Company Registration No. 08880318 (England and Wales)
33 DESIGN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
33 DESIGN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
33 DESIGN LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,977
Current assets
Debtors
4
13,182
9,327
Cash at bank and in hand
1,536
14,718
9,327
Creditors: amounts falling due within one year
5
(12,310)
(29,822)
Net current assets/(liabilities)
2,408
(20,495)
Net assets/(liabilities)
2,408
(18,518)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
2,407
(18,519)
Total equity
2,408
(18,518)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2021 and are signed on its behalf by:
M Staniland
Director
Company Registration No. 08880318
33 DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
33 Design Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Wool + Tailor Building, Fifth Floor, 10-12 Alie Street, London, E1 8DE.
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
Going concern
The company has net
assets
of £
2,408
and is dependent for its working capital on funds provided by its fellow group undertaking. It has provided an undertaking that, for at least twelve months from the date of approval of the financial statements, it will continue to make available such funds as are needed by the company to meet its expected commitments.
Undoubtedly the impact of the COVID-10 pandemic has had an impact of the wider group, however the directors still consider there to be sufficient working capital within the rest of the group to meet any commitments. The rest of the group continued to trade throughout the enforced lockdown period and beyond.
1.3
Turnover
Turnover represents the invoices, net of VAT, raised in the year which are adjusted for movements in the
level of amounts recoverable on contracts.
Contracts are assessed on a contract by contract basis and reflected in the profit and loss account by
recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner
appropriate to the stage of completion of the contract and credit is taken for profit earned to date when the
outcome of the contract can be assessed with reasonable certainty.
Turnover is only recognised in the financial statements when there is a contractual right to consideration.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at
cost
, 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:
Fixtures, fittings & equipment
- 20% straight line
Computer equipment
- 33% straight line
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 and loss
.
33 DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.7
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 trade and other payables
and
loans from
fellow group companies
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 receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. Accounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
33 DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
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
Employees
The company had no employees during the current or prior year.
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020
30,517
Disposals
(24,017)
At 31 March 2021
6,500
Depreciation and impairment
At 1 April 2020
28,540
Depreciation charged in the year
1,977
Eliminated in respect of disposals
(24,017)
At 31 March 2021
6,500
Carrying amount
At 31 March 2021
At 31 March 2020
1,977
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
13,182
9,327
33 DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Loans and overdrafts
15,115
Trade creditors
255
1,265
Amounts due to fellow group undertakings
7,488
7,488
Other taxation and social security
2,117
4,704
Accruals and deferred income
2,450
1,250
12,310
29,822
Bank overdrafts stated above are secured by a fixed and floating charge over the whole assets of the company.
6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Allison Dalton.
The auditor was Johnston Carmichael LLP.
8
Financial commitments, guarantees and contingent liabilities
The company has granted a cross guarantee to its bankers in respect of other group undertakings. Across the group as a whole, bank loans and overdrafts totalling £460,229 (2020: £600,422) are outstanding at the period end.
9
Related party transactions
The company has taken advantage of the exemption available within FRS102 Section 33 whereby it has not disclosed transactions with any wholly owned group undertaking.
33 DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
10
Parent company
The immediate parent company is Covalent Group Limited which has a registered office at Wool + Tailor Building, Fifth Floor, 10-12 Alie Street, London, E1 8DE.
The ultimate parent company is HLM+LD Employee Trustee Limited which has its registered office at Wool + Tailor Building, Fifth Floor, Alie Street, London. E1 8DE.
The largest and smallest group into which the company is consolidated is Covalent Group Limited. Copies of the consolidated accounts are available from Companies House.