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REGISTERED NUMBER: 06791093 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

ITS Interiors Ltd

ITS Interiors Ltd (Registered number: 06791093)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


ITS Interiors Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: M Quirke
N J F Forster
C Howe





SECRETARY: M Quirke





REGISTERED OFFICE: ITS House
South Portway Close
Round Spinney Industrial Estate
Northampton
Northamptonshire
NN3 8RH





REGISTERED NUMBER: 06791093 (England and Wales)





AUDITORS: Xeinadin Audit Limited t/a Xeinadin Auditing
Cabourn House, Station Street
Bingham
Nottinghamshire
NG13 8AQ

ITS Interiors Ltd (Registered number: 06791093)

Strategic Report
for the Year Ended 30 June 2024


REVIEW OF BUSINESS
Detailed below is a balanced and comprehensive review of the development and performance of ITS Interiors Limited during 2023/24 and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and future challenges that ITS Interiors Limited face. ITS Interiors Limited's core business is delivering premium interior fit outs & high-end bespoke joinery works in the following sectors:

" Stadia
" F&B
" Leisure
" Retail
" Supermarkets
" Commercial office fit out, Cat A&B
" Healthcare (NHS)
" Landlord dilapidations
" Hi End residential
" Hotels

ITS are proud to service our clients and deliver their projects all over the world from our modern offices and state of the art joinery 26000sqft facility in Northampton.

The company's key financial performance indicators are turnover, operating profit, capital investment and net assets.

30/06/2024 30/06/2023
Turnover £15,130,581 £16,230,537
Operating profit £1,222,083 £1,915,647
Net assets £5,132,406 £4,300,882

The company has enjoyed year on year growth for the past 3 years and has invested heavily in all aspects of the business to ensure it can keep up with the Directors' strategic growth plans. Our goal is to grow even stronger in the years to come, 2023/2024 has been no different, the Directors have continued to invest heavily in the business and have set significant growth plans for both the project delivery and manufacturing sides of the business for the year 2024/2025 & 2025/2026.

The Directors are pleased with the results for the year, with strong results in all the key financial performance indicators laid out above.
The company has had a particular strong year in the High end residential, F&B, retail, corporate hospitality and virtual gaming leisure sectors, a real testament to all our entire team as all ITS Interiors business is generated from recommendations or repeat business generated from understanding our clients' needs and consistently delivering first class projects.

ITS Interiors have targeted and now excel in delivering fast track premium hospitality spaces for no fewer than 5 premier league clubs in recent years, putting us firmly in the top 2 must go to companies for stadium fit out projects in UK.

ITS Interiors are proud to have their own in-house Joinery, French polishing & Upholstery departments based at its state of the art 26,000 square foot global HQ in Northampton England. These departments have also excelled and continue to deliver amazing products for our clients. The Directors firmly believe they lead the way in the field of UK manufactured joinery, along with giving our clients a large amount of confidence and flexibility during the construction stage of their projects. The Directors are also confident that in house joinery gives ITS Interiors the edge over their competitors.

The other core sectors of the business along with the above, also continue to grow. ITS Interiors high end retail offering, which is still expanding with several framework agreements in place for future work lined up for 2025/2026

The Board of Directors only see these same sectors expanding for the future trading years of 2025 / 2026 with strong leads and pipeline projects already secured.


ITS Interiors Ltd (Registered number: 06791093)

Strategic Report
for the Year Ended 30 June 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company are its reliance on the interior fit out and bespoke joinery manufacturing sector. ITS Interiors Manage this risk by continually developing and investing in the business to match every expected requirement and continually delivering first class projects.

The Board of Directors have a proven track record of diversification into other interior fit out sectors when the need arises. This not only does this promotes growth, but make the business stronger, and more risk averse.

FINANCIAL RISK MANAGEMENT, POLICIES AND OBJECTIVES
The company is very strong financially, has 1 shareholder, no loans, and finances its working capital requirements from retained profits.

Larger capital purchases have also been funded through retained profits.

FUTURE DEVELOPMENTS
ITS Interiors will continue to invest in and expand its core business activities, diligently.

ON BEHALF OF THE BOARD:





M Quirke - Director


28 January 2025

ITS Interiors Ltd (Registered number: 06791093)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of joinery and shopfitting.

