Company registration number 06910530 (England and Wales)
OF NAKED DESIGN LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
OF NAKED DESIGN LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 5
OF NAKED DESIGN LTD
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,760
10,538
Current assets
Debtors
4
46,760
27,497
Cash at bank and in hand
15,000
-
0
61,760
27,497
Creditors: amounts falling due within one year
5
(69,055)
(37,361)
Net current liabilities
(7,295)
(9,864)
Net assets
2,465
674
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,464
673
Total equity
2,465
674

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 year 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 and signed by the director and authorised for issue on 1 February 2024
Mr J McDermott
Director
Company Registration No. 06910530
OF NAKED DESIGN LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2021
1
581
582
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
119,092
119,092
Dividends
-
(119,000)
(119,000)
Balance at 31 May 2022
1
673
674
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
161,791
161,791
Dividends
-
(160,000)
(160,000)
Balance at 31 May 2023
1
2,464
2,465
OF NAKED DESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Of Naked Design Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 180 Great Portland Street, London, W1W 5QZ.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of music recording.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.6
Financial instruments

The company only has basic financial instruments.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

OF NAKED DESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

1.7
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022
15,278
Additions
2,157
At 31 May 2023
17,435
Depreciation and impairment
At 1 June 2022
4,740
Depreciation charged in the year
2,935
At 31 May 2023
7,675
Carrying amount
At 31 May 2023
9,760
At 31 May 2022
10,538
OF NAKED DESIGN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
46,760
27,497
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,406
1,559
Corporation tax
40,111
26,248
Other taxation and social security
18,935
7,554
Other creditors
6,603
2,000
69,055
37,361
2023-05-312022-06-01false02 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr J McDermottfalse069105302022-06-012023-05-31069105302023-05-31069105302022-05-3106910530core:OtherPropertyPlantEquipment2023-05-3106910530core:OtherPropertyPlantEquipment2022-05-3106910530core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3106910530core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3106910530core:CurrentFinancialInstruments2023-05-3106910530core:CurrentFinancialInstruments2022-05-3106910530core:ShareCapital2023-05-3106910530core:ShareCapital2022-05-3106910530core:RetainedEarningsAccumulatedLosses2023-05-3106910530core:RetainedEarningsAccumulatedLosses2022-05-3106910530core:ShareCapital2021-05-3106910530core:RetainedEarningsAccumulatedLosses2021-05-3106910530bus:Director12022-06-012023-05-3106910530core:RetainedEarningsAccumulatedLosses2021-06-012022-05-31069105302021-06-012022-05-3106910530core:RetainedEarningsAccumulatedLosses2022-06-012023-05-3106910530core:PlantMachinery2022-06-012023-05-3106910530core:OtherPropertyPlantEquipment2022-05-3106910530core:OtherPropertyPlantEquipment2022-06-012023-05-3106910530core:WithinOneYear2023-05-3106910530core:WithinOneYear2022-05-3106910530bus:PrivateLimitedCompanyLtd2022-06-012023-05-3106910530bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3106910530bus:FRS1022022-06-012023-05-3106910530bus:AuditExemptWithAccountantsReport2022-06-012023-05-3106910530bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP