REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 September 2023 |
for |
INTERIORS WITH ART LIMITED |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 September 2023 |
for |
INTERIORS WITH ART LIMITED |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
INTERIORS WITH ART LIMITED |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
& Registered Auditors |
74A High Street |
Wanstead |
London |
E11 2RJ |
BANKERS: |
PO Box 1357 |
169 Victoria Street |
London |
SW1E 5NA |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Strategic Report |
for the Year Ended 30 September 2023 |
The Directors present their strategic report for the year ended 30th September 2023 |
REVIEW OF BUSINESS |
The Company specializes in high-end design and construction services, catering to discerning clients seeking luxury residential excellence. This strategic report outlines our current market position, identifies key opportunities and challenges, and provides actionable recommendations to enhance their competitive advantage and drive sustainable growth. In the last financial year, the company has seen tremendous growth. In particular, increasing their net profit margin to 2.6% (2022: 1.8%) |
Industry Overview |
The company is experiencing growth, driven by increased demand for bespoke solutions, and a growing appreciation for high-quality craftsmanship. The global luxury market is projected to expand by 5-7% annually over the next five years. |
Target Market |
Our primary clients include affluent individuals, high-net-worth families, luxury real estate developers. |
Competitive Landscape |
The luxury construction market is competitive, with key players offering similar services. However, their commitment to quality, innovative design, and personalized service differentiates them. Competitors often lack the same level of attention to detail and customer engagement. |
Action Plan |
1. Marketing and Branding Strategy |
• Digital Presence: Invest in a robust digital marketing strategy, including SEO, social media, and targeted online advertising. |
• Networking Events: Host exclusive events and collaborate with luxury brands to enhance brand visibility. |
• Client Testimonials: Leverage satisfied clients to share testimonials and case studies. |
2. Service Diversification |
• Sustainability Initiatives: Develop partnerships with eco-friendly material suppliers and promote sustainable design practices. |
3. Geographic Expansion |
• Market Research: Conduct thorough market research to identify key emerging luxury markets. |
• Local Partnerships: Establish partnerships with local architects and real estate agents to facilitate entry into new markets. |
4. Supply Chain Optimization |
• Supplier Relationships: Strengthen relationships with suppliers to ensure priority access to materials. |
Financial Projections |
• Revenue Growth: Target is to increase annual revenue through new client acquisition and exploring new markets. |
• Cost Management: Aim to reduce operational costs through supply chain optimization and efficiency improvements. |
Principal Risks and Uncertainties |
1. Competitive Environment |
The luxury design and construction industry is characterized by intense competition. To maintain our market position, we must consistently deliver exceptional quality and service while remaining price-competitive. Failure to do so may result in lost opportunities, especially with repeat clients and referrals. |
Mitigation Strategies: |
• Regularly assess competitor offerings and pricing structures. |
• Enhance customer engagement to ensure loyalty and satisfaction. |
• Invest in ongoing training and development for staff to uphold quality standards. |
2. Cash Management |
Providing credit to clients is a common practice within our industry, but it poses risks to cash flow and liquidity. Delayed payments or defaults could significantly affect our operational capabilities and financial stability. |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Strategic Report |
for the Year Ended 30 September 2023 |
Mitigation Strategies: |
• Implement stringent credit checks and limit credit exposure to high-risk clients. |
• Develop clear payment terms and enforce them rigorously. |
• Monitor cash flow forecasts closely to manage liquidity effectively. |
3. Supply Chain Risks |
A significant portion of our project delivery depends on external suppliers for materials and services. Disruptions in the supply chain can lead to project delays, increased costs, and diminished client satisfaction. |
Mitigation Strategies: |
• Establish strong relationships with multiple suppliers to diversify sources and reduce dependency. |
• Conduct regular assessments of supplier performance and financial health. |
• Maintain an inventory buffer for critical materials to mitigate supply disruptions. |
4. Health and Safety Compliance |
Health and safety regulations are paramount in the construction industry. Non-compliance not only poses legal risks but can also impact our reputation and employee morale. Any incidents can lead to financial liabilities and project delays. |
Mitigation Strategies: |
• Implement a robust health and safety management system, including regular training and audits. |
• Foster a safety-first culture among all employees and subcontractors. |
• Stay updated on regulatory changes and ensure compliance across all projects. |
5. Labour Market Challenges |
Access to skilled labour is crucial for the timely delivery of projects. The current labour market is competitive, and shortages can hinder our ability to meet project deadlines and maintain quality. |
Mitigation Strategies: |
• Develop a comprehensive recruitment strategy to attract and retain skilled labour. |
• Offer competitive compensation packages and benefits to enhance employee satisfaction. |
• Invest in training and development programs to upskill existing employees and fill labour gaps. |
The directors are satisfied that the firm is preforming well in each of these key areas and continue to focus theorganization in improvements in these areas. |
POSITION OF THE COMPANY’S BUSINESS AT YEAR END |
The company has a high level of client satisfaction and continues to deliver exceptional projects. The company has net |
assets of £5.9m (2022: £5.2m) at the balance sheet date. |
KEY PERFORMANCE INDICATORS ("KPIS") |
The key performance indicator is the net profit margin after tax, which is 2.6%. (2022: 1.8%) for the year. |
ON BEHALF OF THE BOARD: |
7 April 2025 |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Report of the Directors |
for the Year Ended 30 September 2023 |
The directors present their report with the financial statements of the company for the year ended 30 September 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of interior design and construction. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 September 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
CHARITABLE DONATIONS |