DIVIDENDS
Interim dividends totalling £1175 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2024 will be £ 117,500 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

M Quirke
N J F Forster
C Howe

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ITS Interiors Ltd (Registered number: 06791093)

Report of the Directors
for the Year Ended 30 June 2024


AUDITORS
The auditors, Xeinadin Audit Limited t/a Xeinadin Auditing, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



M Quirke - Director


28 January 2025

Report of the Independent Auditors to the Members of
ITS Interiors Ltd

Opinion
We have audited the financial statements of ITS Interiors Ltd (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
ITS Interiors Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

1) We obtained an understanding of the legal and regulatory frameworks applicable to the company operations. We reviewed the current certifications and correspondence with these agencies for evidence of disputes or investigations.

2) We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Challenging assumptions and judgements made by management in accounting estimates;

- Identifying and testing journal entries, in particular any that appear unusual;

- Review ledger and non-ledger transactions in order to identify any additional related party transactions or balances.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matter
This is the first period in which an audit has been required for these financial statements. Consequently, the prior period financial statements were not audited.

Report of the Independent Auditors to the Members of
ITS Interiors Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jordan Cain ACA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited t/a Xeinadin Auditing
Cabourn House, Station Street
Bingham
Nottinghamshire
NG13 8AQ

24 February 2025

ITS Interiors Ltd (Registered number: 06791093)

Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
as restated
Notes £    £   

TURNOVER 3 15,130,581 16,230,537

Cost of sales 11,538,159 12,345,531
GROSS PROFIT 3,592,422 3,885,006

Administrative expenses 2,397,632 1,991,019
1,194,790 1,893,987

Other operating income 27,293 21,660
OPERATING PROFIT 5 1,222,083 1,915,647

Interest receivable and similar income 44,571 10,611
1,266,654 1,926,258

Interest payable and similar expenses 6 - 1,941
PROFIT BEFORE TAXATION 1,266,654 1,924,317

Tax on profit 7 317,630 436,253
PROFIT FOR THE FINANCIAL YEAR 949,024 1,488,064

ITS Interiors Ltd (Registered number: 06791093)

Other Comprehensive Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
as restated
Notes £    £   

PROFIT FOR THE YEAR 949,024 1,488,064


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

949,024

1,488,064

ITS Interiors Ltd (Registered number: 06791093)

Balance Sheet
30 June 2024

30.6.24 30.6.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 256,396 250,595

CURRENT ASSETS
Stocks 11 50,000 20,425
Debtors 12 5,007,588 5,211,316
Cash at bank 3,188,371 3,264,505
8,245,959 8,496,246
CREDITORS
Amounts falling due within one year 13 3,313,879 4,392,485
NET CURRENT ASSETS 4,932,080 4,103,761
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,188,476

4,354,356

PROVISIONS FOR LIABILITIES 15 56,070 53,474
NET ASSETS 5,132,406 4,300,882

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 5,132,306 4,300,782
SHAREHOLDERS' FUNDS 5,132,406 4,300,882

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





M Quirke - Director


ITS Interiors Ltd (Registered number: 06791093)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 100 2,900,218 2,900,318

Changes in equity
Dividends - (87,500 ) (87,500 )
Total comprehensive income - 1,488,064 1,488,064
Balance at 30 June 2023 100 4,300,782 4,300,882

Changes in equity
Dividends - (117,500 ) (117,500 )
Total comprehensive income - 949,024 949,024
Balance at 30 June 2024 100 5,132,306 5,132,406

ITS Interiors Ltd (Registered number: 06791093)

Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 656,890 912,406
Interest paid - (1,941 )
Tax paid (456,831 ) (169,559 )
Net cash from operating activities 200,059 740,906

Cash flows from investing activities
Purchase of tangible fixed assets (65,180 ) (95,729 )
Sale of tangible fixed assets - 4,792
Interest received 44,571 10,611
Net cash from investing activities (20,609 ) (80,326 )

Cash flows from financing activities
Amount introduced by directors 1,683,239 96,850
Amount withdrawn by directors (1,821,323 ) (85,567 )
Equity dividends paid (117,500 ) (87,500 )
Net cash from financing activities (255,584 ) (76,217 )

(Decrease)/increase in cash and cash equivalents (76,134 ) 584,363
Cash and cash equivalents at beginning of
year

