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Registered number: 07963385
Nationwide Special Interiors Plc
Strategic Report, Directors' Report and
Financial Statements
For the Period 30 March 2023 to 27 March 2024
Contents
Page
Strategic Report 1—3
Directors' Report 4—5
Independent Auditor's Report 6—9
Profit and Loss Account 10
Statement of Comprehensive Income 11
Balance Sheet 12—13
Statement of Changes in Equity 14
Statement of Cash Flows 15
Notes to the Statement of Cash Flows 16
Notes to the Financial Statements 17—25
Page 1
Strategic Report
The directors present their strategic report for the period ended 27 March 2024.
Review of the Business
The results and financial position of the company are detailed in the financial statements.
The directors consider the annual result satisfactory bearing in mind the general position of the economy and the knock on effects due to COVID 19. 
Principal Risks and Uncertainties
Credit risk
The company has policies that require appropriate credit checks on potential customers before contracts are entered into. Additionally, the company adopts a strict policy on the collection of debtor balances.
Position of the company's business at the year end
The company continues to operate without external overdrafts but has borrowings. The company suffered a large bad debt during the period. Existing customers have been maintained  and the companies engages in obtaining new customers and contracts. The company looks forward to the the future trading relationships it has established in the market. The company is confident that it will be able to continue trading in the future.
Covid -19
The Covid -19 outbreak in March 2020 has affected the company's turnover for the next few financial periods whereby some contracts have been postponed. Other contracts have continued to progress enabling the company to continue to support and retain its resources. 
Future Developments
Turnover is expected to be at a lower level as 2024 for then next year as customers evaluate the effects of Covid on their own businesses and the genral economic climate.
Page 1
Page 2
Employee Engagement Statement
The company continues to use subcontact labour and only has a few employees . The company engages with these staff about its activities.  
Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Company
The company engages with aindividuals and organsation that have varied interests. The company's major stakeholders are its shareholders, suppliers and customers. The company engages with these stakeolders. 
Financial key performance indicators
The company believes that the following are the key performance ratios:
2024
2023
£
£
Turnover
1,17.1566
441,899
Gross profit
142,949
154,413
Gross profit margin %
12.20
34.94
Operating profit/(loss)
39,266
(116,562)
Profit/loss before tax 
 38,300
(113,182)
Profit/loss after tax
   38,978
(112,283)
Debtors days
65
49
Creditor days
145
248
The majority of the company's sales for 2024 were supply and fit sales as oppsoed to fit only sales for 2023. Due to high cost of materials this has resulted in a reduction in the gross profit percentage but on a higher sales figure. However, this has resulted  in maintaining its gross profit level similar to that of 2023.
Page 2
Page 3
Section 172(1) Statement
Directors' statement of compliance with duty to promote the success of the Company
The company has a number of stakeholders and has a  strategy to identify and engage with stakeholders
Customers
The company listens to its customers to enable the company better understand its customer needs and how  improvement its customer services. This will improve the company relationship with its customers.
Suppliers
The company deals with a number of suppliers on a regular basis and has a strong relationship with these suppliers. The company does not follow any code or standard on payment practice. Invoices are paid when due. 
Standards of business conduct
The company is committed to conducting business ethically, with honesty and integrity, and in compliance with all relevant laws and regulations. The comany does not ecourage or tolerate any form of bribery, corruption or other unethical business conduct.
Company’s decisions and strategies during the year
No matters have required substantial board attention during the year.
On behalf of the board
Mr S L Barnes
Director
19 March 2025
Page 3
Page 4
Directors' Report
The directors present their report and the financial statements for the period ended 27 March 2024.
Principal Activity
Joinery and fit out contractors of commercial premises.
Directors
The directors who held office during the period were as follows:
Mr C A Barnes
Mr S L Barnes
Streamlined Energy and Carbon Reporting
The company's greenhouse gas emissions and energy consumption are minimal as its engery costs are less than £3,000 per annum.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
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The directors are 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.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Marsden & Co., have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr S L Barnes
Director
19 March 2025
Page 5
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Independent Auditor's Report
Opinion
We have audited the financial statements of Nationwide Special Interiors Plc for the period ended 27 March 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 27 March 2024 and of its profit/(loss) for the period 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 Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.
