Company Registration No. 03689140 (England and Wales)
DISIGNCONSULTANTS.COM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
PAGES FOR FILING WITH REGISTRAR
DISIGNCONSULTANTS.COM LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
DISIGNCONSULTANTS.COM LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2021
31 July 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
35,102
55,336
Investments
5
1,000
1,000
36,102
56,336
Current assets
Stocks
120
35,260
Debtors
6
1,911,707
1,745,683
Cash at bank and in hand
1,076
155,939
1,912,903
1,936,882
Creditors: amounts falling due within one year
7
(671,153)
(640,217)
Net current assets
1,241,750
1,296,665
Total assets less current liabilities
1,277,852
1,353,001
Creditors: amounts falling due after more than one year
8
(36,970)
(50,000)
Provisions for liabilities
(5,947)
(6,922)
Net assets
1,234,935
1,296,079
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
1,234,834
1,295,978
Total equity
1,234,935
1,296,079
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 31 July 2021 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.
DISIGNCONSULTANTS.COM LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2021
31 July 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 July 2022
R Dave
Director
Company Registration No. 03689140
DISIGNCONSULTANTS.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 3 -
1
Accounting policies
Company information
Disignconsultants.com Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3rd Floor North, The Forum, 74-80 Camden Street, London, NW1 0EG.
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 represents amounts receivable for goods and services net of VAT.
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.
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:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
DISIGNCONSULTANTS.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DISIGNCONSULTANTS.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
DISIGNCONSULTANTS.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
5
5
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2020
237,564
Additions
1,915
Disposals
(24,990)
At 31 July 2021
214,489
Depreciation and impairment
At 1 August 2020
182,228
Depreciation charged in the year
11,215
Eliminated in respect of disposals
(14,056)
At 31 July 2021
179,387
Carrying amount
At 31 July 2021
35,102
At 31 July 2020
55,336
5
Fixed asset investments
2021
2020
£
£
Other investments other than loans
1,000
1,000
Fixed asset investments not carried at market value
The fair value of the investment in an unquoted company is considered to be equal to the cost
.
DISIGNCONSULTANTS.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 7 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
30,611
54,800
Corporation tax recoverable
337,143
360,741
Other debtors
1,543,953
1,330,142
1,911,707
1,745,683
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
11,160
Trade creditors
11,751
26,233
Corporation tax
238,835
209,855
Other taxation and social security
35,822
27,929
Other creditors
373,585
376,200
671,153
640,217
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
36,970
50,000
9
Financial commitments, guarantees and contingent liabilities
The director was not aware of the existence of any contingent liabilities at the year end.
10
Events after the reporting date
The director was not aware of any
events after the reporting date
which would materially affect the financial statements.
11
Related party transactions
Included in other debtors is £371,022 (2020: £247,147) due from Manufacture Master Limited, a connected company.
DISIGNCONSULTANTS.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 8 -
12
Directors' transactions
During the year the company paid £4,000 (2020: £4,000) to the director for use of home as office.
Advances or credits have been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
R Dave -
-
1,033,900
89,169
1,123,069
1,033,900
89,169
1,123,069
2021-07-31
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false
25 July 2022
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