Contents of the Financial Statements

for the Period Ended 30 April 2022

Company Information

for the Period Ended 30 April 2022

Balance sheet

As at 30 April 2022

The notes form part of these financial statements

Balance sheet continued

As at 30 April 2022

For the year ending 30 April 2022 the company was entitled to exemption 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.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 30 April 2022

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Revenue comprises the fair value of the consideration received or receivable for the provision of services for
  the supply of interior design activities in the ordinary course of the company’s business activities. Revenue
  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 future
  economic benefits will flow to the entity and specific criteria have been met for the company’s activities.
  

  Tangible fixed assets depreciation policy

  Tangible assets are stated in the statement of financial position 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 is charged so as to write off the cost of assets, less any estimated residual value, over their
  expected useful economic life as follows: Fixtures and fittings - 25% reducing balance basis, Office equipment - 25% straight line basis
  

Notes to the Financial Statements

for the Period Ended 30 April 2022

• 1. Accounting policies (continued)

  Other 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 our below. These policies have been consistently applied to all the years presented, unless otherwise stated.' Basis of preparation - 'The 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.' 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.' 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 receivables.' 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.' 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.' Dividend - '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.' Financial instruments - 'Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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 shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.'

Notes to the Financial Statements

for the Period Ended 30 April 2022

• 2. Employees

  	2022	2021
  Average number of employees during the period	1	1

  The above totals include the director.

Notes to the Financial Statements

for the Period Ended 30 April 2022

• 3. Off balance sheet disclosure

  No

Notes to the Financial Statements

for the Period Ended 30 April 2022

4. Tangible assets

Notes to the Financial Statements

for the Period Ended 30 April 2022

5. Debtors

Notes to the Financial Statements

for the Period Ended 30 April 2022

6.Creditors: amounts falling due within one year note

Notes to the Financial Statements

for the Period Ended 30 April 2022

7.1.Related party disclosures