Registered number
10873026
345 Design Ltd
Filleted Accounts
31 July 2023
345 Design Ltd
Registered number: 10873026
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,870 12,850
Current assets
Stocks 6,891 7,500
Debtors 4 26,965 25,103
Cash at bank and in hand 68,389 20,519
102,245 53,122
Creditors: amounts falling due within one year 5 (45,791) (29,763)
Net current assets 56,454 23,359
Total assets less current liabilities 64,324 36,209
Creditors: amounts falling due after more than one year 6 (23,326) (33,557)
Net assets 40,998 2,652
Capital and reserves
Called up share capital 100 100
Profit and loss account 40,898 2,552
Shareholder's funds 40,998 2,652
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Matthew Harris
Director
Approved by the board on 28 March 2024
345 Design Ltd
Notes to the Accounts
for the year ended 31 July 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:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% straight line
Motor vehicles 25% 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 8,020 274 16,299 24,593
At 31 July 2023 8,020 274 16,299 24,593
Depreciation
At 1 August 2022 4,676 167 6,900 11,743
Charge for the year 836 69 4,075 4,980
At 31 July 2023 5,512 236 10,975 16,723
Net book value
At 31 July 2023 2,508 38 5,324 7,870
At 31 July 2022 3,344 107 9,399 12,850
4 Debtors 2023 2022
£ £
Trade debtors 10,310 19,658
Other debtors 16,655 5,445
26,965 25,103
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 12,777 12,780
Obligations under finance lease and hire purchase contracts 1,627 389
Trade creditors 4,345 9,022
Taxation and social security costs 26,875 7,400
Other creditors 167 172
45,791 29,763
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,326 33,557
7 Other information
345 Design Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 Halesfield 18
Cuckoo Oak Workshops
Telford
Shropshire
TF7 4PP
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