Company registration number 04777921 (England and Wales)
DESIGNAMITE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
DESIGNAMITE LTD
COMPANY INFORMATION
Directors
Mr T J Willcocks
Mrs A K Willcocks Kjellgren
Company number
04777921
Registered office
2 Barnfield Crescent
Exeter
Devon
England
EX1 1QT
Accountants
Bush & Co Limited
2 Barnfield Crescent
Exeter
EX1 1QT
DESIGNAMITE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DESIGNAMITE LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,177
8,312
Current assets
Debtors
5
1,911,082
2,032,042
Cash at bank and in hand
307,958
129,819
2,219,040
2,161,861
Creditors: amounts falling due within one year
6
(201,397)
(134,899)
Net current assets
2,017,643
2,026,962
Total assets less current liabilities
2,029,820
2,035,274
Provisions for liabilities
(1,795)
(569)
Net assets
2,028,025
2,034,705
Capital and reserves
Called up share capital
1,000
1,000
Capital redemption reserve
50
50
Retained earnings
2,026,975
2,033,655
Total equity
2,028,025
2,034,705
DESIGNAMITE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
Mr T J Willcocks
Mrs A K Willcocks Kjellgren
Director
Director
Company Registration No. 04777921
DESIGNAMITE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Designamite Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Barnfield Crescent, Exeter, Devon, England, EX1 1QT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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. Revenue from contracts for the provision of services is recognised by reference to the stage of completion.

1.3
Intangible fixed assets

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on reducing balance
Computers
25% on cost

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.

DESIGNAMITE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to the profit or loss in the period to which they relate.

DESIGNAMITE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
13
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
75,000
Amortisation and impairment
At 1 September 2022 and 31 August 2023
75,000
Carrying amount
At 31 August 2023
-
0
At 31 August 2022
-
0
DESIGNAMITE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
27,896
Additions
10,130
Disposals
(8,393)
At 31 August 2023
29,633
Depreciation and impairment
At 1 September 2022
19,584
Depreciation charged in the year
6,105
Eliminated in respect of disposals
(8,233)
At 31 August 2023
17,456
Carrying amount
At 31 August 2023
12,177
At 31 August 2022
8,312
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
166,910
107,737
Other debtors
1,744,172
1,924,305
1,911,082
2,032,042
DESIGNAMITE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
2
Trade creditors
(125)
15,174
Taxation and social security
190,016
108,970
Other creditors
11,506
10,753
201,397
134,899
7
Related party transactions

Included in other debtors are amounts owed by the parent company of £1,661,470. Interest has not been charged on the loan and there are no fixed terms of repayment.

 

Included in other creditors are amounts owed to the directors of £100. The loan is interest free and carries no fixed terms of repayment.

2023-08-312022-09-01false10 November 2023CCH SoftwareCCH Accounts Production 2023.100Specialised design activities
Mr T J WillcocksMrs A K Willcocks Kjellgren
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