12 false false false false false false false false false false true false false false false false false 2022-03-30 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07573156 2022-03-30 2023-03-29 07573156 2023-03-29 07573156 2022-03-29 07573156 2021-03-30 2022-03-29 07573156 2022-03-29 07573156 2021-03-29 07573156 core:PlantMachinery 2022-03-30 2023-03-29 07573156 core:MotorVehicles 2022-03-30 2023-03-29 07573156 bus:Director1 2022-03-30 2023-03-29 07573156 bus:Director2 2022-03-30 2023-03-29 07573156 core:PlantMachinery 2022-03-29 07573156 core:MotorVehicles 2022-03-29 07573156 core:LandBuildings 2023-03-29 07573156 core:PlantMachinery 2023-03-29 07573156 core:MotorVehicles 2023-03-29 07573156 core:LandBuildings 2022-03-30 2023-03-29 07573156 core:WithinOneYear 2023-03-29 07573156 core:WithinOneYear 2022-03-29 07573156 core:AfterOneYear 2023-03-29 07573156 core:AfterOneYear 2022-03-29 07573156 core:ShareCapital 2023-03-29 07573156 core:ShareCapital 2022-03-29 07573156 core:RetainedEarningsAccumulatedLosses 2023-03-29 07573156 core:RetainedEarningsAccumulatedLosses 2022-03-29 07573156 core:BetweenOneFiveYears 2023-03-29 07573156 core:BetweenOneFiveYears 2022-03-29 07573156 core:PlantMachinery 2022-03-29 07573156 core:MotorVehicles 2022-03-29 07573156 bus:SmallEntities 2022-03-30 2023-03-29 07573156 bus:AuditExempt-NoAccountantsReport 2022-03-30 2023-03-29 07573156 bus:SmallCompaniesRegimeForAccounts 2022-03-30 2023-03-29 07573156 bus:PrivateLimitedCompanyLtd 2022-03-30 2023-03-29 07573156 bus:FullAccounts 2022-03-30 2023-03-29 07573156 core:KeyManagementPersonnel 2022-03-30 2023-03-29 07573156 core:KeyManagementPersonnel 2021-03-30 2022-03-29 07573156 core:ComputerEquipment 2022-03-30 2023-03-29 07573156 core:ComputerEquipment 2022-03-29 07573156 core:ComputerEquipment 2023-03-29 07573156 core:KeyManagementPersonnel 2023-03-29 07573156 core:KeyManagementPersonnel 2022-03-29
COMPANY REGISTRATION NUMBER: 07573156
Origins Design Limited
Filleted Unaudited Financial Statements
29 March 2023
Origins Design Limited
Statement of Financial Position
29 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
141,860
29,803
Current assets
Stocks
18,250
63,833
Debtors
6
302,502
225,678
Cash at bank and in hand
123,522
129,210
---------
---------
444,274
418,721
Creditors: amounts falling due within one year
7
337,576
270,971
---------
---------
Net current assets
106,698
147,750
---------
---------
Total assets less current liabilities
248,558
177,553
Creditors: amounts falling due after more than one year
8
22,653
33,249
---------
---------
Net assets
225,905
144,304
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
225,805
144,204
---------
---------
Shareholders funds
225,905
144,304
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Origins Design Limited
Statement of Financial Position (continued)
29 March 2023
These financial statements were approved by the board of directors and authorised for issue on 24 December 2023 , and are signed on behalf of the board by:
Mr P Moulton Black
Mrs N Moulton Black
Director
Director
Company registration number: 07573156
Origins Design Limited
Notes to the Financial Statements
Year ended 29 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit C5 Sandown Industrial Park, Mill Road, Esher, England, KT10 8BL. The principal activity of the company during the year continued to be that of the design and manufacture of contemporary furniture.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have confirmed availability of working capital such that the company can settle its liabilities as they fall due for at least a further twelve months from the date of approving these accounts. As a result, the going concern basis has been adopted.
Revenue recognition
Turnover comprises the sale of bespoke furniture, exclusive of Value Added Tax, and is recognised in the period in which delivery takes place.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Office equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 10 ).
5. Tangible assets
Leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 30 March 2022
44,055
23,727
2,057
69,839
Additions
113,812
13,428
1,000
128,240
Disposals
( 1,666)
( 1,666)
---------
--------
--------
-------
---------
At 29 March 2023
113,812
55,817
24,727
2,057
196,413
---------
--------
--------
-------
---------
Depreciation
At 30 March 2022
23,699
15,948
389
40,036
Charge for the year
11,334
2,830
686
14,850
Disposals
( 333)
( 333)
---------
--------
--------
-------
---------
At 29 March 2023
34,700
18,778
1,075
54,553
---------
--------
--------
-------
---------
Carrying amount
At 29 March 2023
113,812
21,117
5,949
982
141,860
---------
--------
--------
-------
---------
At 29 March 2022
20,356
7,779
1,668
29,803
---------
--------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
255,006
168,104
Other debtors
47,496
57,574
---------
---------
302,502
225,678
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,847
9,542
Trade creditors
4,765
19,166
Corporation tax
3,925
17,222
Social security and other taxes
56,822
37,247
Other creditors
262,217
187,794
---------
---------
337,576
270,971
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,653
33,249
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
80,000
80,000
Later than 1 year and not later than 5 years
240,000
320,000
---------
---------
320,000
400,000
---------
---------
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
The directors - dividends paid and loans received
30,000
30,000
112,302
( 92,090)
--------
--------
---------
--------