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Registered number: 08767938
Salsus Design Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08767938
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,869 7,229
4,869 7,229
CURRENT ASSETS
Stocks 5 1,500 1,500
Debtors 6 25,734 103,449
Cash at bank and in hand 55,501 94,649
82,735 199,598
Creditors: Amounts Falling Due Within One Year 7 (25,012 ) (115,721 )
NET CURRENT ASSETS (LIABILITIES) 57,723 83,877
TOTAL ASSETS LESS CURRENT LIABILITIES 62,592 91,106
NET ASSETS 62,592 91,106
CAPITAL AND RESERVES
Called up share capital 8 200 200
Profit and Loss Account 62,392 90,906
SHAREHOLDERS' FUNDS 62,592 91,106
Page 1
Page 2
For the year ending 30 November 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 A Gordon-Stables
Director
9th August 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
Salsus Design Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08767938 . The registered office is 4 Cross Street, Beeston, Nottingham, NG9 2NX.
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:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 33% reducing balance, 3% straight line
Computer Equipment 50% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. 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 year 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.
...CONTINUED
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2.6. Taxation - continued
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 asset reflects 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: 6 (2022: 6)
6 6
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2022 2,077 6,407 38,734 47,218
Additions - 483 900 1,383
Disposals - - (1,875 ) (1,875 )
As at 30 November 2023 2,077 6,890 37,759 46,726
Depreciation
As at 1 December 2022 1,799 3,973 34,217 39,989
Provided during the period 70 730 2,474 3,274
Disposals - - (1,406 ) (1,406 )
As at 30 November 2023 1,869 4,703 35,285 41,857
Net Book Value
As at 30 November 2023 208 2,187 2,474 4,869
As at 1 December 2022 278 2,434 4,517 7,229
5. Stocks
2023 2022
£ £
Stock 1,500 1,500
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 15,497 86,828
Prepayments and accrued income 9,487 12,228
Other debtors 750 750
Corporation tax recoverable assets - 3,643
25,734 103,449
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 7,656 13,240
VAT 8,184 29,069
Credit card account 1,593 2,815
PAYE & NI 4,846 3,259
Pension creditor 1,751 1,018
Accruals and deferred income - 65,325
Director's loan account 982 995
25,012 115,721
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
Page 5