Company Registration No. 08329618 (England and Wales)
DEVELOPING DREAMS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
DEVELOPING DREAMS LTD
CONTENTS
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 5
DEVELOPING DREAMS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 1 -
The director presents her annual report and financial statements for the year ended 31 December 2019.
Principal activities
The principal activity of the company continued to be that of
artistic creations.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mrs K Byrne
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mrs K Byrne
Director
17 June 2020
DEVELOPING DREAMS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,286
1,239
Current assets
Debtors
4
2,937
3,136
Cash at bank and in hand
11,571
18,509
14,508
21,645
Creditors: amounts falling due within one year
5
(6,052)
(8,751)
Net current assets
8,456
12,894
Total assets less current liabilities
9,742
14,133
Provisions for liabilities
(244)
(235)
Net assets
9,498
13,898
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
9,398
13,798
Total equity
9,498
13,898
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 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 17 June 2020
Mrs K Byrne
Director
Company Registration No. 08329618
DEVELOPING DREAMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Developing Dreams Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6 Park Crescent, Brighton, East Sussex, BN2 3HA.
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 represents amounts receivable for goods and services net of VAT and trade discounts
, of goods provided to customers and work carried out in respect of services provided to customers
.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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:
Plant and machinery
33% reducing balance
1.4
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.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
DEVELOPING DREAMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
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.
1.5
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
2,268
Additions
689
At 31 December 2019
2,957
Depreciation and impairment
At 1 January 2019
1,029
Depreciation charged in the year
642
At 31 December 2019
1,671
Carrying amount
At 31 December 2019
1,286
At 31 December 2018
1,239
DEVELOPING DREAMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
2,416
3,136
Corporation tax recoverable
521
-
2,937
3,136
5
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
-
3,612
Other taxation and social security
4,730
2,048
Other creditors
1,322
3,091
6,052
8,751
6
Related party transactions
Included in
cost of sales are amounts totalling
£1,500 (2018 - £1,875) charged by 3Dify Ltd, a company controlled by a close family member of the director and shareholder of this company.
7
Controlling party
The company was controlled throughout the current and previous periods by Mrs K Byrne, by virtue of the fact she held 100% of the issued share capital.