2

3,264,505

2,680,142

Cash and cash equivalents at end of year 2 3,188,371 3,264,505

ITS Interiors Ltd (Registered number: 06791093)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.6.24 30.6.23
as restated
£    £   
Profit before taxation 1,266,654 1,924,317
Depreciation charges 56,329 45,956
Loss/(profit) on disposal of fixed assets 3,050 (4,792 )
Finance costs - 1,941
Finance income (44,571 ) (10,611 )
1,281,462 1,956,811
(Increase)/decrease in stocks (29,575 ) 29,245
Decrease/(increase) in trade and other debtors 203,728 (3,247,273 )
(Decrease)/increase in trade and other creditors (798,725 ) 2,173,623
Cash generated from operations 656,890 912,406

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 3,188,371 3,264,505
Year ended 30 June 2023
30.6.23 1.7.22
as restated
£    £   
Cash and cash equivalents 3,264,505 2,680,142


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank 3,264,505 (76,134 ) 3,188,371
3,264,505 (76,134 ) 3,188,371
Total 3,264,505 (76,134 ) 3,188,371

ITS Interiors Ltd (Registered number: 06791093)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

ITS Interiors Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional currency and rounding
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 £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

When the outcome of a contract can be estimated reliably, the Company recognises revenue associated with the contract by reference to the stage of completion of the contract at the end of the reporting period. This is determined by the level of practical completion attained, based on past experience and valuations performed by qualified quantity surveyors. Contracts are broken down sufficiently to allow the directors, with reasonable certainty, to assess the level of profitability associated with them. Provision is made for losses on all long term contracts as soon as such losses become apparent.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 5% on cost and 2% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 50% on cost

Tangible fixed assets are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently, tangible fixed assets are measured at cost less accumulated depreciation and impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock are recognised with the First In, First out (FIFO) method.

Financial instruments
Financial assets and liabilities are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic financial assets and liabilities, which include trade and other receivables, cash and bank balances and trade payables, 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.


ITS Interiors Ltd (Registered number: 06791093)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Retentions
Retentions outstanding on invoiced contract works are included within other debtors.The ageing split of retentions is based upon contract completion dates and in accordance with contractor agreement terms and/or normal terms of contract works with the contractor for retention release. The retention element of work in progress is also included within other debtors.

Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ITS Interiors Ltd (Registered number: 06791093)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30.6.24 30.6.23
as restated
£    £   
United Kingdom 14,863,774 14,697,755
Europe 266,807 1,519,899
Other - 12,883
15,130,581 16,230,537

4. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
as restated
£    £   
Wages and salaries 1,876,497 1,690,446
Social security costs 199,903 187,768
Other pension costs 152,593 193,334
2,228,993 2,071,548

The average number of employees during the year was as follows:
30.6.24 30.6.23
as restated

Manufacturing 21 20
Head office 22 22
43 42

30.6.24 30.6.23
as restated
£    £   
Directors' remuneration 203,856 198,250
Directors' pension contributions to money purchase schemes 119,904 166,744

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

ITS Interiors Ltd (Registered number: 06791093)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director for the year ended 30 June 2024 is as follows:
30.6.24

£   
Emoluments etc 101,406
Pension contributions to money purchase schemes 58,583

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.6.24 30.6.23
as restated
£    £   
Other operating leases 248,172 231,796
Depreciation - owned assets 56,329 45,956
Loss/(profit) on disposal of fixed assets 3,050 (4,792 )
Auditors' remuneration 17,500 -
Foreign exchange differences 174 (5,139 )
Bad debts 257,644 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
as restated
£    £   
Interest payable - 1,941

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
as restated
£    £   
Current tax:
UK corporation tax 315,034 422,831
Prior year - 1,271
Total current tax 315,034 424,102

Deferred tax 2,596 12,151
Tax on profit 317,630 436,253

ITS Interiors Ltd (Registered number: 06791093)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.24 30.6.23
as restated
£    £   
Profit before tax 1,266,654 1,924,317
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
20.495%)

316,664

394,389

Effects of:
Expenses not deductible for tax purposes 966 2,184
Capital allowances in excess of depreciation - (3,391 )
Adjustments to tax charge in respect of previous periods - 40,990
Change in tax rate - 2,081
Total tax charge 317,630 436,253

From 1 April 2023 the rate of corporation tax was increased to 25% on profits over £250,000. This new rate was only in force for three months of the prior year, so consequently the effective rate of corporation tax across the prior financial year was 20.495%.

