Company Registration No. 04094061 (England and Wales)
DIRECT BY DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
DIRECT BY DESIGN LIMITED
COMPANY INFORMATION
Director
Mr R D Codling
Secretary
Mrs S Codling
Company number
04094061
Registered office
19-21 Swan Street
West Malling
Kent
ME19 6JU
Accountants
Perrys Accountants Limited
Chartered Accountants
19-21 Swan Street
West Malling
Kent
ME19 6JU
DIRECT BY DESIGN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
DIRECT BY DESIGN LIMITED (REGISTERED NUMBER: 04094061)
BALANCE SHEET
AS AT
31 OCTOBER 2017
31 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,610
1,221
Current assets
Debtors
4
3,284
8,111
Cash at bank and in hand
12,901
5,594
16,185
13,705
Creditors: amounts falling due within one year
5
(16,348)
(14,001)
Net current liabilities
(163)
(296)
Total assets less current liabilities
1,447
925
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
1,347
825
Total equity
1,447
925
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act 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 and signed by the director and authorised for issue on 23 January 2018
Mr R D Codling
Director
DIRECT BY DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 2 -
1
Accounting policies
Company information
Direct by Design Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
19-21 Swan Street, West Malling, Kent, ME19 6JU.
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 £
1
.
These financial statements for the year ended 31 October 2017
are the
first
financial statements of Direct by Design Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents net invoiced sales of good and services, excluding value added tax.
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:
Fixtures, fittings & equipment
25% reducing balance
1.4
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 profit and loss account 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.
DIRECT BY DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 3 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1(2016 - 1).
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 November 2016
14,478
Additions
926
At 31 October 2017
15,404
Depreciation and impairment
At 1 November 2016
13,257
Depreciation charged in the year
537
At 31 October 2017
13,794
Carrying amount
At 31 October 2017
1,610
At 31 October 2016
1,221
DIRECT BY DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 4 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
3,284
8,111
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
1,164
1,086
Corporation tax
3,525
2,100
Other taxation and social security
1,885
2,684
Other creditors
9,774
8,131
16,348
14,001
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
99 Ordinary A of £1 each
99
99
1 Ordinary B of £1 each
1
1
100
100