Company No: 02213467 (England and Wales)

Contents

• Balance Sheet
• Notes to the Unaudited Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	23,220		1,985
		23,220		1,985
Current assets
Debtors	4	55,490		36,623
Cash at bank and in hand		233,286		140,733
		288,776		177,356
Creditors
Amounts falling due within one year	5	( 162,565)		( 100,346)
Net current assets		126,211		77,010
Total assets less current liabilities		149,431		78,995
Creditors
Amounts falling due after more than one year	6	( 56,000)		0
Net assets		93,431		78,995
Capital and reserves
Called-up share capital		2		2
Profit and loss account		93,429		78,993
Total shareholders' funds		93,431		78,995

For the financial year ending 31 August 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Nicola O'Mara Interior Design Limited (registered number: 02213467) were approved and authorised for issue by the Board of Directors on 18 February 2022. They were signed on its behalf by:

Nicola Joanne O'Mara Director

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 year, unless otherwise stated.

General information and basis of accounting

Nicola O'Mara Interior Design 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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is Swallows, Pityme, Wadebridge, Cornwall, PL27 6PQ.

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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

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 reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

25

%

reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 September 2020	4,099		4,099
Additions	24,392		24,392
At 31 August 2021	28,491		28,491
Accumulated depreciation
At 01 September 2020	2,114		2,114
Charge for the financial year	3,157		3,157
At 31 August 2021	5,271		5,271
Net book value
At 31 August 2021	23,220		23,220
At 31 August 2020	1,985		1,985

4. Debtors

	2021		2020
	£		£
Trade debtors	9,525		7,910
Other debtors	45,965		28,713
	55,490		36,623

5. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans and overdrafts	6,000		0
Trade creditors	9,868		9,155
Other creditors	105,193		27,535
Corporation tax	17,200		33,901
Other taxation and social security	24,304		29,755
	162,565		100,346

6. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans	44,000		0
Other creditors	12,000		0
	56,000		0

There are no amounts included above in respect of which any security has been given by the small entity.