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REGISTERED NUMBER: 05353540 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BULB INTERIORS LIMITED

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 8

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13 to 23


BULB INTERIORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr P S Horsburgh
Mr D A Jones
Mr R P Frank





SECRETARY: Mr D A Jones





REGISTERED OFFICE: Elizabeth House
13-19 London Road
Newbury
Berkshire
RG14 1JL





REGISTERED NUMBER: 05353540 (England and Wales)





AUDITORS: Seymour Taylor Limited, Statutory Auditor
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report for the year ended 31 December 2024.

Principal activities and operating structure
The principal activity of the company is laboratory & office design and fit-out.

REVIEW OF BUSINESS
The company generated turnover of £38,679,245 (2023: £34,599,193) within the year, an £4,080,052 (11%) increase vs prior year. Gross profit was 17.83% compared to 16.64% in 2023. Profit before tax was £1,677,526 (2023: £2,826,491) which is 4.33% (2023: 8.17%) of turnover.

The measures above are key performance indicators for the company and provide the directors with optimism over the success of the company and its future outlook. The directors believe that there is a strong foundation to build the business further and improve on the current year's results.

During the year, the company has managed the exposures and uncertainty brought by the changes in the macroeconomic landscape, such as fluctuating inflation and interest rates, following the continuation of Russia's invasion of Ukraine in 2022. The transactional market activity has edged towards pre-Covid-19 levels enabling the company to continue its momentum in the market during the year, working with clients and meeting their demands on laboratory and office solutions.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the company's strategy are subject to a number of risks. The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of the business risks. Where possible, processes are in place to monitor and mitigate such risks.

The directors have set out below the principal risks facing the business during the year:
Competition
The market in which the company operates is very specialist. Our consultative approach and the scale of work targeted means that there are few comparative competitors in our sector. Management continue to monitor the market for any competitor movements.

Market conditions
Continued strong interest in the science & technology sector, however, present economic conditions have resulted in prolongation of client decision making - delay issuing orders and therefore contract commencement.

Financial Risk Management
Credit risk: Credit risk is primarily attributable to its trade debtors. The company has an excellent track record of collections and debtor recovery and does not have any material receivables which are not anticipated to be recovered in full.

Liquidity risk: The company maintains and monitors the cash flow to ensure it has sufficient available funds for operations.

Foreign exchange risk: The company manages its foreign exchange exposure through regular monitoring and where expenses are incurred in Euros, these are settled from a Euro bank account.

Supplier logistical risk: The company, as far as possible, establishes any supply-chain issues prior to finalising the contract with the client, thereby heading off the risk as far as possible through careful planning.

Key performance indicators
The company's key performance indicators are:
1.Targeted annual turnover (exceeded in the year of report).
2.Targeted average gross profit margin (achieved in the year of report).
3.No health and safety issues during the year (achieved in the year of report).


BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

ON BEHALF OF THE BOARD:





Mr P S Horsburgh - Director


25 June 2025

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr P S Horsburgh
Mr D A Jones

Other changes in directors holding office are as follows:

Mr J O'Reilly - resigned 8 October 2024
Mr S Quick - resigned 9 April 2024
Mr R P Frank - appointed 25 October 2024

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.

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, Seymour Taylor Limited, will be re-appointed in accordance with section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr P S Horsburgh - Director


25 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BULB INTERIORS LIMITED


Opinion
We have audited the financial statements of Bulb Interiors Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 31 December 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
BULB INTERIORS LIMITED


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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team including significant component audit teams and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BULB INTERIORS LIMITED


As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

Audit response to risks identified
As a result of performing the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.




Joanne Kingsnorth FCA (Senior Statutory Auditor)
for and on behalf of Seymour Taylor Limited, Statutory Auditor
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

25 June 2025

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 4 38,679,245 34,599,193

Cost of sales 31,782,695 28,840,938
GROSS PROFIT 6,896,550 5,758,255

Administrative expenses 4,652,453 3,046,646
OPERATING PROFIT 6 2,244,097 2,711,609

Interest receivable and similar income 7 433,958 115,899
2,678,055 2,827,508

Interest payable and similar expenses 8 529 1,017
PROFIT BEFORE TAXATION 2,677,526 2,826,491

Tax on profit 9 709,762 650,000
PROFIT FOR THE FINANCIAL YEAR 1,967,764 2,176,491

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,967,764 2,176,491


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,967,764

2,176,491

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - 933
Tangible assets 11 52,086 76,436
Investments 12 2 2
52,088 77,371

CURRENT ASSETS
Debtors: amounts falling due within one
year

13

11,402,661

10,320,996
Cash at bank 3,021,941 3,195,457
14,424,602 13,516,453
CREDITORS
Amounts falling due within one year 14 8,762,634 8,837,157
NET CURRENT ASSETS 5,661,968 4,679,296
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,714,056

