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Registration number: 08256007

Garuda Design Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Garuda Design Limited

(Registration number: 08256007)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

29,825

35,358

Current assets

 

Debtors

5

497,416

191,001

Cash at bank and in hand

 

268,490

222,121

 

765,906

413,122

Creditors: due within one year

6

(386,409)

(77,175)

Net current assets

 

379,497

335,947

Net assets

 

409,322

371,305

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

409,222

371,205

Shareholders' funds

 

409,322

371,305

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 September 2023
 

.........................................
Ms Suzanne Donnelly
Director

 

Garuda Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is: Ashcroft Cameron Unit 6 The Mead Business Centre, Mead Lane, Hertford, Herts, SG13 7BJ.

These financial statements were authorised for issue by the director on 29 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 value added tax, returns, rebates and discounts.

Revenue from the sale of goods is recognised at the point of delivery to the end customer at which point the risks and rewards of ownership have been transferred. Revenue from the provision of services is recognised based on the degree of completion of the services performed.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Garuda Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

Current 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.

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. The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

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

Fixtures and fittings

20% reducing balance basis

Office equipment

25% reducing balance basis

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Work in progress represents the value of services rendered which have not yet been invoiced to the customer. The value of work in progress at the reporting date is calculated through a combination of the expected fee level and the estimated completion percentage. Stock is valued at the lower of cost and net realisable value. Cost includes all directly attributable charges and fees including shipping, handling and delivery. Net realisable value is calculated as the selling price less any anticipated conversion costs and selling fees.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2021 - 13).

 

Garuda Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

102,463

102,463

Additions

3,243

3,243

At 31 December 2022

105,706

105,706

Depreciation

At 1 January 2022

67,105

67,105

Charge for the year

8,776

8,776

At 31 December 2022

75,881

75,881

Carrying amount

At 31 December 2022

29,825

29,825

At 31 December 2021

35,358

35,358

5

Debtors

2022
£

2021
£

Trade debtors

354,822

94,470

Other debtors

142,594

96,531

497,416

191,001

 

Garuda Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Creditors: due within one year

2022
£

2021
£

Trade creditors

263,080

5,581

Taxation and social security

66,063

30,476

Other creditors

57,266

41,118

386,409

77,175

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1

100

100

100

100