Registered number
13841388
ESSENTIAL DESIGNS LONDON LTD
Filleted Accounts
31 December 2022
ESSENTIAL DESIGNS LONDON LTD
Registered number: 13841388
Balance Sheet
as at 31 December 2022
Notes 2022
£
Current assets
Stocks 3 14,750
Debtors 4 44,582
Cash at bank and in hand 737
60,069
Creditors: amounts falling due within one year 5 (50,580)
Net current assets 9,489
Net assets 9,489
Capital and reserves
Called up share capital 100
Profit and loss account 9,389
Shareholders' funds 9,489
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
D. RAIZADA
Director
Approved by the board on 10 November 2023
ESSENTIAL DESIGNS LONDON LTD
Notes to the Accounts
for the period from 11 January 2022 to 31 December 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
2 Employees 2022
Number
Average number of persons employed by the company 4
3 Stock 2022
£
Stock as at year end 14,750
14,750
4 Debtors 2022
£
Other debtors 44,582
5 Creditors: amounts falling due within one year 2022
£
Taxation and social security costs 3,275
Other creditors 47,305
50,580
6 Other financial commitments 2022
£
Total future minimum payments under non-cancellable operating leases 18,408
7 Other information
ESSENTIAL DESIGNS LONDON LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2.23, International House
1110 Great West Road
Brentford
England
TW8 0GP
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