4,756,667

CREDITORS
Amounts falling due after more than one
year

15

(5,286

)

(15,661

)

PROVISIONS FOR LIABILITIES 18 (9,445 ) (9,445 )
NET ASSETS 5,699,325 4,731,561

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 5,699,225 4,731,461
SHAREHOLDERS' FUNDS 5,699,325 4,731,561

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Mr P S Horsburgh - Director


BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 100 2,554,970 2,555,070

Changes in equity
Total comprehensive income - 2,176,491 2,176,491
Balance at 31 December 2023 100 4,731,461 4,731,561

Changes in equity
Distribution - (1,000,000 ) (1,000,000 )
Total comprehensive income - 1,967,764 1,967,764
Balance at 31 December 2024 100 5,699,225 5,699,325

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. GENERAL INFORMATION

Bulb Interiors Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is Elizabeth House, 13-19 London Road, Newbury, Berkshire, United Kingdom, RG14 1JL . The principal place of business is Priory Court Wood Lane, Beech Hill, Reading, RG7 2BJ. The registered number is 05353540.

The principal activity of the company is that of laboratory & office design and fit out.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Going concern
The directors have assessed expected future cashflows, giving due consideration to all relevant factors affecting the company. The directors have considered the potential impact on the company as well as its capital resources and believe that the company has adequate resources in place to continue in operation for at least twelve months from the date of approval of the financial statements. Consequently, the company continues to adopt the going concern basis in preparing these financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and
disclosures;
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

Preparation of consolidated financial statements
The financial statements contain information about Bulb Interiors Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of Pagac Urban Holding (UK) Ltd.

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of consideration received or receivable for goods and services provided, net of trade discounts and value added tax.

Turnover from construction contracts is recognised when the outcome can be estimated reliably and contract costs and turnover associated with this shall be recognised by reference to the stage of completion at the Statement of financial position date.

Stage of completion is measured on the proportion of costs incurred for work performed to date in relation to estimated total costs from surveys of work performed. Variations in contract work are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Where the outcome of the contract cannot be reliably estimated, turnover is recognised only to the extent of the contract costs recognised that it is probable it will be recoverable.

Intangible fixed assets other than goodwill
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Intangible assets are amortised on a straight line basis over their useful economical lives as follows:

Development costs - straight line over 2 years

The directors review for impairment annually and subsequently a provision is recognised if required.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimate useful life:

Fixtures and fittings25% reducing balance
Computer equipment 25% reducing balance & 33% straight line

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost, less any impairment losses.

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the statement of financial position. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Tax on the profit or loss 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 directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the statement of financial position date. Deferred tax balances are not discounted.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities at the period end denominated in a foreign currency are translated into Sterling at the rate of exchange ruling at the statement of financial position date. Exchange differences are taken into account when arriving at the operating profit.

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.

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the statement of financial position date as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. Provisions are recognised as a liability in the statement of financial position and the relevant amount included as an expense in the income statement.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision or contingency is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the profit or loss account in the period it arises.

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. CRITICAL ACCOUNTING 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Turnover and margin recognition
The company's turnover and margin recognition policies are central to how the company values the work it has carried out each year. These policies require forecasts to be made of the outcomes of construction and service contracts, which require assessment and judgements to be made on contract programmes, changes in the scope of work and changes in costs.

Management bases its judgements of costs and turnover and its assessment of the expected outcome of each contract on the latest available information. This information includes detailed contract valuations and forecasts of the costs to complete. The estimates of the contract positions and the profit or loss earned to date are updated regularly and significant changes are highlighted through established internal review procedures. The impact of any change in the accounting estimates is then reflected in the financial statements when known

Cost reserves and provisioning
Management include a cost reserve for contracts which, on balance, are determined as having probable additional costs due at a future date resulting from defects or necessary remedial work. Management also review for any reserves required against sales made which is assessed as being the total amount invoiced to date which could be reasonably considered unrecoverable from the end customer upon agreement of the final account or an interim agreement is made.

These reserves are reviewed continuously throughout the year, constantly assessed for accuracy using management's high level of expertise on which its best estimate is based. Each reserve is made on a job by job basis.

