REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 October 2021 |
|
for |
|
THE DIRECT DESIGN STUDIO LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 October 2021 |
|
for |
|
THE DIRECT DESIGN STUDIO LIMITED |
THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460) |
|
Contents of the Financial Statements |
for the year ended 31 October 2021 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Chartered Accountants' Report | 8 |
THE DIRECT DESIGN STUDIO LIMITED |
|
Company Information |
for the year ended 31 October 2021 |
|
|
|
|
|
|
|
Directors: |
|
|
|
|
|
|
|
|
Secretary: |
|
|
|
|
|
|
Registered office: |
|
|
|
|
|
|
|
|
|
|
Registered number: |
|
|
|
|
|
|
Accountants: |
|
Chartered Accountants |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460) |
|
Balance Sheet |
31 October 2021 |
|
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
|
|
|
Current assets |
Stocks |
|
|
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
Creditors |
Amounts falling due within one year | 7 |
|
|
Net current assets |
|
|
Total assets less current liabilities |
|
|
|
Creditors |
Amounts falling due after more than one
year |
8 |
( |
) |
( |
) |
|
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
|
|
|
Capital and reserves |
Called up share capital | 10 |
|
|
Retained earnings |
|
|
Shareholders' funds |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460) |
|
Balance Sheet - continued |
31 October 2021 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460) |
|
Notes to the Financial Statements |
for the year ended 31 October 2021 |
|
|
1. | Statutory information |
|
The Direct Design Studio Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | Accounting policies |
|
Basis of preparing the financial statements |
|
|
The directors have considered the consequences of Covid-19 and other trading events and conditions it can predict now and, in the future, and it has determined that they do not create a material uncertainty that casts significant doubt upon the Company's ability to continue as a going concern. For that reason, the directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future and so it considers it appropriate for the 2020 financial accounts to be prepared on a going concern basis. |
|
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
|
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
|
There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of. |
|
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
|
Turnover |
The turnover shown in the profit and loss account represents fees receivable for services provided during the year. |
|
Amortisation |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows; |
|
Goodwill - 10% per annum on cost |
|
Tangible fixed assets |
|
Improvements to property | - |
|
Plant and machinery | - |
|
|
All fixed assets are initially recorded at cost. |
THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460) |
|
Notes to the Financial Statements - continued |
for the year ended 31 October 2021 |
|
|
2. | Accounting policies - continued |
|
Work in progress |
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
|
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. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
|
3. | Employees and directors |
|
The average number of employees during the year was
|
|
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 November 2020 |
and 31 October 2021 |
|
Amortisation |
At 1 November 2020 |
and 31 October 2021 |
|
Net book value |
At 31 October 2021 |
|
At 31 October 2020 |
|
THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460) |
|
Notes to the Financial Statements - continued |
for the year ended 31 October 2021 |
|
|
5. | Tangible fixed assets |
Improvements | Plant and |
to property | machinery | Totals |
£ | £ | £ |
Cost |
At 1 November 2020 |
|
|
|
Additions |
|
|
|
At 31 October 2021 |
|
|
|
Depreciation |
At 1 November 2020 |
|
|
|
Charge for year |
|
|
|
At 31 October 2021 |
|
|
|
Net book value |
At 31 October 2021 |
|
|
|
At 31 October 2020 |
|
|
|
|
6. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
7. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
8. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | - | 6,667 |
|
9. | Secured debts |
|
The following secured debts are included within creditors: |
|
2021 | 2020 |
£ | £ |
Bank loans | 110,957 | 107,892 |
THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460) |
|
Notes to the Financial Statements - continued |
for the year ended 31 October 2021 |
|
|
10. | Called up share capital |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary shares | £1 | 120,000 | 120,000 |
|
11. | Related party disclosures |
|
The directors owed the company £160,602 (2020: £160,602) at the year end. The loans are interest free and repayable on demand. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
The Direct Design Studio Limited |
|
|
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Direct Design Studio Limited for the year ended 31 October 2021 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
|
This report is made solely to the Board of Directors of The Direct Design Studio Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Direct Design Studio Limited and state those matters that we have agreed to state to the Board of Directors of The Direct Design Studio Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Direct Design Studio Limited and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that The Direct Design Studio 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 The Direct Design Studio Limited. You consider that The Direct Design Studio 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 The Direct Design Studio 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. |
|
|
|
|
|
|
|
Chartered Accountants |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
|
|
|