2
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2019-07-01
Sage Accounts Production Advanced 2020 - FRS102_2019
1,524,114
1,524,114
1,524,114
xbrli:pure
xbrli:shares
iso4217:GBP
04195124
2019-07-01
2020-06-30
04195124
2020-06-30
04195124
2018-02-01
2019-06-30
04195124
2019-06-30
04195124
core:NetGoodwill
2019-07-01
2020-06-30
04195124
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2019-07-01
2020-06-30
04195124
bus:Director2
2019-07-01
2020-06-30
04195124
core:NetGoodwill
2020-06-30
04195124
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-06-30
04195124
core:WithinOneYear
2020-06-30
04195124
core:WithinOneYear
2019-06-30
04195124
core:ShareCapital
2020-06-30
04195124
core:ShareCapital
2019-06-30
04195124
core:SharePremium
2020-06-30
04195124
core:SharePremium
2019-06-30
04195124
core:RetainedEarningsAccumulatedLosses
2020-06-30
04195124
core:RetainedEarningsAccumulatedLosses
2019-06-30
04195124
core:CostValuation
core:Non-currentFinancialInstruments
2020-06-30
04195124
core:Non-currentFinancialInstruments
2020-06-30
04195124
core:Non-currentFinancialInstruments
2019-06-30
04195124
bus:SmallEntities
2019-07-01
2020-06-30
04195124
bus:AuditExemptWithAccountantsReport
2019-07-01
2020-06-30
04195124
bus:FullAccounts
2019-07-01
2020-06-30
04195124
bus:SmallCompaniesRegimeForAccounts
2019-07-01
2020-06-30
04195124
bus:PrivateLimitedCompanyLtd
2019-07-01
2020-06-30
04195124
core:Subsidiary1
2019-07-01
2020-06-30
COMPANY REGISTRATION NUMBER:
04195124
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
30 June 2020
Fixed assets
Investments
|
6
|
|
1,524,114
|
1,524,114
|
|
|
|
|
|
Current assets
Cash at bank and in hand
|
4
|
|
241
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
338,956
|
|
342,505
|
|
---------
|
|
---------
|
Net current liabilities
|
|
338,952
|
342,264
|
|
|
------------
|
------------
|
Total assets less current liabilities
|
|
1,185,162
|
1,181,850
|
|
|
------------
|
------------
|
Net assets
|
|
1,185,162
|
1,181,850
|
|
|
------------
|
------------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
103,794
|
103,794
|
Share premium account
|
|
70,180
|
70,180
|
Profit and loss account
|
|
1,011,188
|
1,007,876
|
|
|
------------
|
------------
|
Shareholders funds
|
|
1,185,162
|
1,181,850
|
|
|
------------
|
------------
|
|
|
|
|
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 30 June 2020 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
.
These financial statements were approved by the
board of directors
and authorised for issue on
15 April 2021
, and are signed on behalf of the board by:
Company registration number:
04195124
Notes to the Financial Statements
|
|
Year ended 30 June 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Victoria House, 1-3 College Hill, London, EC4R 2RA.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
10% straight line
|
|
Trade Marks
|
-
|
10% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2019:
2
).
5.
Intangible assets
|
Goodwill
|
Trade Marks
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 July 2019 and 30 June 2020
|
200,000
|
500
|
200,500
|
|
---------
|
----
|
---------
|
Amortisation
|
|
|
|
At 1 July 2019 and 30 June 2020
|
200,000
|
500
|
200,500
|
|
---------
|
----
|
---------
|
Carrying amount
|
|
|
|
At 30 June 2020
|
–
|
–
|
–
|
|
---------
|
----
|
---------
|
At 30 June 2019
|
–
|
–
|
–
|
|
---------
|
----
|
---------
|
|
|
|
|
Purchased goodwill represents the value attributed to the trade name of Interior Motives Design Consultancy which was purchased on 22nd August 2001 as part of a management buy-out.
6.
Investments
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 July 2019 and 30 June 2020
|
1,524,114
|
|
------------
|
Impairment
|
|
At 1 July 2019 and 30 June 2020
|
–
|
|
------------
|
|
|
Carrying amount
|
|
At 30 June 2020
|
1,524,114
|
|
------------
|
At 30 June 2019
|
1,524,114
|
|
------------
|
|
|
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
Subsidiaries
Investment
Interior Motives International Limited
£1,323,576
Interior Motives Limited (Dormant)
100,000
Total Investment
£1,423,576
The companies main places of business are in the UK. All companies are incorporated in England and Wales and are wholly owned subsidiaries.
Class of Share
Capital and
Profit/(Loss)
Reserves at
before tax
30.06.2020
period to
30.06.2020
Interior Motives
International Limited
Ord £1
£516,823
£31,077
Interior Motives
Limited (Dormant)
Ord £1
£2
£-
7.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
324,999
|
324,999
|
Corporation tax
|
777
|
859
|
Social security and other taxes
|
12,180
|
15,647
|
Other creditors
|
1,000
|
1,000
|
|
---------
|
---------
|
|
338,956
|
342,505
|
|
---------
|
---------
|
|
|
|
8.
Contingencies
A composite guarantee in favour of National Westminster Bank plc has been signed by
Motives Group Limited
and Interior Motives International Limited.
9.
Related party transactions
Management fees of £158,723 (2019 - £326,000) were received from Interior Motives International Limited, a Group Company. The following balances were outstanding at the year-end with group companies. Interior Motives International Limited - Loan Account £325,000 Creditor