D.I. Design & Development Consultants (U.K.) Limited 01913450 false 2021-11-01 2022-10-31 2022-10-31 The principal activity of the company is that of design and development consultants. Digita Accounts Production Advanced 6.30.9574.0 false false true true true 01913450 2021-11-01 2022-10-31 01913450 2022-10-31 01913450 bus:OrdinaryShareClass1 2022-10-31 01913450 core:CurrentFinancialInstruments 2022-10-31 01913450 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 01913450 core:Non-currentFinancialInstruments 2022-10-31 01913450 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 01913450 core:CostValuation 2022-10-31 01913450 core:DisposalsDecreaseInInvestments 2022-10-31 01913450 core:BetweenTwoFiveYears 2022-10-31 01913450 core:WithinOneYear 2022-10-31 01913450 core:FurnitureFittings 2022-10-31 01913450 core:LandBuildings core:ShortLeaseholdAssets 2022-10-31 01913450 core:OtherPropertyPlantEquipment 2022-10-31 01913450 bus:SmallEntities 2021-11-01 2022-10-31 01913450 bus:Audited 2021-11-01 2022-10-31 01913450 bus:FullAccounts 2021-11-01 2022-10-31 01913450 bus:SmallCompaniesRegimeForAccounts 2021-11-01 2022-10-31 01913450 bus:RegisteredOffice 2021-11-01 2022-10-31 01913450 bus:CompanySecretary1 2021-11-01 2022-10-31 01913450 bus:Director1 2021-11-01 2022-10-31 01913450 bus:Director2 2021-11-01 2022-10-31 01913450 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 01913450 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 01913450 core:Associate1 2021-11-01 2022-10-31 01913450 core:Associate1 countries:AllCountries 2021-11-01 2022-10-31 01913450 core:FurnitureFittings 2021-11-01 2022-10-31 01913450 core:LandBuildings core:ShortLeaseholdAssets 2021-11-01 2022-10-31 01913450 core:LeaseholdImprovements 2021-11-01 2022-10-31 01913450 core:OfficeEquipment 2021-11-01 2022-10-31 01913450 core:OtherPropertyPlantEquipment 2021-11-01 2022-10-31 01913450 core:AllSubsidiaries 2021-11-01 2022-10-31 01913450 core:OtherRelatedParties 2021-11-01 2022-10-31 01913450 core:ParentEntities 2021-11-01 2022-10-31 01913450 core:Subsidiary1 2021-11-01 2022-10-31 01913450 core:Subsidiary1 1 2021-11-01 2022-10-31 01913450 core:Subsidiary1 countries:China 2021-11-01 2022-10-31 01913450 core:Subsidiary2 2021-11-01 2022-10-31 01913450 core:Subsidiary2 1 2021-11-01 2022-10-31 01913450 core:Subsidiary2 countries:AllCountries 2021-11-01 2022-10-31 01913450 1 2021-11-01 2022-10-31 01913450 countries:England 2021-11-01 2022-10-31 01913450 2021-10-31 01913450 core:CostValuation 2021-10-31 01913450 core:FurnitureFittings 2021-10-31 01913450 core:LandBuildings core:ShortLeaseholdAssets 2021-10-31 01913450 core:OtherPropertyPlantEquipment 2021-10-31 01913450 2020-11-01 2021-10-31 01913450 2021-10-31 01913450 bus:OrdinaryShareClass1 2021-10-31 01913450 core:CurrentFinancialInstruments 2021-10-31 01913450 core:CurrentFinancialInstruments core:WithinOneYear 2021-10-31 01913450 core:Non-currentFinancialInstruments 2021-10-31 01913450 core:Non-currentFinancialInstruments core:AfterOneYear 2021-10-31 01913450 core:BetweenTwoFiveYears 2021-10-31 01913450 core:WithinOneYear 2021-10-31 01913450 core:FurnitureFittings 2021-10-31 01913450 core:LandBuildings core:ShortLeaseholdAssets 2021-10-31 01913450 core:OtherPropertyPlantEquipment 2021-10-31 01913450 core:Associate1 2020-11-01 2021-10-31 01913450 core:Subsidiary1 1 2020-11-01 2021-10-31 01913450 core:Subsidiary2 1 2020-11-01 2021-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01913450