4. TURNOVER

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

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Construction contract revenue 38,679,245 34,599,193
38,679,245 34,599,193

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,859,787 2,199,508
Social security costs 338,517 238,414
Other pension costs 230,530 97,186
3,428,834 2,535,108

The average number of employees during the year was as follows:
2024 2023

Average number of employees in the year 36 28

2024 2023
£    £   
Remuneration for qualifying services 203,803 137,728
Pension contributions to defined contribution schemes 120,000 50,316
323,803 188,045
The number of directors who accrued benefits under company pension plans was as follows:

2024 2023
Number Number
Defined contribution plans 2 2

6. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 9,859 8,583
Depreciation - owned assets 24,350 13,182
Loss on disposal of fixed assets - 19,101
Development costs amortisation 933 2,427
Auditors' remuneration 32,780 36,150
Auditors' remuneration for non audit work 5,700 5,500
Foreign exchange differences (1,010 ) 4,573
Operating lease charges 23,330 39,013

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Bank account interest 48,315 41,494
Intercompany loan interest receivable 385,643 74,405
433,958 115,899

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 238
Bank loan interest 529 779
529 1,017

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 682,000 650,000
Over/under provision in prior year 27,762 -

Tax on profit 709,762 650,000

UK corporation tax has been charged at 25% (2023 - 25%).

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:

2024 2023
£    £   
Profit before tax 2,677,526 2,826,491
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

669,382

706,623

Effects of:
Expenses not deductible for tax purposes 6,530 8,844
Capital allowances in excess of depreciation - (12,952 )
Depreciation in excess of capital allowances 6,088 -
Adjustments to tax charge in respect of previous periods 27,762 -
Change in tax rates - (42,397 )
Other timing differences - (10,118 )

Total tax charge 709,762 650,000

The Unispace Global Limited Group, of which Bulb Interiors Limited is a subsidiary company, has reached an agreement with group undertakings that any losses surrendered by those undertakings will be charged at the prevailing tax rate.

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 January 2024
and 31 December 2024 11,560
AMORTISATION
At 1 January 2024 10,627
Amortisation for year 933
At 31 December 2024 11,560
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 933

11. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 29,641 65,196 94,837
DEPRECIATION
At 1 January 2024 13,337 5,064 18,401
Charge for year 4,076 20,274 24,350
At 31 December 2024 17,413 25,338 42,751
NET BOOK VALUE
At 31 December 2024 12,228 39,858 52,086
At 31 December 2023 16,304 60,132 76,436

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 2
NET BOOK VALUE
At 31 December 2024 2
At 31 December 2023 2

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,991,676 4,465,720
Amounts owed by group undertakings 4,972,804 3,097,023
Other debtors 193,214 215,317
Directors' current accounts - 16,062
Prepayments and accrued income 1,244,967 2,526,874
11,402,661 10,320,996

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 10,375 10,119
Trade creditors 3,064,237 3,988,122
Amounts owed to group undertakings 1,171,200 179,393
Corporation tax 93,000 245,617
Social security and other taxes 99,429 104,572
VAT 1,819,769 1,699,192
Other creditors 10,961 13,619
Accruals and deferred income 2,493,663 2,596,523
8,762,634 8,837,157

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) 5,286 15,661

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,375 10,119

Amounts falling due between one and two years:
Bank loans - 1-2 years 5,286 15,661

Bank loans totalling £15,661 (2023 - £25,780) are secured by a fixed and floating charge over the company's assets.

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 2,682 3,115
Between one and five years - 654
2,682 3,769

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 9,445 9,445

Deferred
tax
£   
Balance at 1 January 2024 9,445
Balance at 31 December 2024 9,445

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary £1 50 50
25 Ordinary A £1 25 25
25 Ordinary B £1 25 25
100 100

A shares and B shares bear no difference in terms of rights, preference and restrictions attaching to class, including restrictions on distribution of dividends and repayment of capital.

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension costs charged to the income statement represent contributions payable by the company to the fund in the year and amounted to £230,530 (2023 - £97,186). At the yearend £nil (2023 - £nil) in respect of contributions to the pension scheme remained outstanding.

BULB INTERIORS LIMITED (REGISTERED NUMBER: 05353540)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
Mr P S Horsburgh
Balance outstanding at start of year 7,501 65,120
Amounts advanced - 55,883
Amounts repaid (7,501 ) (113,502 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 7,501

Mr D A Jones
Balance outstanding at start of year 8,561 115,215
Amounts advanced - 89,899
Amounts repaid (8,561 ) (196,553 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 8,561

22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

23. ULTIMATE CONTROLLING PARTY

The directors consider Unispace Global Limited to be the immediate parent company and Pagnac Urban Holding (UK) Ltd to be the ultimate controlling party.

The largest and smallest group, in which this company's information is consolidated is that of Pagac Urban Holding (UK) Ltd. The company is incorporated in England and Wales and is preparing its consolidated financial statements to 31 December 2024. The registered office for this company is:

Devon House, 58 St. Katharine's Way, London, United Kingdom, E1W 1JP.

Copies of the consolidated financial statements of Pagac Urban Holding (UK) Ltd can be obtained from the above address.