Company registration number 03365325 (England and Wales)
INTERIOR FIT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
INTERIOR FIT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
INTERIOR FIT LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,826
11,741
Current assets
Stocks
2,317
4,447
Debtors
4
2,339
6,656
Cash at bank and in hand
2,812
2,161
7,468
13,264
Creditors: amounts falling due within one year
5
(15,312)
(20,489)
Net current liabilities
(7,844)
(7,225)
Total assets less current liabilities
982
4,516
Provisions for liabilities
(1,560)
(2,231)
Net (liabilities)/assets
(578)
2,285
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(580)
2,283
Total equity
(578)
2,285
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 May 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.
The financial statements were approved and signed by the director and authorised for issue on 14 November 2024
Mr M J Maybury
Director
Company registration number 03365325 (England and Wales)
INTERIOR FIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Interior Fit Limited is a private company limited by shares incorporated in England and Wales. The registered office is Three Gables, Gaunt's Common, Wimborne, Dorset, BH21 4JR.
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 £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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:
Plant and equipment
25% reducing balance
Furniture and equipment
18% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
1.5
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.
INTERIOR FIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.7
Taxation
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Furniture and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
5,424
1,073
42,837
49,334
Depreciation and impairment
At 1 June 2023
3,136
786
33,671
37,593
Depreciation charged in the year
572
51
2,292
2,915
At 31 May 2024
3,708
837
35,963
40,508
Carrying amount
At 31 May 2024
1,716
236
6,874
8,826
At 31 May 2023
2,288
287
9,166
11,741
INTERIOR FIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
667
5,343
Other debtors
1,672
1,313
2,339
6,656
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,452
11,840
Taxation and social security
1,655
1,473
Other creditors
8,205
7,176
15,312
20,489