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Registered number: 08600551
Orange Design Studio Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08600551
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 173,816 175,813
173,816 175,813
CURRENT ASSETS
Debtors 5 180,778 145,410
Cash at bank and in hand 2,806 19,954
183,584 165,364
Creditors: Amounts Falling Due Within One Year 6 (201,162 ) (138,502 )
NET CURRENT ASSETS (LIABILITIES) (17,578 ) 26,862
TOTAL ASSETS LESS CURRENT LIABILITIES 156,238 202,675
Creditors: Amounts Falling Due After More Than One Year 7 (123,785 ) (133,324 )
NET ASSETS 32,453 69,351
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 32,353 69,251
SHAREHOLDERS' FUNDS 32,453 69,351
Page 1
Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jake Hinchliffe
Director
15/01/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Orange Design Studio Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08600551 . The registered office is 59a Huddersfield Road, Mirfield , WF14 8AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Reducing Balance
Plant & Machinery Reducing Balance
Fixtures & Fittings Reducing Balance
Computer Equipment Reducing Balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: (2022: )
- -
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2022 160,000 6,239 21,121 11,224 198,584
Additions - - - 1,573 1,573
As at 31 July 2023 160,000 6,239 21,121 12,797 200,157
Depreciation
As at 1 August 2022 - 4,133 10,025 8,613 22,771
Provided during the period - 526 1,664 1,380 3,570
As at 31 July 2023 - 4,659 11,689 9,993 26,341
Net Book Value
As at 31 July 2023 160,000 1,580 9,432 2,804 173,816
As at 1 August 2022 160,000 2,106 11,096 2,611 175,813
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 50,962 15,531
Prepayments and accrued income - 63
50,962 15,594
Due after more than one year
Loan to Associates 129,816 129,816
129,816 129,816
180,778 145,410
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 3,250 7,930
Other loans 66,833 -
Other taxes and social security 8,262 1,888
VAT 5,947 2,314
Accruals and deferred income 1,200 700
Director's loan account 115,670 125,670
201,162 138,502
Page 4
Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 29,240 38,779
Mortgages 94,545 94,545
123,785 133,324
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 5