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Registration number: 09420923

Raw-Edges Design Studio Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2018

Sable & Argent Limited
2 Elvetham Crescent
Fleet
Hampshire
GU51 1BU

 

Raw-Edges Design Studio Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Raw-Edges Design Studio Limited

Company Information

Directors

S S Alkalay

Y Mer

Registered office

1C Lady Somerset Road
London
NW5 1UR

Accountants

Sable & Argent Limited
2 Elvetham Crescent
Fleet
Hampshire
GU51 1BU

 

Raw-Edges Design Studio Limited

(Registration number: 09420923)
Balance Sheet as at 28 February 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

4

23,211

35,211

Tangible assets

5

3,049

4,265

 

26,260

39,476

Current assets

 

Debtors

6

7,228

2,929

Cash at bank and in hand

 

26,033

1,371

 

33,261

4,300

Creditors: Amounts falling due within one year

7

(37,805)

(61,519)

Net current liabilities

 

(4,544)

(57,219)

Net assets/(liabilities)

 

21,716

(17,743)

Capital and reserves

 

Called up share capital

8

2

2

Profit and loss account

21,714

(17,745)

Total equity

 

21,716

(17,743)

For the financial year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 November 2018 and signed on its behalf by:
 

S S Alkalay
Director

Y Mer
Director

 
     
 

Raw-Edges Design Studio Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1C Lady Somerset Road
London
NW5 1UR

These financial statements were authorised for issue by the Board on 12 November 2018.

2

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.

Revenue recognition

Turnover is recognised as 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 and is shown net of value added tax and other sales-related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of good is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be reliably measured.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Raw-Edges Design Studio Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% p.a. straight line on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over five years

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.

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 at the transaction price 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.

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 at the transaction price.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons (including directors) employed by the company in the year, was 2 (2017: 2).

 

Raw-Edges Design Studio Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2017

60,000

60,000

At 28 February 2018

60,000

60,000

Amortisation

At 1 March 2017

24,789

24,789

Amortisation charge

12,000

12,000

At 28 February 2018

36,789

36,789

Carrying amount

At 28 February 2018

23,211

23,211

At 28 February 2017

35,211

35,211

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017: £Nil).
 

 

Raw-Edges Design Studio Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2017

7,462

7,462

Additions

812

812

At 28 February 2018

8,274

8,274

Depreciation

At 1 March 2017

3,197

3,197

Charge for the year

2,028

2,028

At 28 February 2018

5,225

5,225

Carrying amount

At 28 February 2018

3,049

3,049

At 28 February 2017

4,265

4,265

6

Debtors

2018
£

2017
£

Trade debtors

6,033

144

Prepayments

-

263

Other debtors

1,195

2,522

7,228

2,929

7

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Accruals and deferred income

750

2,000

Other creditors

37,055

59,519

37,805

61,519

 

Raw-Edges Design Studio Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

ordinary shares of £1 each

2

2

2

2