Registered number
11028758
Two Daughters Design and Project Management Ltd
Filleted Accounts
31 October 2023
Two Daughters Design and Project Management Ltd
Registered number: 11028758
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,947,049 3,975,640
Current assets
Debtors 4 252,259 -
Cash at bank and in hand 393,048 2,067,504
645,307 2,067,504
Creditors: amounts falling due within one year 5 (223,564) (1,748,256)
Net current assets 421,743 319,248
Total assets less current liabilities 4,368,792 4,294,888
Creditors: amounts falling due after more than one year 6 (55,691) (74,453)
Net assets 4,313,101 4,220,435
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 2,500,000 2,500,000
Profit and loss account 1,813,001 1,720,335
Shareholders' funds 4,313,101 4,220,435
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.
Miss Clare Rollason
Director
Approved by the board on 25 July 2024
Two Daughters Design and Project Management Ltd
Notes to the Accounts
for the year ended 31 October 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:
Freehold buildings 2% on cost
Motor vehicle 20% on reducing balance
Fixtures, fittings, tools and equipment 20% on reducing balance
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 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 3,889,596 168,733 52,633 4,110,962
Additions - 45,959 51,500 97,459
At 31 October 2023 3,889,596 214,692 104,133 4,208,421
Depreciation
At 1 November 2022 77,792 47,004 10,526 135,322
Charge for the year 27,792 33,537 14,721 76,050
Surplus on revaluation 50,000 - - 50,000
At 31 October 2023 155,584 80,541 25,247 261,372
Net book value
At 31 October 2023 3,734,012 134,151 78,886 3,947,049
At 31 October 2022 3,811,804 121,729 42,107 3,975,640
4 Debtors 2023 2022
£ £
Trade debtors 250,800 -
Other debtors 1,459 -
252,259 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 10,000 10,000
Trade creditors 15,867 20,342
Taxation and social security costs 133,553 105,208
Other creditors 64,144 1,612,706
223,564 1,748,256
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 26,524 35,286
Obligations under finance lease and hire purchase contracts 29,167 39,167
55,691 74,453
7 Revaluation reserve 2023 2022
£ £
At 1 November 2022 2,500,000 -
Gain on revaluation of land and buildings - 2,500,000
At 31 October 2023 2,500,000 2,500,000
8 Other information
Two Daughters Design and Project Management Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Cressington House
Cressington Drive
Sutton Coldfield
West Midlands
B74 2SU
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