REGISTERED NUMBER:
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DESIGN MANAGEMENT PARTNERSHIP LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MAY 2021 |
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REGISTERED NUMBER:
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DESIGN MANAGEMENT PARTNERSHIP LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MAY 2021 |
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DESIGN MANAGEMENT PARTNERSHIP LIMITED (REGISTERED NUMBER: 05026068) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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DESIGN MANAGEMENT PARTNERSHIP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Tudor House |
16 Cathedral Road |
Cardiff |
CF11 9LJ |
DESIGN MANAGEMENT PARTNERSHIP LIMITED (REGISTERED NUMBER: 05026068) |
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BALANCE SHEET |
31ST MAY 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DESIGN MANAGEMENT PARTNERSHIP LIMITED (REGISTERED NUMBER: 05026068) |
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BALANCE SHEET - continued |
31ST MAY 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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DESIGN MANAGEMENT PARTNERSHIP LIMITED (REGISTERED NUMBER: 05026068) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2021 |
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1. | STATUTORY INFORMATION |
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Design Management Partnership Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover comprises the value of services rendered to clients in the period irrespective of when the invoice is raised or payment made and is stated exclusive of value added tax. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Government grants |
Government grants are recognised over the period for which the grant is intended to compensate. Grants that are receivable as compensation for expenses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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DESIGN MANAGEMENT PARTNERSHIP LIMITED (REGISTERED NUMBER: 05026068) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The COVID-19 pandemic has had a significant negative impact on the UK economy. Given the rapidly evolving nature of the situation and lockdowns it is difficult to quantify the impact of Covid-19, the directors recognise that in the longer term its effect may be more significant. At this point in time any long-term effect on the company is unknown, but the directors remain confident of the financial position of the company. The directors have taken appropriate action to adjust staff levels to meet client demand for services and draw financial support through available grants. The directors believe that the company has sufficient reserves to withstand any further economic downturns created by the pandemic and are confident that it is correct to prepare the accounts on a going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1st June 2020 |
and 31st May 2021 |
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AMORTISATION |
At 1st June 2020 |
and 31st May 2021 |
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NET BOOK VALUE |
At 31st May 2021 |
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At 31st May 2020 |
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DESIGN MANAGEMENT PARTNERSHIP LIMITED (REGISTERED NUMBER: 05026068) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1st June 2020 |
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Additions |
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Disposals | ( |
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At 31st May 2021 |
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DEPRECIATION |
At 1st June 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st May 2021 |
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NET BOOK VALUE |
At 31st May 2021 |
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At 31st May 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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