During the year company made charitable donations of £7,294.81 (2022: £7,615). |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
INTERIORS WITH ART LIMITED |
Opinion |
We have audited the financial statements of INTERIORS WITH ART LIMITED (the 'company') for the year ended 30 September 2023 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 September 2023 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. |
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. |
Report of the Independent Auditors to the Members of |
INTERIORS WITH ART LIMITED |
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: |
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. |
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. |
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. |
for and on behalf of |
Chartered Certified Accountants |
& Registered Auditors |
74A High Street |
Wanstead |
London |
E11 2RJ |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Income Statement |
for the Year Ended 30 September 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
897,613 | 107,595 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
907,889 | 183,288 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Other Comprehensive Income |
for the Year Ended 30 September 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Balance Sheet |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (INCLUDING CONVERTIBLE DEBT) |
9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (INCLUDING CONVERTIBLE DEBT) |
10 |
( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Balance Sheet - continued |
30 September 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Statement of Changes in Equity |
for the Year Ended 30 September 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2021 |
Total comprehensive income | - |
Balance at 30 September 2022 |
Total comprehensive income | - |
Balance at 30 September 2023 |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Cash Flow Statement |
for the Year Ended 30 September 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | - | 36,621 |
Amount withdrawn by directors | (203,790 | ) | (73,173 | ) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 1,438,887 |
Cash and cash equivalents at end of year | 2 | 857,720 | 1,474,821 |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Notes to the Cash Flow Statement |
for the Year Ended 30 September 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 3,643 | 28,455 |
Finance income | (10,276 | ) | - |
943,620 | 236,019 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
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 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 857,720 | 1,474,821 |
Year ended 30 September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 1,474,821 | 1,438,887 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.22 | Cash flow | At 30.9.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,474,821 | (617,101 | ) | 857,720 |
1,474,821 | ( |
) | 857,720 |
Debt |
Debts falling due within 1 year | (232,178 | ) | (14,134 | ) | (246,312 | ) |
Debts falling due after 1 year | (766,667 | ) | 766,667 | - |
(998,845 | ) | 752,533 | (246,312 | ) |
Total | 475,976 | 135,432 | 611,408 |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
INTERIORS WITH ART LIMITED is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue recognition |
Revenue from the interior design and building project is recognised in stages from the commencement of the project to completion based on valuations of work completed and agreed with client / client's surveyors. |
Revenue from the sale of design is recognised in different design stages (start of the project, Design Development, FF&E Presentation, Final Delivery to site) and revenue from sale of fixtures and furnishing is recognised once the goods have been delivered and the risks and rewards have been passed to the customer. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property - 25% on reducing balance |
Plant and machinery - 25% on reducing balance |
Fixtures and fittings - 25% on reducing balance |
Motor vehicles - 25% on reducing balance |
Computer equipment - 25% on reducing balance |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Trade and other debtors / creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. Debtors receivable after 1 year have been shown at their Present Value with difference being accounted in the Statement of Income. |
Holiday accrual |
There is no holiday accrual for the current year and previous year. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management, production and design |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Tax adjustment - prior years | - | (154,726 | ) |
Total current tax | ( |
) |
Deferred tax |
Tax on profit | ( |
) |
7. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | 630,638 | 426,848 |
VAT |
Deferred tax asset |
Prepayments and accrued income |
Supplier prepayments |
ACT recoverable | 216,293 | - |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 11) |
Trade creditors |
Retention Liability | 103,512 | - |
Tax |
Social security and other taxes |
VAT | - | 504,129 |
Other creditors |
Commercial credit card | 14,326 | - |
Accruals |
Payment on account |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 11) |
11. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Hire Purchase Loan | 14,134 | - |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
INTERIORS WITH ART LIMITED (Registered number: 04511910) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
13. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 16,996 | - |
Other provisions | 11,596 | 11,596 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 October 2022 | ( |
) | ( |
) |
Provided during year |
Balance at 30 September 2023 |
Provision for taxation amount pertains to tax charge on director's loan account as per section 455 of Corporation Tax Act 2010. The outstanding liability attracts 2% interest till the same is paid off. |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 500 | 500 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 October 2022 |
Profit for the year |
At 30 September 2023 |
16. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date, the net amount owed by the directors is £630,638 (2022: £426,848) |
17. | RELATED PARTY DISCLOSURES |
Included within debtors falling due within one year are: |
Advance of £1,723,063.58 (2022: £1,677,864) to Jeunessee International Ltd, a company in which Mr S Sharma and Mrs S Vohora have a beneficial interest. |
Advances of £35953.55 (2022: £6,582) to IWA Solutions Ltd, company in which Mr S Sharma is a director. Advances of £3,418 (2022: £3,193) to IWA Developments Ltd and £3,233 (2022: £3,008) to Shailja Interiors Ltd, companies in which Mr S Sharma and Mrs S Vohora are directors. |
These loans are interest free and repayable on demand. |
18. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party are Sanjay Sharma & Shailja Vohora. |