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 |
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|
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. |