Members of
Interior Partnerships Limited

Opinion
We have audited the financial statements of Interior Partnerships Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year 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 opinion
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 Auditors' 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 opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material 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 material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Interior Partnerships Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or 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; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Interior Partnerships Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards).

We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address
The corresponding figures are unaudited.

Report of the Independent Auditors to the Members of
Interior Partnerships Limited


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.




Bryan Michael Kemsley FCCA FMAAT (Senior Statutory Auditor)
for and on behalf of Ardor Business Solutions Limited
Statutory Auditors
Chartered Certified Accountants
Unit 1
Shrine Barn
Sandling Road
Hythe
Kent
CT21 4HE

16 December 2024

Interior Partnerships Limited (Registered number: 06616694)

Income Statement
for the Year Ended 30 June 2024

30/6/24 30/6/23
Notes £    £   

TURNOVER 20,861,833 14,983,670

Cost of sales 15,916,385 13,526,518
GROSS PROFIT 4,945,448 1,457,152

Administrative expenses 1,500,392 1,300,340
3,445,056 156,812

Other operating income 15,328 15,228
OPERATING PROFIT 5 3,460,384 172,040

Interest receivable and similar income 90,638 28,415
3,551,022 200,455

Interest payable and similar expenses 6 60 1,131
PROFIT BEFORE TAXATION 3,550,962 199,324

Tax on profit 7 891,028 33,382
PROFIT FOR THE FINANCIAL YEAR 2,659,934 165,942

Interior Partnerships Limited (Registered number: 06616694)

Other Comprehensive Income
for the Year Ended 30 June 2024

30/6/24 30/6/23
Notes £    £   

PROFIT FOR THE YEAR 2,659,934 165,942


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,659,934

165,942

Interior Partnerships Limited (Registered number: 06616694)

Statement of Financial Position
30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 282,227 171,699

CURRENT ASSETS
Stocks 10 561,948 1,428,052
Debtors 11 967,068 2,252,096
Cash at bank and in hand 5,147,629 1,807,212
6,676,645 5,487,360
CREDITORS
Amounts falling due within one year 12 2,060,485 2,580,285
NET CURRENT ASSETS 4,616,160 2,907,075
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,898,387

3,078,774

PROVISIONS FOR LIABILITIES 13 52,604 36,625
NET ASSETS 4,845,783 3,042,149

CAPITAL AND RESERVES
Called up share capital 14 200 200
Retained earnings 15 4,845,583 3,041,949
SHAREHOLDERS' FUNDS 4,845,783 3,042,149

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2024 and were signed on its behalf by:





T S Jackson - Director


Interior Partnerships Limited (Registered number: 06616694)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 200 3,090,357 3,090,557

Changes in equity
Dividends - (214,350 ) (214,350 )
Total comprehensive income - 165,942 165,942
Balance at 30 June 2023 200 3,041,949 3,042,149

Changes in equity
Dividends - (856,300 ) (856,300 )
Total comprehensive income - 2,659,934 2,659,934
Balance at 30 June 2024 200 4,845,583 4,845,783

Interior Partnerships Limited (Registered number: 06616694)

Statement of Cash Flows
for the Year Ended 30 June 2024

30/6/24 30/6/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,322,211 (640,758 )
Interest paid (60 ) (1,131 )
Tax paid (51,321 ) (48,865 )
Net cash from operating activities 4,270,830 (690,754 )

Cash flows from investing activities
Purchase of tangible fixed assets (195,379 ) (52,977 )
Sale of tangible fixed assets 22,292 10,798
Interest received 90,638 28,415
Net cash from investing activities (82,449 ) (13,764 )

Cash flows from financing activities
Loan repayments in year - (31,818 )
Amount introduced by directors 9,812 33,379
Amount withdrawn by directors (1,476 ) (9,985 )
Equity dividends paid (856,300 ) (214,350 )
Net cash from financing activities (847,964 ) (222,774 )

Increase/(decrease) in cash and cash equivalents 3,340,417 (927,292 )
Cash and cash equivalents at
beginning of year

2

1,807,212

2,734,504

Cash and cash equivalents at end of
year

2

5,147,629

1,807,212

Interior Partnerships Limited (Registered number: 06616694)

Notes to the Statement of Cash Flows
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30/6/24 30/6/23
£    £   
Profit before taxation 3,550,962 199,324
Depreciation charges 67,171 42,498
Profit on disposal of fixed assets (4,612 ) (5,324 )
Finance costs 60 1,131
Finance income (90,638 ) (28,415 )
3,522,943 209,214
Decrease/(increase) in stocks 866,104 (988,426 )
Decrease/(increase) in trade and other debtors 1,275,216 (838,115 )
(Decrease)/increase in trade and other creditors (1,342,052 ) 976,569
Cash generated from operations 4,322,211 (640,758 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 5,147,629 1,807,212
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 1,807,212 2,734,504