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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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 or 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 Directors' Responsibilities Statement set out on page 4—5, 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 is 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.
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Auditor's 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
•we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge;
•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
•performed analytical procedures to identify any unusual or unexpected relationships;
•tested journal entries to identify unusual transactions;
•assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
•investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
•agreeing financial statement disclosures to underlying supporting documentation;
•reading the minutes of meetings of those charged with governance;
•enquiring of management as to actual and potential litigation and claims; and
•reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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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 that we are required to state to them in an auditor's report 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.
Philiip Mendelson BA FCA (Senior Statutory Auditor)
for and on behalf of Marsden & Co. , Statutory Auditor
19 March 2025
Marsden & Co.
Chartered Accountants and Statutory Auditors
41 Knowsley Street
Bury
BL9 0ST
Page 9
Page 10
Profit and Loss Account
27 March 2024 29 March 2023
Notes £ £
TURNOVER 4 1,171,566 441,899
Cost of sales (1,028,617 ) (287,486 )
GROSS PROFIT 142,949 154,413
Administrative expenses (103,683 ) (270,975 )
OPERATING PROFIT/(LOSS) 5 39,266 (116,562 )
Profit on disposal of fixed assets - 4,535
Interest payable and similar charges 10 (966 ) (1,155 )
PROFIT/(LOSS) BEFORE TAXATION 38,300 (113,182 )
Tax on Profit/(loss) 11 678 899
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL PERIOD 38,978 (112,283 )
The notes on pages 16 to 25 form part of these financial statements.
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Statement of Comprehensive Income
27 March 2024 29 March 2023
£ £
PROFIT FOR THE FINANCIAL PERIOD 38,978 (112,283 )
OTHER COMPREHENSIVE INCOME FOR THE PERIOD - -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 38,978 (112,283 )
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Balance Sheet
Registered number: 07963385
27 March 2024 29 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 14,745 18,319
14,745 18,319
CURRENT ASSETS
Stocks 13 175,812 170,117
Debtors 14 320,615 537,646
Cash at bank and in hand 84,069 56,245
580,496 764,008
Creditors: Amounts Falling Due Within One Year 15 (196,969 ) (427,355 )
NET CURRENT ASSETS (LIABILITIES) 383,527 336,653
TOTAL ASSETS LESS CURRENT LIABILITIES 398,272 354,972
Creditors: Amounts Falling Due After More Than One Year 16 (346,623 ) (341,623 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (2,802 ) (3,480 )
NET ASSETS 48,847 9,869
CAPITAL AND RESERVES
Called up share capital 19 50,000 50,000
Profit and Loss Account (1,153 ) (40,131 )
SHAREHOLDERS' FUNDS 48,847 9,869
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On behalf of the board
Mr S L Barnes
Director
19 March 2025
The notes on pages 16 to 25 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2022 50,000 72,152 122,152
Loss for the period and total comprehensive income - (112,283 ) (112,283)
As at 29 March 2023 and 30 March 2023 50,000 (40,131 ) 9,869
Profit for the period and total comprehensive income - 38,978 38,978
As at 27 March 2024 50,000 (1,153 ) 48,847
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Statement of Cash Flows
27 March 2024 29 March 2023
Notes £ £
Cash flows from operating activities
Net cash generated from/(used in) operations 1 23,931 (142,625 )
Interest paid (966 ) (1,155 )
Tax paid - (2,234 )
Net cash generated from/(used in) operating activities 22,965 (146,014 )
Cash flows from investing activities
Purchase of tangible assets (141 ) (933 )
Proceeds from disposal of tangible assets - 5,000
Net cash (used in)/generated from investing activities (141 ) 4,067
Cash flows from financing activities
Repayment of bank borrowings (10,000 ) (10,000 )
Proceeds from new debenture loans 15,000 -
Repayment of debenture loans - (70,000)
Net cash generated from/(used in) financing activities 5,000 (80,000 )
Increase/(decrease) in cash and cash equivalents 27,824 (221,947 )
Cash and cash equivalents at beginning of period 2 56,245 278,192
Cash and cash equivalents at end of period 2 84,069 56,245
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Notes to the Statement of Cash Flows
1. Reconciliation of profit/(loss) for the financial period to cash generated from/(used in) operations