D.I. Design & Development Consultants (U.K.) Limited

Filleted Financial Statements

for the Year Ended 31 October 2022

 

D.I. Design & Development Consultants (U.K.) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

D.I. Design & Development Consultants (U.K.) Limited

Company Information

Directors

Davide Gabriele Padoa

Lucio Guerra

Company secretary

Paul Alexander Brooks Molle

Registered office

163 Tower Bridge Road
London
SE1 3LW

Auditors

Carbon Accountancy Limited
Chartered Accountants and Statutory Auditors
80-83 Long Lane
London
EC1A 9ET

 

D.I. Design & Development Consultants (U.K.) Limited

(Registration number: 01913450)
Balance Sheet as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

190,683

209,735

Investments

5

50,001

60,770

 

240,684

270,505

Current assets

 

Stocks

6

114,839

115,564

Debtors

7

1,807,167

3,014,172

Cash at bank and in hand

 

22,815

50,669

 

1,944,821

3,180,405

Creditors: Amounts falling due within one year

8

(1,316,390)

(1,356,006)

Net current assets

 

628,431

1,824,399

Total assets less current liabilities

 

869,115

2,094,904

Creditors: Amounts falling due after more than one year

8

(235,000)

(310,000)

Provisions for liabilities

(29,980)

(32,228)

Net assets

 

604,135

1,752,676

Capital and reserves

 

Called up share capital

9

5,000

5,000

Retained earnings

599,135

1,747,676

Shareholders' funds

 

604,135

1,752,676

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................
Davide Gabriele Padoa
Director

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

1

General information

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

The address of its registered office is:
163 Tower Bridge Road
London
SE1 3LW

These financial statements were authorised for issue by the Board on 26 October 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.

Presentational currency for these financial statements is Sterling Pound.

Group accounts not prepared

The group headed by D.I. Design & Development Consultants (UK) Limited does not prepare consolidated financial statements as the group qualifies as a small group under the Companies Act 2006.

Going concern

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

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 26 October 2023 was John Leyden FCA, who signed for and on behalf of Carbon Accountancy Limited.

.........................................

Revenue recognition

Turnover comprises the contractual value of the sale of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured as approved by the client; or as defined within the specific payment schedule as outlined in the terms of the contract;
it is probable that future economic benefits will flow to the entity as per specific payment terms normally 30 or 60 days from the invoice date.

Government grants

Money received in the form of a government grant is treated as a revenue grant. Therefore, grant income is recorded within other income in the income statement on a systematic basis in the same periods as the related expenses occurred.

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.

Tax

The tax expense for the period comprises deferred tax. 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 in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Leasehold improvements

10% straight line

Fixtures and fittings

20% straight line

Office equipment

20%, 25% and 33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Work in progress is stated at the lower of cost and estimated net realisable value. Cost is determined using the percentage of completion method.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, WIP is assessed for impairment. If WIP is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2021 - 30).

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

4

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Office equipment
 £

Total
£

Cost or valuation

At 1 November 2021

307,844

23,930

312,854

644,628

Additions

-

-

23,338

23,338

At 31 October 2022

307,844

23,930

336,192

667,966

Depreciation

At 1 November 2021

119,961

18,560

296,372

434,893

Charge for the year

30,784

3,019

8,587

42,390

At 31 October 2022

150,745

21,579

304,959

477,283

Carrying amount

At 31 October 2022

157,099

2,351

31,233

190,683

At 31 October 2021

187,883

5,370

16,482

209,735

Included within the net book value of land and buildings above is £157,099 (2021 - £187,884) in respect of leasehold improvements.
 

