Company Registration No. 14118021 (England and Wales)
THE GLOBAL DESIGN STUDIO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
THE GLOBAL DESIGN STUDIO LTD
COMPANY INFORMATION
Directors
Mr D.A. Parrish
(Appointed 19 May 2022)
Miss A M Parrish
(Appointed 31 August 2022)
Company number
14118021
Registered office
4 Falcon Estate Mochdre Business Park
Black Marsh Road
Colwyn Bay
Conwy
Wales
LL28 5HB
Accountants
Gareth Hughes & Company Limited
The Round House
Glan-y-Mor Road
Llandudno Junction
Conwy
LL31 9SN
THE GLOBAL DESIGN STUDIO LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE GLOBAL DESIGN STUDIO LTD
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
Notes
£
£
Current assets
Stocks
100,211
Debtors
3
33,018
Cash at bank and in hand
106,045
239,274
Creditors: amounts falling due within one year
4
(183,641)
Net current assets
55,633
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
55,533
Total equity
55,633
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 30 April 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 Period 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 20 November 2023 and are signed on its behalf by:
Mr D.A. Parrish
Director
Company registration number 14118021 (England and Wales)
THE GLOBAL DESIGN STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information
The Global Design Studio Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Falcon Estate Mochdre Business Park, Black Marsh Road, Colwyn Bay, Conwy, Wales, LL28 5HB.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for good and services net of VAT and trade discounts.
1.3
Stocks
Stock is valued at the lower of cost and net realisable value.
1.4
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.
1.5
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 profit and loss account 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.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
THE GLOBAL DESIGN STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
Number
Total
4
3
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
24,505
Other debtors
8,513
33,018
4
Creditors: amounts falling due within one year
2023
£
Trade creditors
28,948
Amounts owed to group undertakings
5,446
Taxation and social security
29,421
Other creditors
119,826
183,641
5
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A Shares of £1 each
25
25
Ordinary B Shares of £1 each
75
75
100
100
6
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr D Parrish
-
-
4,025
(312)
3,713
-
4,025
(312)
3,713
THE GLOBAL DESIGN STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
6
Directors' transactions
(Continued)
- 4 -
7
Parent company
The Global Design Studio Ltd is a 75% owned subsidiary of Global Tiles Ltd.