Registered number
11001809
Echinus Design Studio Ltd
Filleted Accounts
31 July 2022
Echinus Design Studio Ltd
Registered number: 11001809
Balance Sheet
as at 31 July 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 - 259
Current assets
Debtors 4 8,659 25,500
Cash at bank and in hand 47,261 17,712
55,920 43,212
Creditors: amounts falling due within one year 5 (48,890) (34,669)
Net current assets 7,030 8,543
Total assets less current liabilities 7,030 8,802
Creditors: amounts falling due after more than one year 6 (6,929) (8,663)
Net assets 101 139
Capital and reserves
Called up share capital 1 1
Profit and loss account 100 138
Shareholder's funds 101 139
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ozcan Ekin Albayrak
Director
Approved by the board on 12 August 2022
Echinus Design Studio Ltd
Notes to the Accounts
for the year ended 31 July 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2021 779
At 31 July 2022 779
Depreciation
At 1 August 2021 520
Charge for the year 259
At 31 July 2022 779
Net book value
At 31 July 2022 -
At 31 July 2021 259
4 Debtors 2022 2021
£ £
Trade debtors - 5,845
Other debtors 8,659 19,655
8,659 25,500
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 25,349 18,318
Taxation and social security costs 23,541 16,350
Other creditors - 1
48,890 34,669
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 6,929 8,663
7 Related party transactions
As at the balance sheet date the director owed the company £8,659 (2021: £19,580 ) which is included under other debtors. This will be repaid within 9 months of the year end.
8 Controlling party
The company is under the control of its director and shareholder, Ozcan Ekin Albayrak.
9 Other information
Echinus Design Studio Ltd is a private company limited by shares and incorporated in England. Its registered office is:
130 Old Street
London
EC1V 9BD
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