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Company Registration No. 12174685 (England and Wales)
Knight Designs Ltd Unaudited accounts for the year ended 31 August 2023
Knight Designs Ltd Unaudited accounts Contents
Page
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Knight Designs Ltd Company Information for the year ended 31 August 2023
Director
Toby Knight
Company Number
12174685 (England and Wales)
Registered Office
29 BLACKWOOD CLOSE WEST BYFLEET KT14 6PP ENGLAND
Accountants
Golding & Co Accounting Services Limited 29 Blackwood Close West Byfleet Surrey KT14 6PP
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Knight Designs Ltd Statement of financial position as at 31 August 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
22,031 
24,047 
Current assets
Debtors
43,690 
50,402 
Cash at bank and in hand
76,800 
12,968 
120,490 
63,370 
Creditors: amounts falling due within one year
(79,506)
(54,195)
Net current assets
40,984 
9,175 
Total assets less current liabilities
63,015 
33,222 
Creditors: amounts falling due after more than one year
(13,765)
(16,088)
Provisions for liabilities
Deferred tax
(1,473)
(1,335)
Net assets
47,777 
15,799 
Capital and reserves
Called up share capital
200 
200 
Profit and loss account
47,577 
15,599 
Shareholders' funds
47,777 
15,799 
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 8 November 2023 and were signed on its behalf by
Toby Knight Director Company Registration No. 12174685
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Knight Designs Ltd Notes to the Accounts for the year ended 31 August 2023
1
Statutory information
Knight Designs Ltd is a private company, limited by shares, registered in England and Wales, registration number 12174685. The registered office is 29 BLACKWOOD CLOSE, WEST BYFLEET, KT14 6PP, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% Straight Line
Computer equipment
33% Straight Line
Deferred taxation
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 accounts. 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Knight Designs Ltd Notes to the Accounts for the year ended 31 August 2023
4
Tangible fixed assets
Land & buildings 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 September 2022
19,664 
1,360 
24,065 
45,089 
Additions
- 
- 
5,399 
5,399 
At 31 August 2023
19,664 
1,360 
29,464 
50,488 
Depreciation
At 1 September 2022
3,854 
544 
16,644 
21,042 
Charge for the year
1,966 
272 
5,177 
7,415 
At 31 August 2023
5,820 
816 
21,821 
28,457 
Net book value
At 31 August 2023
13,844 
544 
7,643 
22,031 
At 31 August 2022
15,810 
816 
7,421 
24,047 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
43,690 
50,402 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
2,361 
2,164 
VAT
19,601 
20,893 
Trade creditors
11,711 
11,290 
Taxes and social security
29,941 
17,798 
Loans from directors
15,892 
2,050 
79,506 
54,195 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
13,765 
16,088 
Bounceback loan received 10 June 2020 in the amount of £21,250. First year charges and interest is borne by the UK government, thereafter interest bearing at 2.5%p.a. and repayable over a 5 year term. The loan is unsecured. The amount repayable within the next 12 months is reported under Creditors: amounts falling due within one year.
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
100 Ordinary A shares of £1 each
100 
100 
200 
200 
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Knight Designs Ltd Notes to the Accounts for the year ended 31 August 2023
9
Average number of employees
During the year the average number of employees was 4 (2022: 4).
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