RMB Home & Interiors Limited Filleted accounts for Companies House (small and micro)

RMB HOME & INTERIORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07067897

RMB Home & Interiors Limited

Filleted Unaudited Financial Statements

31 October 2022

RMB Home & Interiors Limited

Financial Statements

Year ended 31 October 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

RMB Home & Interiors Limited

Statement of Financial Position

31 October 2022

	2022		2021
Note	£	£	£

Current assets

Stocks		6,780	10,428
Debtors	6	1,620	4,432
		-------	--------
		8,400	14,860

Creditors: amounts falling due within one year	7	13,023		9,587
		--------		--------
Net current (liabilities)/assets			( 4,623)	5,273
			-------	-------
Total assets less current liabilities			( 4,623)	5,273

Creditors: amounts falling due after more than one year	8	12,675	11,906
		--------	--------
Net liabilities		( 17,298)	( 6,633)
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 17,398)	( 6,733)
	--------	-------
Shareholders deficit	( 17,298)	( 6,633)
	--------	-------

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 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

RMB Home & Interiors Limited

Statement of Financial Position (continued)

31 October 2022

These financial statements were approved by the board of directors and authorised for issue on 28 July 2023 , and are signed on behalf of the board by:

Mr R Miles-Barnard
Director

Company registration number: 07067897

RMB Home & Interiors Limited

Notes to the Financial Statements

Year ended 31 October 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 24 College Road, Sittingbourne, Kent, ME10 1LN.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in existence for the foreseeable future. The Director has prepared financial forecasts for the business and has a reasonable expectation that the company will be able to meet its liabilities as they fall due, for at least the next 12 months.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

Plant and machinery	-	25% straight line
Motor vehicles	-	25% straight line
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 November 2021 and 31 October 2022	2,881	2,000	592	5,473
	-------	-------	----	-------
Depreciation
At 1 November 2021 and 31 October 2022	2,881	2,000	592	5,473
	-------	-------	----	-------
Carrying amount
At 31 October 2022	–	–	–	–
	-------	-------	----	-------
At 31 October 2021	–	–	–	–
	-------	-------	----	-------

6. Debtors

	2022	2021
	£	£
Other debtors	1,620	4,432
	-------	-------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	3,291	3,045
Other creditors	9,732	6,542
	--------	-------
	13,023	9,587
	--------	-------

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

	2022	2021
	£	£
Bank loans and overdrafts	12,675	11,906
	--------	--------

9. Director's advances, credits and guarantees

During the year advances of £3,803 (2021: £6,692) were made to the Director and repayments of £6,634 (2021: £9,360) were made by the Director. There was interest of £33 (2021: £82) charged on the balance at 2.0% (2021: 2.0%).

10. Related party transactions

At the year end the Director was owed £2,663 from the company (2021: £2,831 owed to the company).