5

Investments

2022
£

2021
£

Investments in subsidiaries

50,000

60,769

Investments in associates

1

1

50,001

60,770

Subsidiaries

£

Cost or valuation

At 1 November 2021

60,769

Disposals

(10,769)

At 31 October 2022

50,000

Provision

Carrying amount

At 31 October 2022

50,000

At 31 October 2021

60,769

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

Associates

£

Cost

At 1 November 2021

1

Provision

Carrying amount

At 31 October 2022

1

At 31 October 2021

1

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Design International Co. Limited

China

Ordinary

100%

100%

D I Design & Development Consultants FZ LLC

UAE

Ordinary

100%

100%

Associates

D I Development Limited

Ordinary

50%

50%

 

England

     

Subsidiary undertakings

Design International Co. Limited

The principal activity of Design International Co. Limited is that of design and development consultants.

D I Design & Development Consultants FZ LLC

The principal activity of D I Design & Development Consultants FZ LLC is that of design and development consultants.

Associates

D I Development Limited

The principal activity of D I Development Limited is that of a dormant company.

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

6

Stocks

2022
£

2021
£

Work in progress

114,839

115,564

7

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

1,090,159

1,958,809

Amounts owed by related parties

12

56,313

394,817

Prepayments

 

183,723

258,294

Other debtors

 

476,972

402,252

   

1,807,167

3,014,172

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

188,272

174,111

Trade creditors

 

316,365

343,923

Amounts owed to group undertakings

12

690,667

721,881

Taxation and social security

 

43,358

37,974

Accruals and deferred income

 

12,802

12,502

Other creditors

 

64,926

65,615

 

1,316,390

1,356,006

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

235,000

310,000

The obligations under finance leases are secured on the assets concerned.

The bank overdraft is secured by debentures covering all assets of the company dated 28.02.2020.

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

5,000

5,000

5,000

5,000

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

235,000

310,000

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

155,772

146,611

Other borrowings

32,500

27,500

188,272

174,111

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2022
£

2021
£

Not later than one year

462,041

462,041

Later than one year and not later than five years

598,755

1,060,796

1,060,796

1,522,837

The amount of non-cancellable operating lease payments recognised as an expense during the year was £462,041 (2021 - £478,845).

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2022

12

Related party transactions

Summary of transactions with parent

PDI (Holdings) Limited
 During the year, PDI (Holdings) Limited charged D.I. Design & Development Consultants (U.K.) Limited rent of £462,041 (2021: £462,041). As at 31.10.2022, amount owed to PDI (Holdings) Limited was £602,694 (2021: £690,220).
 

Summary of transactions with subsidiaries

D I Design & Development Consultants FZ LLC - 100% owned subsidiary based in UAE
D I Design & Development Consultants FZ LLC charges the Company for its time, acting as a sub-consultant on UK contracts on projects based in the UAE and India. The charges during the year were £33,254 (2021: £36,535). As at 31.10.2022, the amount owed from D I Design & Development Consultants FZ LLC was £428,071 (2021: £394,817).

 
Design International Co. Limited - 100% owned subsidiary based in China
Design International Co. Limited charges the Company for its time, acting as a sub-consultant on some UK contracts on projects based internationally. The charges during the year were £Nil (2021: £74,817l). As at 31.10.2022, the amount owed to Design International Co. Limited was £31,660 (2021: £31,660).

 

Summary of transactions with other related parties

Design International Srl - 100% owned Italy based subsidiary of the ultimate parent company PDI (Holdings) Limited
Design International Srl charges the Company for its time, acting as a sub-consultant on UK contracts on projects based in Europe. The charges during the year were £820,000 (2021: £880,279). As at 31.10.2022, balance owed from/(to) Design International Srl was £56,313 (2021: (£34,861)).

 

13

Parent and ultimate parent undertaking

The company's immediate parent is PDI (Holdings) Limited, incorporated in England.

 The ultimate controlling party is Davide Gabriele Padoa by virtue of 85% shareholding in PDI (Holdings) Limited.

The parent of the largest group in which these financial statements are consolidated is PDI (Holdings) Limited, incorporated in England.

The address of PDI (Holdings) Limited is:
80-83 Long Lane, London, England, EC1A 9ET.