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Registered Number: 07258825
England and Wales

 

 

 

SAPPHIRE BUSINESS INTERIORS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2023

End date: 31 May 2024
Director Russell James MUMFORD
Registered Number 07258825
Registered Office Second Floor Juniper House
Warley Hill Business Park
Brentwood
CM13 3BE
Accountants SA Accountancy Practice
Equitable House
10 Woolwich New Road
London
SE186AB
Bankers Barclays Bank PLC



Revolut Business Accounts



1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 May 2024.
Principal activities
Principal activity of the company during the financial year was of 82990 - Other business support service activities not elsewhere classified
Director
The director who served the company throughout the year was as follows:
Russell James MUMFORD
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director 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 the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. The director is 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.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Russell James MUMFORD
Director

Date approved: 17 March 2025
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 May 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
SA Accountancy Practice
31 May 2024



....................................................

SA Accountancy Practice

Equitable House
10 Woolwich New Road
London
SE186AB
17 March 2025
3
 
 
Notes
 
2024
£
  2023
£
Turnover 583,800    725,200 
Cost of sales (389,693)   (601,452)
Gross profit 194,107    123,748 
Selling and distribution costs (40,125)   (53,913)
Administrative expenses (142,484)   (79,164)
Operating profit/(loss) 11,498    (9,329)
Other interest receivable and similar income 23    15 
Profit/(Loss) on ordinary activities before taxation 11,521    (9,314)
Tax on profit on ordinary activities   (356)
Profit/(Loss) for the financial year 11,521    (9,670)
 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 24,867    34,740 
24,867    34,740 
Current assets      
Debtors 5 140,246    165,163 
Cash at bank and in hand 806,481    383,108 
946,727    548,271 
Creditors: amount falling due within one year 6 (894,457)   (544,200)
Net current assets 52,270    4,071 
 
Total assets less current liabilities 77,137    38,811 
Creditors: amount falling due after more than one year 7 6,915    33,720 
Provisions for liabilities 8 (7,862)   (7,862)
Net assets 76,190    64,669 
 

Capital and reserves
     
Called up share capital 9 100    100 
Profit and loss account 76,090    64,569 
Shareholders' funds 76,190    64,669 
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 17 March 2025 and were signed by:


-------------------------------
Russell James MUMFORD
Director
5
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 June 2022 100  74,239  74,339 
Profit for the year (9,670) (9,670)
Total comprehensive income for the year (9,670) (9,670)
Total investments by and distributions to owners
At 31 May 2023 100  64,569  64,669 
At 01 June 2023 100  64,569  64,669 
Profit for the year 11,521  11,521 
Total comprehensive income for the year 11,521  11,521 
Total investments by and distributions to owners
At 31 May 2024 100  76,090  76,190 
6
General Information
SAPPHIRE BUSINESS INTERIORS LTD is a private company, limited by shares, registered in England and Wales, registration number 07258825, registration address Second Floor Juniper House, Warley Hill Business Park, Brentwood, CM13 3BE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25 Reducing Balance
Fixtures and Fittings 25 Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Staff Costs

2024
£
  2023
£
Wages and salaries 55,214    47,748 
Social security costs 3,279    238 
Pension costs, defined contribution plan 717    717 
Other staff costs 453    252 
59,663    48,955 
 
Average number of employees during the year Number   Number
Administration 2    2 
Production 1    1 
 

3.

Average number of employees

Average number of employees during the year was 3 (2023 : 3).
4.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Total
  £   £   £
At 01 June 2023 77,846    42,740    120,586 
Additions    
Disposals    
At 31 May 2024 77,846    42,740    120,586 
Depreciation
At 01 June 2023 51,965    33,174    85,139 
Charge for year 6,371    4,209    10,580 
On disposals    
At 31 May 2024 58,336    37,383    95,719 
Net book values
Closing balance as at 31 May 2024 19,510    5,357    24,867 
Opening balance as at 01 June 2023 25,174    9,566    34,740 


5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 94,503    165,953 
Prepayments & Accrued Income 3,000    14,426 
Accrued Income (7,732)   771 
Other Debtors 37,771    51,768 
127,542    232,918 

5.

Debtors: amounts falling due after one year

2024
£
  2023
£
Other Debtors 12,704    (67,755)
12,704    (67,755)

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 296    296 
PAYE & Social Security 5,587    5,587 
Other Creditors 510,544    268,448 
Directors' Current Accounts 97,069    16,669 
VAT 280,961    253,200 
894,457    544,200 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Trade Creditors 47,249    20,000 
Director Loan Accounts (54,164)   (53,720)
(6,915)   (33,720)

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 7,723    7,723 
Pension Provisions 139    139 
7,862    7,862 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

10.

Events after Balance sheet date

Bad Debts

There are some invoices that has remained unpaid and also some inter-company invoices raised and has been in the accounts. The total amount is £69,606.20

11.

Director’s loan

Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 May 2022 and 31 May 2023

Mr R J Mumford   2023
£
  2022
£
Balance outstanding at start of year (572)
Amounts advanced 100,694 
Amounts repaid (106,311)
Amounts written off
Amounts waived
Balance outstanding at end of year (6,189)

7