Company Registration No. SC386505 (Scotland)
10 DESIGN LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2015
10 DESIGN LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
10 DESIGN LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2015
31 October 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
8,497
12,394
Current assets
Stocks
18,200
12,250
Debtors
44,807
45,605
Cash at bank and in hand
74,522
63,395
137,529
121,250
Creditors: amounts falling due within one year
(39,673)
(39,449)
Net current assets
97,856
81,801
Total assets less current liabilities
106,353
94,195
Provisions for liabilities
(1,529)
-
104,824
94,195
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
104,822
94,193
Shareholders' funds
104,824
94,195
For the financial year ended 31 October 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 3 March 2017
Ms E McNeill
Director
Company Registration No. SC386505
10 DESIGN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents invoiced revenue from contracts, net of value added tax. Revenue is recognised as contract activity progressed by reference to value of work performed. Revenue is adjusted to include work in progress at the financial year end.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
25% straight line
Fixtures, fittings & equipment
20% straight line
1.4
Deferred taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2014
28,371
Additions
2,003
At 31 October 2015
30,374
Depreciation
At 1 November 2014
15,977
Charge for the year
5,900
At 31 October 2015
21,877
Net book value
At 31 October 2015
8,497
At 31 October 2014
12,394
10 DESIGN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
4
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr S Andrade - Loan
-
-
17,722
-
-
17,722
-
17,722
-
-
17,722