CATHERINE MATTHEWS INTERIORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
Company Registration Number: 08197209
CATHERINE MATTHEWS INTERIORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
CATHERINE MATTHEWS INTERIORS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024
DIRECTOR
Mrs C M Matthews
SECRETARY
P T C Matthews
REGISTERED OFFICE
4 Witan Way
Witney
Oxon
OX28 6FF
COMPANY REGISTRATION NUMBER
08197209 England and Wales
CATHERINE MATTHEWS INTERIORS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 3,322 1,597
CURRENT ASSETS
Stock 73,459 61,885
Debtors 6 14,585 14,605
Cash at bank and in hand 181,986 160,560
270,030 237,050
CREDITORS: Amounts falling due within one year 7 99,039 105,146
NET CURRENT ASSETS 170,991 131,904
TOTAL ASSETS LESS CURRENT LIABILITIES 174,313 133,501
Provisions for liabilities and charges 831 435
NET ASSETS 173,482 133,066
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account 173,382 132,966
SHAREHOLDERS' FUNDS 173,482 133,066
CATHERINE MATTHEWS INTERIORS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
Mrs C M Matthews
Director
Date approved by the board: 9 April 2025
CATHERINE MATTHEWS INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1 GENERAL INFORMATION
Catherine Matthews Interiors Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business
4 Witan Way Design Studio
Witney No 9 Bond Estate
Oxon Broadway Road
OX28 6FF Wickhamford
Worcestershire
WR11 7RL
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of interior design services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Computer equipment Straight line basis at 33% per annum
Fixtures and fittings Reducing balance basis at 20% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
CATHERINE MATTHEWS INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
CATHERINE MATTHEWS INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
CATHERINE MATTHEWS INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2024 2023
Average number of employees 1 1
5 TANGIBLE ASSETS
Computer equipment Fixtures and fittings Total
£ £ £
Cost
At 1 September 2023 2,503 6,266 8,769
Additions 2,672 - 2,672
Disposals (1,638) (855) (2,493)
At 31 August 2024 3,537 5,411 8,948
Accumulated depreciation and impairments
At 1 September 2023 2,283 4,889 7,172
Charge for year 588 255 843
Disposals (1,638) (751) (2,389)
At 31 August 2024 1,233 4,393 5,626
Net book value
At 1 September 2023 220 1,377 1,597
At 31 August 2024 2,304 1,018 3,322
6 DEBTORS
2024 2023
£ £
Trade debtors 11,940 8,016
Prepayments and accrued income 1,002 832
Other debtors 1,643 5,757
14,585 14,605
CATHERINE MATTHEWS INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 5,713 14,323
Taxation and social security 19,574 15,434
Accruals and deferred income 8,842 8,701
Other creditors 64,910 66,688
99,039 105,146
8 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2024 2023
£ £
In less than one year - 7,200
9 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Mrs C M Matthews
Director 2024 2023
£ £
Director's loan account Amounts owed to director 64,910 66,076
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