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank and in hand 1,807,212 3,340,417 5,147,629
1,807,212 3,340,417 5,147,629
Total 1,807,212 3,340,417 5,147,629

Interior Partnerships Limited (Registered number: 06616694)

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

1. STATUTORY INFORMATION

Interior Partnerships Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Amounts are rounded to the nearest Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 18% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Interior Partnerships Limited (Registered number: 06616694)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. ACCOUNTING POLICIES - continued

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.

4. EMPLOYEES AND DIRECTORS
30/6/24 30/6/23
£    £   
Wages and salaries 684,686 746,448
Other pension costs 189,236 9,541
873,922 755,989

The average number of employees during the year was as follows:
30/6/24 30/6/23

Directors 2 2
Staff 15 18
17 20

30/6/24 30/6/23
£    £   
Directors' remuneration 29,896 17,256
Directors' pension contributions to money purchase schemes 180,000 -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30/6/24 30/6/23
£    £   
Other operating leases 121,424 71,570
Depreciation - owned assets 67,171 42,498
Profit on disposal of fixed assets (4,612 ) (5,324 )
Auditors' remuneration 14,000 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30/6/24 30/6/23
£    £   
Bank loan interest - 731
Late payment tax charges 60 400
60 1,131

Interior Partnerships Limited (Registered number: 06616694)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/6/24 30/6/23
£    £   
Current tax:
UK corporation tax 897,093 51,066
Over provision of corporation tax (22,044 ) (27,948 )
Total current tax 875,049 23,118

Deferred tax 15,979 10,264
Tax on profit 891,028 33,382

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30/6/24 30/6/23
£    £   
Profit before tax 3,550,962 199,324
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

887,741

49,831

Effects of:
Expenses not deductible for tax purposes 22,419 22,482
Income not taxable for tax purposes (1,153 ) (1,331 )
Capital allowances in excess of depreciation (11,914 ) (4,341 )
Marginal relief - (15,575 )
Deferred taxation 15,979 10,264
Corporation Tax overprovision (22,044 ) (27,948 )
Total tax charge 891,028 33,382

8. DIVIDENDS
30/6/24 30/6/23
£    £   
Ordinary B shares of £1 each
Final 389,697 -
Interim 31,110 107,175
Ordinary C shares of £1 each
Final 405,603 -
Interim 29,890 107,175
856,300 214,350

Interior Partnerships Limited (Registered number: 06616694)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 July 2023 89,755 277,081 366,836
Additions 22,824 172,555 195,379
Disposals (9,902 ) (38,699 ) (48,601 )
At 30 June 2024 102,677 410,937 513,614
DEPRECIATION
At 1 July 2023 47,525 147,612 195,137
Charge for year 15,274 51,897 67,171
Eliminated on disposal (5,926 ) (24,995 ) (30,921 )
At 30 June 2024 56,873 174,514 231,387
NET BOOK VALUE
At 30 June 2024 45,804 236,423 282,227
At 30 June 2023 42,230 129,469 171,699

10. STOCKS
30/6/24 30/6/23
£    £   
Work-in-progress 561,948 1,428,052

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade debtors 384,471 1,563,598
Other debtors 381,099 368,447
Directors' current accounts 173 9,985
VAT 133,034 241,646
Prepayments 68,291 68,420
967,068 2,252,096

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade creditors 730,819 2,339,441
Taxation 874,794 51,066
Social security and other taxes 36,183 51,066
Other creditors 107,738 69,226
Directors' current accounts 37,951 39,427
Accruals and deferred income 273,000 30,059
2,060,485 2,580,285

Interior Partnerships Limited (Registered number: 06616694)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

13. PROVISIONS FOR LIABILITIES
30/6/24 30/6/23
£    £   
Deferred tax 52,604 36,625

Deferred
tax
£   
Balance at 1 July 2023 36,625
Provided during year 15,979
Balance at 30 June 2024 52,604

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/24 30/6/23
value: £    £   
100 Ordinary B £1 100 100
100 Ordinary C £1 100 100
200 200

15. RESERVES
Retained
earnings
£   

At 1 July 2023 3,041,949
Profit for the year 2,659,934
Dividends (856,300 )
At 30 June 2024 4,845,583

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is T S Jackson.