Registration number:
Design By Core Ltd
for the Year Ended 31 March 2017
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD
Design By Core Ltd
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Design By Core Ltd
Company Information
Directors |
Mr Brian Gray Mr Stuart Latta |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Design By Core Ltd
Directors' Report for the Year Ended 31 March 2017
The directors present their report and the financial statements for the year ended 31 March 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is design and retail of stationery
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
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Mr Stuart Latta
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Design By Core Ltd
for the Year Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Design By Core Ltd for the year ended 31 March 2017 as set out on pages 4 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics/.
This report is made solely to the Board of Directors of Design By Core Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Design By Core Ltd and state those matters that we have agreed to state to the Board of Directors of Design By Core Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Design By Core Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Design By Core Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Design By Core Ltd. You consider that Design By Core Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Design By Core Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants and Business Advisors
Hawick
Borders
TD9 9BD
Page 3 |
Design By Core Ltd
(Registration number: SC416438)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Mr Stuart Latta
Director
Page 4 |
Design By Core Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in Scotland.
The address of its registered office is:
Scotland
The principal place of business is:
Carnarvon Street
Hawick
Roxburghshire
TD9 7EB
Scotland
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £0.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Sales of Goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 5 |
Design By Core Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Page 6 |
Design By Core Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Other creditors |
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Related party transactions |
Transactions with directors |
2017 |
At 1 April 2016 |
At 31 March 2017 |
Mr Stuart Latta |
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The loan is undated and unsecured |
219 |
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Transition to FRS 102 |
Page 7 |