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Company No: 10082543 (England and Wales)

ATKINSON & JAMES INTERIORS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

ATKINSON & JAMES INTERIORS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

ATKINSON & JAMES INTERIORS LIMITED

BALANCE SHEET

As at 31 August 2024
ATKINSON & JAMES INTERIORS LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 31.08.2024 31.08.2023
£ £
Fixed assets
Tangible assets 3 3,822 2,881
3,822 2,881
Current assets
Stocks 109,477 139,641
Debtors 4 667,285 601,255
Cash at bank and in hand 546,885 825,747
1,323,647 1,566,643
Creditors: amounts falling due within one year 5 ( 314,902) ( 1,070,883)
Net current assets 1,008,745 495,760
Total assets less current liabilities 1,012,567 498,641
Net assets 1,012,567 498,641
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,012,467 498,541
Total shareholders' funds 1,012,567 498,641

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Atkinson & James Interiors Limited (registered number: 10082543) were approved and authorised for issue by the Director on 21 November 2024. They were signed on its behalf by:

Mr J Cannon
Director
ATKINSON & JAMES INTERIORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
ATKINSON & JAMES INTERIORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Atkinson & James Interiors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 78 Chorley New Road, Bolton, BL1 4BY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

Year ended
31.08.2024
Period from
01.04.2022 to
31.08.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 2

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 September 2023 0 3,770 3,770
Additions 2,065 0 2,065
At 31 August 2024 2,065 3,770 5,835
Accumulated depreciation
At 01 September 2023 0 889 889
Charge for the financial year 181 943 1,124
At 31 August 2024 181 1,832 2,013
Net book value
At 31 August 2024 1,884 1,938 3,822
At 31 August 2023 0 2,881 2,881

4. Debtors

31.08.2024 31.08.2023
£ £
Trade debtors 30,030 590,519
Amounts owed by Parent undertakings 577,925 0
Other debtors 59,330 10,736
667,285 601,255

5. Creditors: amounts falling due within one year

31.08.2024 31.08.2023
£ £
Trade creditors 64,522 281,210
Taxation and social security 208,478 476,496
Other creditors 41,902 313,177
314,902 1,070,883

6. Related party transactions

Other related party transactions

As at the balance sheet date the company owed Finser Holdings Limited, its parent company, £577,925.