Silverfin false 28/02/2023 01/03/2022 28/02/2023 L Valenzuela 09/02/2021 16 November 2023 The principal activity of the Company during the financial period was providing digital design services from a user experience perspective. 13190512 2023-02-28 13190512 bus:Director1 2023-02-28 13190512 2022-02-28 13190512 core:CurrentFinancialInstruments 2023-02-28 13190512 core:CurrentFinancialInstruments 2022-02-28 13190512 core:ShareCapital 2023-02-28 13190512 core:ShareCapital 2022-02-28 13190512 core:RetainedEarningsAccumulatedLosses 2023-02-28 13190512 core:RetainedEarningsAccumulatedLosses 2022-02-28 13190512 core:OtherPropertyPlantEquipment 2022-02-28 13190512 core:OtherPropertyPlantEquipment 2023-02-28 13190512 2022-03-01 2023-02-28 13190512 bus:FullAccounts 2022-03-01 2023-02-28 13190512 bus:SmallEntities 2022-03-01 2023-02-28 13190512 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 13190512 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 13190512 bus:Director1 2022-03-01 2023-02-28 13190512 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-03-01 2023-02-28 13190512 2021-03-01 2022-02-28 13190512 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Company No: 13190512 (England and Wales)

LV DESIGN LTD

Unaudited Financial Statements
For the financial period ended 28 February 2023
Pages for filing with the registrar

LV DESIGN LTD

Unaudited Financial Statements

For the financial period ended 28 February 2023

Contents

LV DESIGN LTD

STATEMENT OF FINANCIAL POSITION

As at 28 February 2023
LV DESIGN LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,000 1,500
1,000 1,500
Current assets
Debtors 4 5,346 0
Cash at bank and in hand 5 243 17,634
5,589 17,634
Creditors: amounts falling due within one year 6 ( 6,408) ( 10,563)
Net current (liabilities)/assets (819) 7,071
Total assets less current liabilities 181 8,571
Net assets 181 8,571
Capital and reserves
Called-up share capital 100 100
Profit and loss account 81 8,471
Total shareholder's funds 181 8,571

For the financial period ending 28 February 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 LV Design Ltd (registered number: 13190512) were approved and authorised for issue by the Director. They were signed on its behalf by:

L Valenzuela
Director

16 November 2023

LV DESIGN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 28 February 2023
LV DESIGN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 28 February 2023
1. Accounting policies

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

General information and basis of accounting

LV Design Ltd (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 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 etc. 4 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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

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

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2022 2,000 2,000
At 28 February 2023 2,000 2,000
Accumulated depreciation
At 01 March 2022 500 500
Charge for the financial period 500 500
At 28 February 2023 1,000 1,000
Net book value
At 28 February 2023 1,000 1,000
At 28 February 2022 1,500 1,500

4. Debtors

2023 2022
£ £
Other debtors 5,346 0

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 243 17,634

6. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 6,408 9,757
Other creditors 0 806
6,408 10,563

7. Related party transactions

Included in other debtors is a balance of £5,346 (2022: other creditors £806) owed by the director of the company. This balance is unsecured and repayable on demand.