Company Registration No. NI624860 (Northern Ireland)
Interior 360 Design Limited
Unaudited accounts
for the year ended 31 May 2024
Interior 360 Design Limited
Statement of financial position
as at 31 May 2024
Tangible assets
99,877
130,040
Cash at bank and in hand
29,160
13,620
Creditors: amounts falling due within one year
(380,152)
(246,248)
Net current liabilities
(40,164)
(17,379)
Total assets less current liabilities
59,713
112,661
Creditors: amounts falling due after more than one year
(36,791)
(50,185)
Called up share capital
100
100
Profit and loss account
22,822
62,376
Shareholders' funds
22,922
62,476
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by
Philip Millar
Director
Company Registration No. NI624860
Interior 360 Design Limited
Notes to the Accounts
for the year ended 31 May 2024
Interior 360 Design Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI624860. The registered office is Unit 2 Channel Wharf, 21 Old Channel Road, Belfast , BT3 9DE, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Having reviewed the resources available, the directors of Interior 360 Design Ltd believe that the company has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, Interior 360 Design Ltd continues to adopt the going concern basis in preparation of its financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of retail furniture & lighting is recognised when goods have been installed for customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
20% Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Interior 360 Design Limited
Notes to the Accounts
for the year ended 31 May 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2023
61,266
146,917
76,195
284,378
At 31 May 2024
61,266
146,917
76,195
284,378
At 1 June 2023
33,544
63,839
56,955
154,338
Charge for the year
5,545
20,770
3,848
30,163
At 31 May 2024
39,089
84,609
60,803
184,501
At 31 May 2024
22,177
62,308
15,392
99,877
At 31 May 2023
27,722
83,078
19,240
130,040
Finished goods
20,544
33,399
Amounts falling due within one year
Trade debtors
52,794
3,071
Accrued income and prepayments
14,934
-
Other debtors
222,556
170,786
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
9,994
9,994
Obligations under finance leases and hire purchase contracts
3,399
3,399
Trade creditors
59,768
54,711
Taxes and social security
16,571
18,341
Other creditors
154,325
65,454
Loans from directors
120,644
90,450
Interior 360 Design Limited
Notes to the Accounts
for the year ended 31 May 2024
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
26,033
29,433
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Average number of employees
During the year the average number of employees was 4 (2023: 4).