Registered number
04200550
THE DESIGN FACTORY (LONDON) LIMITED
Filleted Accounts
31 March 2023
THE DESIGN FACTORY (LONDON) LIMITED
Registered number: 04200550
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Fixtures & Fittings 3 24,752 27,502
Current assets
Debtors 4 42,945 65,068
Cash at bank and in hand 1,461,906 1,109,676
1,504,851 1,174,744
Creditors: amounts falling due within one year 5 (347,156) (194,311)
Net current assets 1,157,695 980,433
Total assets less current liabilities 1,182,447 1,007,935
Creditors: amounts falling due after more than one year 6 (34,592) (38,892)
Net assets 1,147,855 969,043
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,147,755 968,943
Shareholders' funds 1,147,855 969,043
The directors are 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 directors acknowledge their 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.
Vasim Memon 
Director
Approved by the board on 23 December 2023
THE DESIGN FACTORY (LONDON) LIMITED
Notes to the Accounts
for the year ended 31 March 2023
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 10% Reducing Balance basis
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 6
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2022 38,327
At 31 March 2023 38,327
Depreciation
At 1 April 2022 10,825
Charge for the year 2,750
At 31 March 2023 13,575
Net book value
At 31 March 2023 24,752
At 31 March 2022 27,502
4 Debtors 2023 2022
£ £
Trade debtors 42,945 65,068
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 85,075 59,485
Other creditors 262,081 134,826
347,156 194,311
6 Creditors: amounts falling due after one year 2023 2022
£ £
Trade creditors 9,643 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 9,490
Other creditors 24,949 29,402
34,592 38,892
7 Other information
THE DESIGN FACTORY (LONDON) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
71-75 Shelton Street
London
United Kingdom
WC2H 9JQ
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