Combined Office Interiors Limited Filleted accounts for Companies House (small and micro)

Combined Office Interiors Limited Filleted accounts for Companies House (small and micro)

COMBINED OFFICE INTERIORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03841158
Combined Office Interiors Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2022
Combined Office Interiors Limited
Financial Statements
Year ended 31 December 2022
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Combined Office Interiors Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
8,715
5,816
Current assets
Stocks
51,212
108,750
Debtors
6
375,310
384,590
Cash at bank and in hand
15,000
79,147
---------
---------
441,522
572,487
Creditors: amounts falling due within one year
7
367,240
500,522
---------
---------
Net current assets
74,282
71,965
--------
--------
Total assets less current liabilities
82,997
77,781
Creditors: amounts falling due after more than one year
8
–
1,815
--------
--------
Net assets
82,997
75,966
--------
--------
Capital and reserves
Called up share capital
536
536
Capital redemption reserve
474
474
Profit and loss account
81,987
74,956
--------
--------
Shareholders funds
82,997
75,966
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Combined Office Interiors Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 18 July 2023 , and are signed on behalf of the board by:
C D Griffin
Director
Company registration number: 03841158
Combined Office Interiors Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The principal place of business is Centree House, Unit 6-8, Bicton Industrial Park, Kimbolton, Huntingdon, Cambs, PE28 0LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Other operating income
Other operating income is accounted for on an accruals basis.
Revenue recognition
The turnover shown in the Statement of Income and Retained Earnings represents sales of goods during the year, net of value added tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements to leasehold property
-
20% reducing balance
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% reducing balance
Stocks
Goods for resale are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Government grants
Government grants are recognised using the accrual model. Grants receivable under the Coronavirus Job Retention Scheme are recognised in the period in which the company recognised the related staffing costs for which the grant is intended to compensate. Other discretionary grants, which do not have specified performance-related criteria, are recognised when they are received.
Defined contribution pension plans
The company operates a defined contribution pension scheme for employees and contributes to the personal schemes of the directors. The assets of the schemes are held separately from those of the company and contributions for the year are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2021: 10 ).
5. Tangible assets
Improvements to leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2022
–
13,752
12,150
25,902
Additions
5,964
500
–
6,464
-------
--------
--------
--------
At 31 December 2022
5,964
14,252
12,150
32,366
-------
--------
--------
--------
Depreciation
At 1 January 2022
–
7,936
12,150
20,086
Charge for the year
696
2,869
–
3,565
-------
--------
--------
--------
At 31 December 2022
696
10,805
12,150
23,651
-------
--------
--------
--------
Carrying amount
At 31 December 2022
5,268
3,447
–
8,715
-------
--------
--------
--------
At 31 December 2021
–
5,816
–
5,816
-------
--------
--------
--------
6. Debtors
2022
2021
£
£
Trade debtors
143,726
216,813
Amounts owed by group undertakings and undertakings in which the company has a participating interest
212,413
145,002
Other debtors
19,171
22,775
---------
---------
375,310
384,590
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
1,826
21,335
Trade creditors
244,845
325,699
Amounts owed to group undertakings and undertakings in which the company has a participating interest
66,591
66,533
Social security and other taxes
29,581
49,083
Other creditors
24,397
37,872
---------
---------
367,240
500,522
---------
---------
Bank loans and overdrafts are secured by way of a debenture over the assets of the company.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
–
1,815
----
-------
Bank loans and overdrafts are secured by way of a debenture over the assets of the company.
9. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2022
2021
£
£
Recognised in other operating income:
Government grants recognised directly in income
–
50,850
----
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
14,038
14,048
Later than 1 year and not later than 5 years
27,884
3,386
--------
--------
41,922
17,434
--------
--------
11. Controlling party
The company's parent undertaking is C.O.I. Properties Limited, a company incorporated in England and Wales and whose Registered Office address is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ.