Interior Systems (Midlands) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07033314 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Interior Systems (Midlands) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M R Linzey

P R Duffield

J W Warren

REGISTERED OFFICE:

Middle Barn

Whitestone Farm

Main Road, Birdham

Chichester

Hampshire

PO20 7HU

REGISTERED NUMBER:

07033314 (England and Wales)

ACCOUNTANTS:

Cox & Co Limited

Chartered Certified Accountants

3 Hagley Court North

The Waterfront

Dudley

West Midlands

DY5 1XF

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

61,915

29,064

61,915

29,064

CURRENT ASSETS

Stocks

26,435

-

Debtors

6

67,382

27,151

Prepayments and accrued income

3,980

10,220

Cash at bank

425,167

530,965

522,964

568,336

CREDITORS

Amounts falling due within one year

7

146,071

114,934

NET CURRENT ASSETS

376,893

453,402

TOTAL ASSETS LESS CURRENT LIABILITIES

438,808

482,466

PROVISIONS FOR LIABILITIES

(11,764

)

(7,363

)

ACCRUALS AND DEFERRED INCOME

(50,633

)

(94,660

)

NET ASSETS

376,411

380,443

CAPITAL AND RESERVES

Called up share capital

22,922

22,922

Share premium

6,078

6,078

Capital redemption reserve

47,406

47,406

Retained earnings

300,005

304,037

376,411

380,443

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2022 and were signed on its behalf by:

M R Linzey - Director

1.	STATUTORY INFORMATION

Interior Systems (Midlands) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

25% on reducing balance

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

1,000

AMORTISATION

At 1 January 2021

and 31 December 2021

1,000

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2021

20,619

70,425

91,044

Additions

-

60,990

60,990

Disposals

-

(31,402

)

(31,402

)

At 31 December 2021

20,619

100,013

120,632

DEPRECIATION

At 1 January 2021

14,221

47,759

61,980

Charge for year

1,600

8,875

10,475

Eliminated on disposal

-

(13,738

)

(13,738

)

At 31 December 2021

15,821

42,896

58,717

NET BOOK VALUE

At 31 December 2021

4,798

57,117

61,915

At 31 December 2020

6,398

22,666

29,064

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

60,075

18,771

Other debtors

7,307

8,380

67,382

27,151

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

109,268

47,887

Taxation and social security

18,188

48,432

Other creditors

18,615

18,615

146,071

114,934

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.21

31.12.20

£

£

Within one year

-

3,640

Between one and five years

5,470

9,846

In more than five years

4,376

-

9,846

13,486

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

31.12.21

31.12.20

£

£

P R Duffield

Balance outstanding at start of year

8,380

-

Amounts advanced

-

8,380

Amounts repaid

(5,653

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,727

8,380