Company Registration No. 06843162 (England and Wales)
DESIGNER DESIRABLES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
DESIGNER DESIRABLES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DESIGNER DESIRABLES LIMITED
BALANCE SHEET
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,576
1,152
Current assets
Stocks
244,521
197,292
Debtors
5
1,118
1,120
Cash at bank and in hand
9,849
8,421
255,488
206,833
Creditors: amounts falling due within one year
6
(369,649)
(401,153)
Net current liabilities
(114,161)
(194,320)
Total assets less current liabilities
(112,585)
(193,168)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(112,685)
(193,268)
Total equity
(112,585)
(193,168)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 10 March 2020 and are signed on its behalf by:
Mrs P L Gibbon
Director
Company Registration No. 06843162
DESIGNER DESIRABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
- 2 -
1
Accounting policies
Company information
Designer Desirables Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
32 Brenkley Way, Blezard Business Park, Seaton Burn, Newcastle upon Tyne, NE13 6DS.
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 is recognised at the fair value of the consideration receivable for goods provided in the normal course of business
, and
is shown net of VAT
.
1.3
Intangible fixed assets - goodwill
At the year end 31 May 2018, goodwill became fully amortised.
1.4
Intangible fixed assets other than goodwill
Amortisation 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:
Website integration
fully amortised
1.5
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:
Fixtures, fittings & equipment
20% reducing balance
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 or loss
.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
DESIGNER DESIRABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 3 -
1.7
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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2018 - 4).
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 June 2018 and 31 May 2019
252,000
5,000
257,000
Amortisation and impairment
At 1 June 2018 and 31 May 2019
252,000
5,000
257,000
Carrying amount
At 31 May 2019
-
-
-
At 31 May 2018
-
-
-
DESIGNER DESIRABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 4 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 June 2018
1,844
12,357
14,201
Additions
-
1,145
1,145
At 31 May 2019
1,844
13,502
15,346
Depreciation and impairment
At 1 June 2018
1,074
11,975
13,049
Depreciation charged in the year
154
567
721
At 31 May 2019
1,228
12,542
13,770
Carrying amount
At 31 May 2019
616
960
1,576
At 31 May 2018
770
382
1,152
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
1,118
1,120
6
Creditors: amounts falling due within one year
2019
2018
£
£
Other borrowings
31,025
38,825
Trade creditors
41,156
40,730
Other taxation and social security
9,253
13,636
Other creditors
285,265
305,012
Accruals and deferred income
2,950
2,950
369,649
401,153
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
DESIGNER DESIRABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 5 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
9,748
10,017