Company Registration No. 05100128 (England and Wales)
INTERIOR BUILDING PRODUCTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
INTERIOR BUILDING PRODUCTS LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
INTERIOR BUILDING PRODUCTS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2019
30 April 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,449
1,607
Current assets
Debtors
4
54,081
64,901
Cash at bank and in hand
19,916
42,942
73,997
107,843
Creditors: amounts falling due within one year
5
(32,010)
(33,266)
Net current assets
41,987
74,577
Total assets less current liabilities
43,436
76,184
Provisions for liabilities
(275)
(305)
Net assets
43,161
75,879
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
42,161
74,879
Total equity
43,161
75,879
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INTERIOR BUILDING PRODUCTS LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2019
30 April 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 September 2019
Mr M Baggaley
Director
Company Registration No. 05100128
INTERIOR BUILDING PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 3 -
1
Accounting policies
Company information
Interior Building Products Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Dimmicks Corner, 179 Hunts Pond Road, Titchfield Common, Hampshire, PO14 4PL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT
.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is measured at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
INTERIOR BUILDING PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax is provided in full or temporary differences which arise between the carrying value of an asset or liability and its tax base. Deferred tax assets are recognised to the extent that it is probably that there will be sufficient profits in the future to enable the assets to be utilised. Deferred tax assets and liabilities are not discounted.
1.5
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at the annual general meeting.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 May 2018
8,862
1,753
10,615
Additions
-
325
325
At 30 April 2019
8,862
2,078
10,940
Depreciation and impairment
At 1 May 2018
7,326
1,682
9,008
Depreciation charged in the year
384
99
483
At 30 April 2019
7,710
1,781
9,491
Carrying amount
At 30 April 2019
1,152
297
1,449
At 30 April 2018
1,536
71
1,607
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
39,668
50,488
Other debtors
14,413
14,413
54,081
64,901
INTERIOR BUILDING PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 5 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
71
279
Corporation tax
24,339
21,399
Other taxation and social security
6,401
6,438
Other creditors
183
3,450
Accruals and deferred income
1,016
1,700
32,010
33,266
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000