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Registration number: 07071293

Interfit Interiors & Manufacturing Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Interfit Interiors & Manufacturing Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Interfit Interiors & Manufacturing Ltd

(Registration number: 07071293)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

22,919

18,958

Current assets

 

Stocks

5

37,710

20,000

Debtors

6

14,959

25,362

Cash at bank and in hand

 

7,864

10,403

 

60,533

55,765

Creditors: Amounts falling due within one year

7

(58,299)

(50,519)

Net current assets

 

2,234

5,246

Total assets less current liabilities

 

25,153

24,204

Creditors: Amounts falling due after more than one year

7

(20,120)

(22,131)

Provisions for liabilities

(4,354)

(3,602)

Net assets/(liabilities)

 

679

(1,529)

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

479

(1,729)

Shareholders' funds/(deficit)

 

679

(1,529)

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Interfit Interiors & Manufacturing Ltd

(Registration number: 07071293)
Balance Sheet as at 30 November 2024

Approved and authorised by the director on 16 June 2025
 

.........................................
Mr Adrian Leo Price
Director

 

Interfit Interiors & Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4
Rainford Industrial Estate
Mill Lane
St Helens
Merseyside
WA11 8LS
United Kingdom

These financial statements were authorised for issue by the director on 16 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Interfit Interiors & Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Reducing balance

Furniture & fixturs

25% Reducing balance

Motor Vehicle

25% Reducing balance

Equipment

25% Reducing balance

Altercation Unit 4

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Interfit Interiors & Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Interfit Interiors & Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2023

50,946

903

35,500

37,468

124,817

Additions

-

700

-

10,900

11,600

At 30 November 2024

50,946

1,603

35,500

48,368

136,417

Depreciation

At 1 December 2023

50,946

226

25,243

29,444

105,859

Charge for the year

-

344

2,564

4,731

7,639

At 30 November 2024

50,946

570

27,807

34,175

113,498

Carrying amount

At 30 November 2024

-

1,033

7,693

14,193

22,919

At 30 November 2023

-

677

10,257

8,024

18,958

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

37,710

20,000

 

Interfit Interiors & Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

(2,444)

Prepayments

4,451

7,142

Other debtors

10,508

20,664

 

14,959

25,362

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

19,523

13,599

Trade creditors

 

26,597

24,741

Taxation and social security

 

8,839

2,599

Accruals and deferred income

 

3,340

9,580

 

58,299

50,519

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £19,523 (2023 - £13,599).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

20,120

22,131

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £20,120 (2023 - £22,131).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

       
 

Interfit Interiors & Manufacturing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

17,421

15,834

Hire purchase contracts

2,699

6,297

20,120

22,131

Current loans and borrowings

2024
£

2023
£

Bank borrowings

15,924

10,000

Hire purchase contracts

3,599

3,599

19,523

13,599