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COMPANY REGISTRATION NUMBER: 01417445
G. Dale Designs Limited
Filleted Unaudited Financial Statements
31 March 2023
G. Dale Designs Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,113
1,673
Current assets
Stocks
13,600
12,750
Debtors
6
22,094
13,021
Cash at bank and in hand
4,597
2,233
--------
--------
40,291
28,004
Creditors: amounts falling due within one year
7
12,436
10,660
--------
--------
Net current assets
27,855
17,344
--------
--------
Total assets less current liabilities
28,968
19,017
--------
--------
Net assets
28,968
19,017
--------
--------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
28,966
19,015
--------
--------
Shareholders funds
28,968
19,017
--------
--------
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 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 February 2024 , and are signed on behalf of the board by:
G Dale
Director
Company registration number: 01417445
G. Dale Designs Limited
Notes to the Financial Statements
Year ended 31 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 66 Lower Anchor Street, Chelmsford, Essex, CM2 0AU.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
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 and the performance 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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2022 and 31 March 2023
2,798
2,798
-------
-------
Depreciation
At 1 April 2022
1,125
1,125
Charge for the year
560
560
-------
-------
At 31 March 2023
1,685
1,685
-------
-------
Carrying amount
At 31 March 2023
1,113
1,113
-------
-------
At 31 March 2022
1,673
1,673
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
9,161
995
Prepayments and accrued income
2,933
2,933
Other debtors
10,000
9,093
--------
--------
22,094
13,021
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
2,473
2,233
Corporation tax
3,732
Social security and other taxes
5,535
4,828
Director loan accounts
696
3,599
--------
--------
12,436
10,660
--------
--------
8. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
11,732
14,665
Later than 1 year and not later than 5 years
23,464
--------
--------
35,196
14,665
--------
--------
10. Related party transactions
At the year end the company was owed £8,000 (2022 - £8,000) by a connected company which is shown within debtors. During the year the company invoiced the connected company £110,172 (2022 - £76,555) At the year end the director was owed £696 (2022 - £3,599) which is shown amongst creditors.