Company No: 02213467 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	16,589		151,259
		16,589		151,259
Current assets
Debtors	4	352,649		39,049
Cash at bank and in hand		424,210		358,162
		776,859		397,211
Creditors: amounts falling due within one year	5	( 390,905)		( 258,800)
Net current assets		385,954		138,411
Total assets less current liabilities		402,543		289,670
Creditors: amounts falling due after more than one year	6	( 56,715)		( 101,477)
Net assets		345,828		188,193
Capital and reserves
Called-up share capital		2		2
Profit and loss account		345,826		188,191
Total shareholders' funds		345,828		188,193

For the financial year ending 31 August 2023 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings 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 16 April 2024. They were signed on its behalf by:

J R Merriman 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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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.

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 [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings	not depreciated
Vehicles	25 % reducing balance
Office equipment	25 % reducing balance
Computer equipment	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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		2

3. Tangible assets

	Land and buildings		Vehicles		Office equipment		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 September 2022	129,581		23,270		5,059		4,827		162,737
Additions	0		0		0		345		345
Disposals	( 129,581)		0		0		0		( 129,581)
At 31 August 2023	0		23,270		5,059		5,172		33,501
Accumulated depreciation
At 01 September 2022	0		7,635		3,093		750		11,478
Charge for the financial year	0		3,909		491		1,034		5,434
At 31 August 2023	0		11,544		3,584		1,784		16,912
Net book value
At 31 August 2023	0		11,726		1,475		3,388		16,589
At 31 August 2022	129,581		15,635		1,966		4,077		151,259

4. Debtors

	2023		2022
	£		£
Trade debtors	26,680		11,475
Amounts owed by related parties	320,455		0
Other debtors	5,514		27,574
	352,649		39,049

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	10,442		10,189
Trade creditors	34,387		41,296
Taxation and social security	105,406		63,479
Obligations under finance leases and hire purchase contracts	4,500		4,500
Other creditors	236,170		139,336
	390,905		258,800

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

	2023		2022
	£		£
Bank loans	23,715		33,977
Obligations under finance leases and hire purchase contracts	3,000		7,500
Other creditors	30,000		60,000
	56,715		101,477

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