27 March 2024 29 March 2023
£ £
Profit/(loss) for the financial period 38,978 (112,283 )
Adjustments for:
Tax on profit/(loss) (678 ) (899 )
Interest expense 966 1,155
Depreciation of tangible assets 3,715 5,198
Profit on disposal of tangible assets - (4,535)
Movements in working capital:
Increase in stocks (5,695 ) (56,121 )
Decrease/(increase) in trade and other debtors 217,031 (29,489 )
(Decrease)/increase in trade and other creditors (230,386 ) 54,349
Net cash generated from/(used in) operations 23,931 (142,625 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
27 March 2024 29 March 2023
£ £
Cash at bank and in hand 84,069 56,245
3. Analysis of changes in net debt
As at 30 March 2023 Cash flows As at 27 March 2024
£ £ £
Cash at bank and in hand 56,245 27,824 84,069
Debts falling due within one year (10,001 ) - (10,001 )
Debts falling due after more than one year (341,623) (5,000) (346,623)
(295,379) 22,824 (272,555)
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Notes to the Financial Statements
1. General Information
Nationwide Special Interiors Plc is a private company, limited by shares, incorporated in England & Wales, registered number 07963385 . The registered office is Unit 9, Pilsworth Way, Bury, BL9 8RE.
2. Statement of Compliance
The 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.
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention. The Company's functional and presentational currency is GBP.
3.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.The company meets its day to day working capital requirements through its banking facilities. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseable future. The company therefore adopts the going concern basis in preparing its financial statements.
3.3. Significant judgements and estimations
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Work in progress
Work in progress has been valued in accordance with applicable accounting standards and reviewed
against recoverable costs.
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3.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
3.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on a reducing balance basis
Motor Vehicles 25% on a reducing balance basis
Computer Equipment 20% on a reducing balance basis
3.6. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
3.7. Stocks and Work in Progress
Work in progress are valued at the lower of cost and net realisable value. Cost includes aa relevant proportion of overheads according to the stage of completion. Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.9. Financial Instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors and creditirs and loans from third parties.
Debt instruments (other than those wholly repayable within one year) including loans are measured at present value of the future cash flows and subsequently at amortised cost. Debt instruments that are repayable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently , at the undiscounted amount of the cash or other consideration expected to be paid or received.
Finanacial assets and liabilities are offset and the net amount reported in thr Balance Sheet  when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to relaise the asset and settle the liability simutlaneously.
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3.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3.11. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
4. Turnover
All turnover relates to the company's principal activity and arose in the United Kingdom.
5. Operating Profit/(loss)
The operating profit/(loss) is stated after charging:
27 March 2024 29 March 2023
£ £
Bad debts - 125,266
Operating lease rentals 14,243 750
Depreciation of tangible fixed assets 3,715 5,198
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6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the period was as follows:
27 March 2024 29 March 2023
£ £
Audit Services
Audit of the company's financial statements 6,000 6,000
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
27 March 2024 29 March 2023
£ £
Wages and salaries 89,842 128,065
Social security costs 2,495 6,931
Other pension costs 761 3,428
93,098 138,424
8. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
9. Directors' remuneration
27 March 2024 29 March 2023
£ £
Amounts paid to third parties in respect of directors' services 100,432 63,642
10. Interest Payable and Similar Charges
27 March 2024 29 March 2023
£ £
Bank loans and overdrafts 936 1,155
Late payment tax charges 30 -
966 1,155
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11. Tax on Profit
The tax credit on the profit/(loss) for the period was as follows:
Tax Rate 27 March 2024 29 March 2023
27 March 2024 29 March 2023 £ £
Current tax
UK Corporation Tax 19.0% 19.0% - -
Deferred Tax
