Company Registration No. 06843162 (England and Wales)
DESIGNER DESIRABLES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
PAGES FOR FILING WITH REGISTRAR
DESIGNER DESIRABLES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DESIGNER DESIRABLES LIMITED
BALANCE SHEET
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,704
1,995
Current assets
Stocks
197,129
215,793
Debtors
6
1,120
1,120
Cash at bank and in hand
79,458
77,910
277,707
294,823
Creditors: amounts falling due within one year
7
(336,422)
(357,709)
Net current liabilities
(58,715)
(62,886)
Total assets less current liabilities
(55,011)
(60,891)
Creditors: amounts falling due after more than one year
8
(48,333)
(33,214)
Net liabilities
(103,344)
(94,105)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(103,444)
(94,205)
Total equity
(103,344)
(94,105)
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 2021 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.
DESIGNER DESIRABLES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 April 2022 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 2021
- 3 -
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, Tyne And Wear, United Kingdom, 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 2021
1
Accounting policies
(Continued)
- 4 -
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.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
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
DESIGNER DESIRABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 5 -
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 June 2020 and 31 May 2021
252,000
5,000
257,000
Amortisation and impairment
At 1 June 2020 and 31 May 2021
252,000
5,000
257,000
Carrying amount
At 31 May 2021
At 31 May 2020
5
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 June 2020
2,960
13,824
16,784
Additions
3,709
3,709
At 31 May 2021
2,960
17,533
20,493
Depreciation and impairment
At 1 June 2020
1,574
13,215
14,789
Depreciation charged in the year
277
1,723
2,000
At 31 May 2021
1,851
14,938
16,789
Carrying amount
At 31 May 2021
1,109
2,595
3,704
At 31 May 2020
1,386
609
1,995
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
1,120
1,120
DESIGNER DESIRABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 6 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
1,667
6,786
Trade creditors
28,741
31,090
Other taxation and social security
6,604
15,352
Other creditors
294,011
301,441
Accruals and deferred income
5,399
3,040
336,422
357,709
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
48,333
33,214
9
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:
2021
2020
£
£
20,207
20,471