Registration number:
Design Go Limited
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Brebners
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Design Go Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Design Go Limited
Company Information
Directors |
G Rogers J Rogers |
Company secretary |
G Rogers |
Registered office |
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Auditor |
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Design Go Limited
Statement of Financial Position as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
10,000 |
10,000 |
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Retained earnings |
4,179,164 |
2,407,194 |
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Shareholders' funds |
4,189,164 |
2,417,194 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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G Rogers
Director
Company registration number: 01477762
Design Go Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is the design, manufacture and distribution of travel accessories and related products.
Audit Report |
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Summary of disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of D G International Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company.
(b) No disclosure has been made of financial instruments measured at fair value through profit or loss.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.
Design Go Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Going concern
The statement of financial position showed the company had net current assets at 31 March 2023 amounting to £5,196,751 and net assets amounting to £4,189,164, including cash at bank of £938,188. At this date an amount of £7,085,921 was due from group undertakings and an amount of £11,828,157 was due to group undertakings. The group remains committed to support the company and not to call for the net amount due until such time as the company has sufficient working capital.
The directors have considered the potential effect of the ongoing economic uncertainty in the United Kingdom and the directors' view is that the impact is manageable. The company's management accounts for the three month period to 30 June 2023 show continued profitability, and the cashflow forecasts demonstrate that the company has sufficient working capital for a period of at least 12 months from the date of approval of the financial statements.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover is recognised when products are delivered to customers.
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in other income in the same period as the related expenditure.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Design Go Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
33% on cost |
Plant and equipment |
15% to 33% reducing balance |
Furniture, fittings and equipment |
20% reducing balance and 33% on cost |
Motor vehicles |
25% reducing balance |
Intangible assets
Separately acquired trademarks and patents are shown at historical cost.
Trademarks, patents, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, patents, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademarks, patents and licences |
10 years straight line |
Software Development |
3 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Design Go Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year was
Auditor's remuneration |
2023 |
2022 |
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Audit of the financial statements |
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Design Go Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
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Government grants |
- |
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Intangible assets |
Trademarks, patents and licenses |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions acquired separately |
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- |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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Amortisation charge |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Design Go Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Leasehold Improvements |
Furniture, fittings and equipment |
Motor vehicles |
Plant and Equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
- |
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- |
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Disposals |
( |
( |
- |
( |
( |
At 31 March 2023 |
- |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
- |
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Eliminated on disposal |
( |
( |
- |
( |
( |
At 31 March 2023 |
- |
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Carrying amount |
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At 31 March 2023 |
- |
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At 31 March 2022 |
- |
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Stocks |
2023 |
2022 |
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Stock |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Other debtors includes an amount of £31,711 (2022: £30,432) recoverable in greater than one year.
Design Go Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank loans |
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2023 |
2022 |
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Non-current loans and borrowings |
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Bank loans |
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The bank loans are secured by a fixed and floating charge over the assets and undertakings of the company.
Bank loans and overdrafts after five years
Included in loans and borrowings is an amount of £125,000 (2022: £625,000) due after more than five years.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
The company has guaranteed the bank borrowings of other group undertakings. At 31 March 2023 an amount of £Nil is outstanding and no liability is expected to crystallise. This guarantee is supported by a fixed and floating charge over the assets and undertakings of the company.
Design Go Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Related party transactions |
In accordance with FRS 102 paragraph 1AC.35 exemption is taken not to disclose transactions in the year or amounts falling due between wholly owned group undertakings.
Parent and ultimate parent undertaking |
The company's immediate parent is D G International Holdings Limited which is the company which heads the smallest group preparing group accounts including the results of the company.
The registered address of D G International Holdings Limited is Unit 1 Mill Hill Industrial Estate, Flower Lane, London, NW7 2HU