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Registration number: 12129550

Emma Stewart Interiors Limited

Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Emma Stewart Interiors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Emma Stewart Interiors Limited

Company Information

Directors

Miss Emma Stewart

Mrs Elizabeth Joan Hilda Stewart

Registered office

201-203 High Street
Potters Bar
Hertfordshire
EN6 5DA

 

Emma Stewart Interiors Limited

(Registration number: 12129550)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

93,750

105,000

Tangible assets

5

27,251

33,605

 

121,001

138,605

Current assets

 

Stocks

6

50,767

48,523

Debtors

7

101,409

160,786

Cash at bank and in hand

 

685,806

507,638

 

837,982

716,947

Creditors: Amounts falling due within one year

8

(331,389)

(274,639)

Net current assets

 

506,593

442,308

Total assets less current liabilities

 

627,594

580,913

Provisions for liabilities

(5,177)

(6,376)

Net assets

 

622,417

574,537

Capital and reserves

 

Called up share capital

100

100

Retained earnings

622,317

574,437

Shareholders' funds

 

622,417

574,537

For the financial year ending 31 July 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 21 January 2025 and signed on its behalf by:
 

 

Emma Stewart Interiors Limited

(Registration number: 12129550)
Balance Sheet as at 31 July 2024

.........................................
Miss Emma Stewart
Director

 

Emma Stewart Interiors Limited

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

1

General information

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

The address of its registered office is:
201-203 High Street
Potters Bar
Hertfordshire
EN6 5DA
United Kingdom

These financial statements were authorised for issue by the Board on 21 January 2025.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

 

Emma Stewart Interiors Limited

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

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which
the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the
purpose of giving immediate financial support to the entity with no future related costs shall be
recognised in income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises current and deferred 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipment

20% Straight line

Motor vehicles

15% Reducing balance

Furniture and fittings

10% Straight line

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.

 

Emma Stewart Interiors Limited

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

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

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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.

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.

Leases

Included within telephone costs is a lease in which all the risks and rewards of ownership are retained by the lessor. 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. 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.

 

Emma Stewart Interiors Limited

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

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 4 (2023 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

150,000

150,000

At 31 July 2024

150,000

150,000

Amortisation

At 1 August 2023

45,000

45,000

Amortisation charge

11,250

11,250

At 31 July 2024

56,250

56,250

Carrying amount

At 31 July 2024

93,750

93,750

At 31 July 2023

105,000

105,000

 

Emma Stewart Interiors Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

13,081

27,175

1,393

41,649

Additions

-

-

413

413

Disposals

(2,299)

-

-

(2,299)

At 31 July 2024

10,782

27,175

1,806

39,763

Depreciation

At 1 August 2023

4,173

3,440

431

8,044

Charge for the year

1,927

3,524

361

5,812

Eliminated on disposal

(1,344)

-

-

(1,344)

At 31 July 2024

4,756

6,964

792

12,512

Carrying amount

At 31 July 2024

6,026

20,211

1,014

27,251

At 31 July 2023

8,908

23,735

962

33,605

 

Emma Stewart Interiors Limited

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

6

Stocks

2024
£

2023
£

Work in progress

39,697

38,425

Other inventories

11,070

10,098

50,767

48,523

7

Debtors

Current

2024
£

2023
£

Trade debtors

88,464

150,248

Prepayments

12,636

9,854

Other debtors

309

684

 

101,409

160,786

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

17,322

23,934

Taxation and social security

74,081

73,143

Accruals and deferred income

3,928

3,875

Other creditors

236,058

173,687

331,389

274,639

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Parent and ultimate parent undertaking

The company's immediate parent is Emma Stewart Holdings Limited, incorporated in England and Wales.