Deferred taxation (678 ) (899 )
Total tax charge for the period (678 ) (899 )
The actual credit for the period can be reconciled to the expected charge/(credit) for the period based on the profit/(loss) and the standard rate of corporation tax as follows:
27 March 2024 29 March 2023
£ £
Profit before tax 38,300 (113,182)
Tax on profit at 19% (UK standard rate) 7,277 -
Goodwill/depreciation not allowed for tax 706 -
Capital allowances (27 ) -
Deferred tax from unrecognised tax loss or credit (678 ) (899 )
Tax losses unutilised carried forward (7,956 ) -
Total tax charge for the period (678) (899)
12. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 30 March 2023 249 2,000 60,222 62,471
Additions 141 - - 141
As at 27 March 2024 390 2,000 60,222 62,612
Depreciation
As at 30 March 2023 52 500 43,600 44,152
Provided during the period 16 375 3,324 3,715
As at 27 March 2024 68 875 46,924 47,867
...CONTINUED
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Net Book Value
As at 27 March 2024 322 1,125 13,298 14,745
As at 30 March 2023 197 1,500 16,622 18,319
13. Stocks
27 March 2024 29 March 2023
£ £
Work in progress 175,812 170,117
14. Debtors
27 March 2024 29 March 2023
£ £
Due within one year
Trade debtors 208,160 57,572
Amounts recoverable on contracts 92,900 89,911
Other debtors 19,555 390,163
320,615 537,646
15. Creditors: Amounts Falling Due Within One Year
27 March 2024 29 March 2023
£ £
Trade creditors 94,267 40,607
Bank loans and overdrafts 10,001 10,001
Other creditors 11,915 14,003
Corporation tax 15,275 15,275
Taxation and social security 33,584 313,556
Accruals and deferred income 31,927 33,913
196,969 427,355
Included within creditors is £8,437 (2023 - £15,212) in respect of directors' fees.
16. Creditors: Amounts Falling Due After More Than One Year
27 March 2024 29 March 2023
£ £
Bank loans 16,666 26,666
Debentures 329,957 314,957
346,623 341,623
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Of the creditors falling due after more than one year the following amounts are due after more than five years.
27 March 2024 29 March 2023
£ £
Debentures 329,957 314,957
The debentures are repayable after 5 years, otherwise than by instalments,
Of the creditors the following amounts are secured.
27 March 2024 29 March 2023
£ £
Debentures 329,957 314,957
The debentures of £329,957 (2023 - £314,957) are from Mrs P Barnes and Mr T Barnes (shareholders of the company). The debentures are secured by legal fixed and floating charges over all the assets of the company.
17. Loans
An analysis of the maturity of loans is given below:
27 March 2024 29 March 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 10,001 10,001
27 March 2024 29 March 2023
£ £
Amounts falling due between one and five years:
Bank loans 16,666 26,666
27 March 2024 29 March 2023
£ £
Amounts falling due after more than five years:
Debentures 329,957 314,957
18. Deferred Taxation
The provision for deferred tax is made up as follows:
27 March 2024 29 March 2023
£ £
Accelerated capital allowances 2,802 3,480
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19. Share Capital
27 March 2024 29 March 2023
Allotted, called up and fully paid £ £
50,000 Ordinary Shares of £ 1 each 50,000 50,000
20. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
27 March 2024 29 March 2023
£ £
Not later than one year 4,065 5,490
Later than one year and not later than five years - 20,325
4,065 25,815
21. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the period the charge to profit or loss in respect of defined contribution schemes was £761 (2023: £3,428).
At the balance sheet date contributions of £77 (2023: £876) were due to the fund and are included in creditors.
22. Related Party Disclosures
During the period the company recharged/purchased net services totalling £5,567 (2023- £10,553) to/from business entities controlled by the shareholders of Nationwide Special Interiors Plc. At the balance sheet date £21,163 (2023 - £21,163) was owed by these business entities to Nationwide Special Interiors Plc.      
Entities with control, joint control or significant influence over the entity
P Barnes
T Barnes
Entities over which the entity has control, joint control or significant influence
Nationwide Special Projects Limited
PC and TD Barnes Partnership
Key management personnel of the entity or its parent (in the aggregate)
P Barnes
T Barnes
C Barnes
S Barnes
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Entities that provide key management personnel services to the entity
None
Other related parties
None
23. Controlling Parties
The company's ultimate controlling party is Mrs P Barnes by virtue of her interest in the share capital of the company.
24. Trading period
The trading period is from 30th March 2023 to 27 March 2024. The comparative period is from 1 April 2022 to 29 March 2023.
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