Company registration number 04708390 (England and Wales)
HUBERT ZANDBERG INTERIORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
HUBERT ZANDBERG INTERIORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
HUBERT ZANDBERG INTERIORS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,868,721
1,933,749
Investment property
4
1,200,000
1,200,000
3,068,721
3,133,749
Current assets
Stocks
608,323
608,323
Debtors
5
393,579
623,146
Cash at bank and in hand
3,686,714
4,740,345
4,688,616
5,971,814
Creditors: amounts falling due within one year
6
(5,420,599)
(5,342,644)
Net current (liabilities)/assets
(731,983)
629,170
Total assets less current liabilities
2,336,738
3,762,919
Creditors: amounts falling due after more than one year
7
(761,817)
Provisions for liabilities
(355,683)
(360,250)
Net assets
1,981,055
2,640,852
Capital and reserves
Called up share capital
9
125
125
Share premium account
32,975
32,975
Profit and loss reserves
1,947,955
2,607,752
Total equity
1,981,055
2,640,852
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HUBERT ZANDBERG INTERIORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 February 2025
H Zandberg
Director
Company registration number 04708390 (England and Wales)
HUBERT ZANDBERG INTERIORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
125
32,975
3,318,739
3,351,839
Year ended 31 March 2023:
Loss
-
-
-
(598,638)
(598,638)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(22,349)
-
(22,349)
Total comprehensive income
-
-
(22,349)
(598,638)
(620,987)
Dividends
-
-
-
(90,000)
(90,000)
Other movements
-
-
22,349
(22,349)
-
Balance at 31 March 2023
125
32,975
2,607,752
2,640,852
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
-
(527,880)
(527,880)
Dividends
-
-
-
(98,000)
(98,000)
Other movements
-
-
-
(33,917)
(33,917)
Balance at 31 March 2024
125
32,975
1,947,955
1,981,055
HUBERT ZANDBERG INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Hubert Zandberg Interiors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kinetic Business Centre, Theobald Street, Elstree, Borehamwood, Hertfordshire, United Kingdom, WD6 4PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have conducted a comprehensive review of the company's financial position and future prospects, taking into account the current economic conditions marked by higher inflation and rising interest rates. In addition to these external factors, the company faced significant challenges during the year due to the ongoing conflict in Ukraine.true
Despite these challenges, the directors maintain a reasonable expectation that the company will continue to have adequate resources to fund its working capital for the foreseeable future. This confidence is underpinned by the company's strong financial reserves and the successful engagement with new projects which are anticipated to contribute positively to the company's financial performance.
As a result of their detailed assessment, the directors have implemented appropriate measures to ensure that the company will have sufficient working capital for at least 12 months from the date these financial statements are approved.
On the basis of this comprehensive review and considering the company's adaptability in securing new business opportunities, the directors are of the opinion that there is no material uncertainty relating to the going concern. Therefore, it is appropriate to prepare these financial statements on a going concern basis, reflecting our confidence in the company's ability to navigate through these temporary setbacks and continue on a path of sustainable financial health.
1.3
Turnover
The activity of the company is that of interior design consultants.
Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Amounts recoverable on long term contracts, where applicable, are recognised by reference to their stage of completion at the balance sheet date.
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.
HUBERT ZANDBERG INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land
No depreciation
Plant and machinery
50 years straight line
Fixtures and fittings
16.67% straight line
Equipment
33.33% straight line
No depreciation has been provided on Land and Buildings as required by the Companies Act 2006. The directors consider the net book value of land and buildings that has been included in accounts as showing true and fair.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
HUBERT ZANDBERG INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Taxation
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.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
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.
1.10
Defined contribution pension obligation
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.11
Foreign exchange
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 rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
HUBERT ZANDBERG INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
21
20
3
Tangible fixed assets
Building
Plant and machinery
Fixtures and fittings
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
433,254
1,596,667
199,648
147,901
2,377,470
Additions
11,650
2,520
14,170
Revaluation
(33,917)
(33,917)
At 31 March 2024
399,337
1,608,317
199,648
150,421
2,357,723
Depreciation and impairment
At 1 April 2023
128,315
184,769
130,637
443,721
Depreciation charged in the year
30,107
5,383
9,791
45,281
At 31 March 2024
158,422
190,152
140,428
489,002
Carrying amount
At 31 March 2024
399,337
1,449,895
9,496
9,993
1,868,721
At 31 March 2023
433,254
1,468,352
14,879
17,264
1,933,749
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,200,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
220,748
365,793
Corporation tax recoverable
100,029
175,916
Other debtors
37,175
37,175
Prepayments and accrued income
35,627
44,262
393,579
623,146
HUBERT ZANDBERG INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8
30,592
Trade creditors
289,469
275,079
Amounts owed to related parties
91
8,108
Taxation and social security
293,534
154,052
Other creditors
4,813,106
4,812,173
Accruals and deferred income
24,399
62,640
5,420,599
5,342,644
Creditors falling due within one year includes a secured bank loan of £Nil (2023 - £30,592 ).
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
761,817
Creditors falling due after more than one year includes a secured bank loan of £Nil (2023 - £761,817).
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
624,721
8
Loans and overdrafts
2024
2023
£
£
Bank loans
792,409
Payable within one year
30,592
Payable after one year
761,817
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
125
125
125
125
HUBERT ZANDBERG INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
81,000
135,000
11
Related party transactions
At the year end the company owed £91 (2023 - £8,108) to H Zandberg, the director of the company, in respect of interest free loans which are repayable on demand.
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