Registered number
03544660
Badger Design Limited
Filleted Accounts
30 September 2023
Badger Design Limited
Registered number: 03544660
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 119,509 129,781
Current assets
Stocks 292,903 211,394
Debtors 5 294,064 260,546
Cash at bank and in hand 610,886 554,430
1,197,853 1,026,370
Creditors: amounts falling due within one year 6 (204,340) (194,497)
Net current assets 993,513 831,873
Total assets less current liabilities 1,113,022 961,654
Provisions for liabilities (28,606) (23,672)
Net assets 1,084,416 937,982
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,084,316 937,882
Shareholders' funds 1,084,416 937,982
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.
D Badger
Director
Approved by the board on 22 March 2024
Badger Design Limited
Notes to the Accounts
for the year ended 30 September 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Motor vehicles 25% reducing balance
Leasehold land and buildings 15% reducing balance
Plant and machinery 15% reducing balance
Fixtures and fittings 33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 24 23
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2022 200,000
At 30 September 2023 200,000
Amortisation
At 1 October 2022 200,000
At 30 September 2023 200,000
Net book value
At 30 September 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 43,540 546,235 22,465 612,240
Additions - 15,306 - 15,306
Disposals - - (12,033) (12,033)
At 30 September 2023 43,540 561,541 10,432 615,513
Depreciation
At 1 October 2022 36,632 426,724 19,103 482,459
Charge for the year 1,036 23,656 825 25,517
On disposals - - (11,972) (11,972)
At 30 September 2023 37,668 450,380 7,956 496,004
Net book value
At 30 September 2023 5,872 111,161 2,476 119,509
At 30 September 2022 6,908 119,511 3,362 129,781
5 Debtors 2023 2022
£ £
Trade debtors 276,403 247,718
Other debtors 17,661 12,828
294,064 260,546
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 194,458 176,771
Taxation and social security costs (4,837) 12,536
Other creditors 14,719 5,190
204,340 194,497
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 104,000 130,000
8 Other information
Badger Design Limited is a private company limited by shares and incorporated in England. Its registered office is:
Fair Oak Close
Exeter Airport
Exeter
Devon
EX5 2UL
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