First Choice Interiors (UK) Limited 31/03/2021 iXBRL

First Choice Interiors (UK) Limited 31/03/2021 iXBRL

FIRST CHOICE INTERIORS (UK) LIMITED - Company Information

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First Choice Interiors (UK) Limited
Unaudited filleted financial statements
31 March 2021
Company registraion number : 04422649
First Choice Interiors (UK) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
First Choice Interiors (UK) Limited
Directors and other information
Director P. Halloran
Secretary S. L. Haythorne
Company number 04422649
Registered office 1 Victoria Court
Bank Square
Morley
Leeds
LS27 9SE
Accountants Novis & Co
1 Victoria Court
Bank Square
Morley
Leeds
LS27 9SE
Bankers Barclays Bank Plc
Market Place
Crackenedge Lane
Dewsbury
WF13 1PT
First Choice Interiors (UK) Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of First Choice Interiors (UK) Limited
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of First Choice Interiors (UK) Limited for the year ended 31 March 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of First Choice Interiors (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of First Choice Interiors (UK) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Choice Interiors (UK) Limited and its director as a body for our work or for this report.
It is your duty to ensure that First Choice Interiors (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of First Choice Interiors (UK) Limited. You consider that First Choice Interiors (UK) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of First Choice Interiors (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Novis & Co
Chartered Accountants
1 Victoria Court
Bank Square
Morley
Leeds
LS27 9SE
6 December 2021
First Choice Interiors (UK) Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 790 282
_______ _______
790 282
Current assets
Stocks 877 1,285
Debtors 6 14,079 2,275
_______ _______
14,956 3,560
Creditors: amounts falling due
within one year 7 ( 12,502) ( 21,515)
_______ _______
Net current assets/(liabilities) 2,454 ( 17,955)
_______ _______
Total assets less current liabilities 3,244 ( 17,673)
Creditors: amounts falling due
after more than one year 8 ( 14,497) -
_______ _______
Net liabilities ( 11,253) ( 17,673)
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account ( 11,353) ( 17,773)
_______ _______
Shareholders deficit ( 11,253) ( 17,673)
_______ _______
For the year ending 31 March 2021 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 December 2021 , and are signed on behalf of the board by:
P. Halloran
Director
Company registration number: 04422649
First Choice Interiors (UK) Limited
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Victoria Court, Bank Square, Morley, Leeds, LS27 9SE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The company meets its day to day working capital requirements through support from the director. The director will continue to support the company during the twelve months following the approval of these financial statements.
Turnover
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.
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 comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2020 1,623 500 2,123
Additions 773 - 773
_______ _______ _______
At 31 March 2021 2,396 500 2,896
_______ _______ _______
Depreciation
At 1 April 2020 1,408 433 1,841
Charge for the year 248 17 265
_______ _______ _______
At 31 March 2021 1,656 450 2,106
_______ _______ _______
Carrying amount
At 31 March 2021 740 50 790
_______ _______ _______
At 31 March 2020 215 67 282
_______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 4,636 1,530
Other debtors 9,443 745
_______ _______
14,079 2,275
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 9,872 18,100
Trade creditors 1,435 1,735
Other creditors 1,195 1,680
_______ _______
12,502 21,515
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 14,497 -
_______ _______
9. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
A director 353 17,873 ( 9,277) 8,949
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
A director 104 12,535 ( 12,286) 353
_______ _______ _______ _______