Registered number
07159674
DRAWN IN INK LIMITED
Unaudited Accounts
31 March 2022
DRAWN IN INK LIMITED
Registered number: 07159674
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 5,631 3,947
Current assets
Debtors 4 3,050 4,085
Cash at bank and in hand 134 4,732
3,184 8,817
Creditors: amounts falling due within one year 5 (2,793) (2,946)
Net current assets 391 5,871
Total assets less current liabilities 6,022 9,818
Provisions for liabilities (1,407) (749)
Net assets 4,615 9,069
Capital and reserves
Called up share capital 1 1
Profit and loss account 4,614 9,068
Shareholder's funds 4,615 9,069
The directors are 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 directors acknowledge their 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.
STEVEN LANGLOIS
Director
Approved by the board on 9 September 2022
DRAWN IN INK LIMITED
Notes to the Accounts
for the year ended 31 March 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 rendering of services. Turnover from the rendering services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 20% reducing balance basis
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. Current and deferred tax assets and liabilities are not discounted.
Going Concern & Covid 19
The coronavirus pandemic has significantly disrupted individuals' personal lives and businesses' economic prospects in the UK and across the globe. The effect of COVID-19 on the company has been a significant reduction in budgeted sales and unforeseen strain on our working capital and cash resources. We were quick to adapt and despite trading difficulties we have managed to conserve sufficient cash to ensure that the business has continued to serve customers and to act responsibly with suppliers and employees. We have taken advantage of government assistance and claimed £4,579 under the Coronavirus Job Retention Scheme. We have continued to prepare the accounts on the going concern basis and deem this appropriate. We do not consider that a material uncertainty about our going concern status exists. In making this assessment we have considered the likely trading conditions for a period of twelve months from the date of our approval of these accounts.
Government grants
The company has received government grants under the Coronavirus Job Retention Scheme. These grants are accounted for under the accrual model such that a grant relating to revenue shall be recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. This means that the income from the grant will be recognised on a straight line basis over the furlough period for each relevant employee.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Office equipment, etc
£
Cost
At 1 April 2021 15,456
Additions 3,091
At 31 March 2022 18,547
Depreciation
At 1 April 2021 11,509
Charge for the year 1,407
At 31 March 2022 12,916
Net book value
At 31 March 2022 5,631
At 31 March 2021 3,947
4 Debtors 2022 2021
£ £
Trade debtors 3,050 3,000
Other debtors - 1,085
3,050 4,085
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 190 190
Taxation and social security costs 1,017 1,501
Other creditors 1,586 1,255
2,793 2,946
6 Other information
DRAWN IN INK LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Suite 7, Claremont House
22-24 Claremont Road
Surbiton
Surrey
KT6 4QU
These accounts are presented in Sterling, which is the functional currency of the company.
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