Company Registration No. NI624860 (Northern Ireland)
Interior 360 Design Limited
Unaudited accounts
for the year ended 31 May 2021
Interior 360 Design Limited
Statement of financial position
as at 31 May 2021
Tangible assets
115,974
86,308
Cash at bank and in hand
130,887
51,083
Creditors: amounts falling due within one year
(287,101)
(230,304)
Net current (liabilities)/assets
(35,413)
165
Total assets less current liabilities
80,561
86,473
Creditors: amounts falling due after more than one year
(39,352)
(50,000)
Called up share capital
100
100
Profit and loss account
41,109
36,373
Shareholders' funds
41,209
36,473
For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 February 2022 and were signed on its behalf by
Philip Millar
Director
Company Registration No. NI624860
Interior 360 Design Limited
Notes to the Accounts
for the year ended 31 May 2021
Interior 360 Design Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI624860. The registered office is Unit 2 Channel Wharf, 21 Old Channel Road, Belfast , BT3 9DE, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Having reviewed the resources available and considered the impact of the COVID-19 pandemic on the business, the directors of Interior 360 Design Ltd believe that the company has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, Interior 360 Design Ltd continues to adopt the going concern basis in preparation of its financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
20% Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Interior 360 Design Limited
Notes to the Accounts
for the year ended 31 May 2021
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2020
44,989
40,382
76,195
161,566
Additions
7,617
40,500
-
48,117
At 31 May 2021
52,606
80,882
76,195
209,683
At 1 June 2020
12,506
24,134
38,618
75,258
Charge for the year
6,763
4,173
7,515
18,451
At 31 May 2021
19,269
28,307
46,133
93,709
At 31 May 2021
33,337
52,575
30,062
115,974
At 31 May 2020
32,483
16,248
37,577
86,308
Finished goods
92,568
42,160
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
2,733
82,698
Accrued income and prepayments
-
13,042
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
10,648
-
Trade creditors
148,978
79,213
Taxes and social security
8,536
7,897
Loans from directors
98,556
141,222
8
Creditors: amounts falling due after more than one year
2021
2020
Interior 360 Design Limited
Notes to the Accounts
for the year ended 31 May 2021
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Average number of employees
During the year the average number of employees was 7 (2020: 6).