8. DIVIDENDS
30.6.24 30.6.23
as restated
£    £   
Interim 117,500 87,500

ITS Interiors Ltd (Registered number: 06791093)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. PRIOR YEAR ADJUSTMENT

Internal recharges
The previous period figures have been restated in order to eliminate internal departmental recharges made.

The effect of this on the comparative figures has been as follows:

Turnover£849,110Debit (decreased)
Cost of sales£849,110Credit (decreased)
Trade debtors£151,524Credit (decreased)
Trade creditors£16,419Debit (decreased)
Accruals£135,105Debit (decreased)

There is no impact on the overall results and consequently the retained earnings arising from this adjustment. The internal departmental recharges have already been eliminated for the June 2024 year.

Work in progress

The work in progress balance on a particular project has been reviewed as at 30 June 2023. A material adjustment is required to reflect the true position at that time and so has been included in these financial statements. The impact of which is as follows:

Work in progress (2023)£200,000Credit (decreased)
Turnover (2023)£200,000Debit (decreased)

Turnover (2024)£200,000Credit (increased)
Retained earnings (2024)£200,000Debit (decreased)

10. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 July 2023 226,423 251,464 17,296
Additions - 19,919 -
Disposals - - -
At 30 June 2024 226,423 271,383 17,296
DEPRECIATION
At 1 July 2023 75,226 208,973 17,296
Charge for year 10,168 19,286 -
Eliminated on disposal - - -
At 30 June 2024 85,394 228,259 17,296
NET BOOK VALUE
At 30 June 2024 141,029 43,124 -
At 30 June 2023 151,197 42,491 -

ITS Interiors Ltd (Registered number: 06791093)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 136,496 38,142 669,821
Additions 29,975 15,286 65,180
Disposals (4,575 ) - (4,575 )
At 30 June 2024 161,896 53,428 730,426
DEPRECIATION
At 1 July 2023 81,086 36,645 419,226
Charge for year 22,477 4,398 56,329
Eliminated on disposal (1,525 ) - (1,525 )
At 30 June 2024 102,038 41,043 474,030
NET BOOK VALUE
At 30 June 2024 59,858 12,385 256,396
At 30 June 2023 55,410 1,497 250,595

11. STOCKS
30.6.24 30.6.23
as restated
£    £   
Stocks 50,000 20,425

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
as restated
£    £   
Trade debtors 1,938,618 1,676,764
Work in progress 1,800,042 2,260,606
Other debtors 347,814 277,834
Owed from connected companies 747,669 747,669
Prepayments 173,445 248,443
5,007,588 5,211,316

ITS Interiors Ltd (Registered number: 06791093)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
as restated
£    £   
Trade creditors 1,882,570 1,206,791
Tax 281,034 422,831
Social security and other taxes 52,868 49,197
VAT 334,952 479,485
Other creditors 134,716 113,631
Directors' current accounts 571 138,655
Accruals and deferred income 627,168 1,981,895
3,313,879 4,392,485

A debenture is held as security by National Westminster Bank Plc by way of a fixed and floating charge over current and future assets of the company.

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
as restated
£    £   
Within one year 25,992 16,932
Between one and five years 45,678 47,968
71,670 64,900

15. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
as restated
£    £   
Deferred tax 56,070 53,474

Deferred
tax
£   
Balance at 1 July 2023 53,474
Provided during year 2,596
Balance at 30 June 2024 56,070

The deferred tax liabilities have been recognised at the prevailing corporation tax rate of 25% and relate wholly to accelerated capital allowances.

ITS Interiors Ltd (Registered number: 06791093)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: as restated
£    £   
100 Ordinary £1 100 100

17. RESERVES
Retained
earnings
£   

At 1 July 2023 4,300,782
Profit for the year 949,024
Dividends (117,500 )
At 30 June 2024 5,132,306

18. PENSION COMMITMENTS

The company contributes to the pension plans of employees and directors. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension cost charge represents the contributions payable by the company to the pension plans.

The total company contributions recognised as an expense are £152,593 (2023: £193,334).

As at the reporting date, amounts payable of £7,770 (2023: £6,874) were outstanding.

19. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
30.6.24 30.6.23
as restated
£    £   
Purchases 624,985 83,632
Rent paid 245,333 230,000
Amount due from related party 788,096 781,093
Amount due to related party 156,555 36,084

The above balances all relate to entities for which M Quirke has control and/or significant influence. The balances are interest free and repayable on demand.