Company Registration No. 05998066 (England and Wales)
Design Difference Limited
Unaudited accounts
for the year ended 28 February 2023
Design Difference Limited
Unaudited accounts
Contents
Design Difference Limited
Company Information
for the year ended 28 February 2023
Company Number
05998066 (England and Wales)
Registered Office
Clock Barn
Little Baldon
Oxford
OX44 9PU
Accountants
MJ Bookkeeping Services Limited
Unit 6 The Courtyard
Milton Road
Aylesbury
Buckinghamshire
HP21 7LZ
Design Difference Limited
Statement of financial position
as at 28 February 2023
Tangible assets
20,471
11,370
Inventories
318,039
93,410
Cash at bank and in hand
146,700
92,545
Creditors: amounts falling due within one year
(490,745)
(339,009)
Net current assets
98,295
22,188
Total assets less current liabilities
118,766
33,558
Creditors: amounts falling due after more than one year
(22,500)
(32,496)
Called up share capital
2
2
Profit and loss account
96,264
1,060
Shareholders' funds
96,266
1,062
For the year ending 28 February 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 her 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 27 October 2023 and were signed on its behalf by
Ms A Deverill
Director
Company Registration No. 05998066
Design Difference Limited
Notes to the Accounts
for the year ended 28 February 2023
Design Difference Limited is a private company, limited by shares, registered in England and Wales, registration number 05998066. The registered office is Clock Barn, Little Baldon, Oxford, OX44 9PU.
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Work in progress have been valued at cost including overhead expenses plus the proportion of attributable profit, estimated to be earned to the balance sheet date based on the stage of completion.
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:
Motor vehicles
25% reducing balance
Fixtures & fittings
15% reducing balance
Computer equipment
25% reducing balance
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.
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.
Design Difference Limited
Notes to the Accounts
for the year ended 28 February 2023
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2022
8,999
3,501
8,128
20,628
Additions
-
3,764
11,366
15,130
At 28 February 2023
8,999
7,265
19,494
35,758
At 1 March 2022
2,250
1,302
5,706
9,258
Charge for the year
1,687
894
3,448
6,029
At 28 February 2023
3,937
2,196
9,154
15,287
At 28 February 2023
5,062
5,069
10,340
20,471
At 28 February 2022
6,749
2,199
2,422
11,370
Work in progress
318,039
93,410
Amounts falling due within one year
Trade debtors
42,326
142,443
Accrued income and prepayments
690
6,661
Other debtors
81,285
26,138
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Trade creditors
336,082
250,266
Taxes and social security
27,256
3,281
Other creditors
13,375
18,972
8
Creditors: amounts falling due after more than one year
2023
2022
Design Difference Limited
Notes to the Accounts
for the year ended 28 February 2023
9
Average number of employees
During the year the average number of employees was 4 (2022: 3).