Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr B R Johnson 04/08/2015 18 October 2023 The principal activity of the Company during the financial period was that of bespoke furniture design and manufacturing. 09716912 2023-03-31 09716912 bus:Director1 2023-03-31 09716912 2022-03-31 09716912 core:CurrentFinancialInstruments 2023-03-31 09716912 core:CurrentFinancialInstruments 2022-03-31 09716912 core:Non-currentFinancialInstruments 2023-03-31 09716912 core:Non-currentFinancialInstruments 2022-03-31 09716912 core:ShareCapital 2023-03-31 09716912 core:ShareCapital 2022-03-31 09716912 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 09716912 core:FurtherSpecificReserve1ComponentTotalEquity 2022-03-31 09716912 core:RetainedEarningsAccumulatedLosses 2023-03-31 09716912 core:RetainedEarningsAccumulatedLosses 2022-03-31 09716912 core:PlantMachinery 2022-03-31 09716912 core:OfficeEquipment 2022-03-31 09716912 core:PlantMachinery 2023-03-31 09716912 core:OfficeEquipment 2023-03-31 09716912 2022-04-01 2023-03-31 09716912 bus:FullAccounts 2022-04-01 2023-03-31 09716912 bus:SmallEntities 2022-04-01 2023-03-31 09716912 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09716912 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09716912 bus:Director1 2022-04-01 2023-03-31 09716912 core:PlantMachinery 2022-04-01 2023-03-31 09716912 core:OfficeEquipment core:TopRangeValue 2022-04-01 2023-03-31 09716912 2021-04-01 2022-03-31 09716912 core:OfficeEquipment 2022-04-01 2023-03-31 09716912 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 09716912 (England and Wales)

REX DESIGN LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

REX DESIGN LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

REX DESIGN LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
REX DESIGN LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTOR Mr B R Johnson
REGISTERED OFFICE Leanne House
6 Avon Close
Weymouth
DT4 9UX
United Kingdom
COMPANY NUMBER 09716912 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Leanne House
6 Avon Close
Weymouth
Dorset
DT4 9UX
REX DESIGN LIMITED

BALANCE SHEET

As at 31 March 2023
REX DESIGN LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 721 1,132
Investment property 4 280,000 280,000
280,721 281,132
Current assets
Debtors 5 1,149 3,809
Cash at bank and in hand 9,141 2,996
10,290 6,805
Creditors: amounts falling due within one year 6 ( 60,117) ( 59,315)
Net current liabilities (49,827) (52,510)
Total assets less current liabilities 230,894 228,622
Creditors: amounts falling due after more than one year 7 ( 17,868) ( 21,102)
Provision for liabilities ( 5,755) ( 5,755)
Net assets 207,271 201,765
Capital and reserves
Called-up share capital 1 1
Fair value reserve 38,840 38,840
Profit and loss account 168,430 162,924
Total shareholder's funds 207,271 201,765

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Rex Design Limited (registered number: 09716912) were approved and authorised for issue by the Director on 18 October 2023. They were signed on its behalf by:

Mr B R Johnson
Director
REX DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
REX DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rex Design Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 April 2022 1,640 999 2,639
At 31 March 2023 1,640 999 2,639
Accumulated depreciation
At 01 April 2022 790 717 1,507
Charge for the financial year 212 199 411
At 31 March 2023 1,002 916 1,918
Net book value
At 31 March 2023 638 83 721
At 31 March 2022 850 282 1,132

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 280,000
As at 31 March 2023 280,000

The investment properties class of fixed assets were valued on 31 March 2023 by Mr Johnson who is internal to the company. The valuation was based on market value.

The class of asset has a current value of £280,000 (2022 - £280,000) and a carrying amount at historical cost of £235,405 (2022 - £235,405). The depreciation on this historical cost is £nil (2021 - £nil).

There has been no valuation of investment property by an independent valuer.

5. Debtors

2023 2022
£ £
Trade debtors 149 0
Corporation tax 0 674
Other debtors 1,000 3,135
1,149 3,809

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 3,234 3,154
Trade creditors 430 0
Taxation and social security 3,217 1
Other creditors 53,236 56,160
60,117 59,315

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 7,868 11,102
Other creditors 10,000 10,000
17,868 21,102

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Loan from director 46,822 53,858

During the year the director maintained an interest free loan which is repayable on demand.