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COMPANY REGISTRATION NUMBER: 06399961
Designkarma Limited
Filleted Unaudited Financial Statements
31 October 2023
Designkarma Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Current assets
Debtors
6
20,257
19,339
Creditors: amounts falling due within one year
7
20,204
18,954
---------
---------
Net current assets
53
385
----
----
Total assets less current liabilities
53
385
----
----
Net assets
53
385
----
----
Capital and reserves
Called up share capital
10
10
Profit and loss account
43
375
----
----
Shareholders funds
53
385
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr I A Ebden
Director
Company registration number: 06399961
Designkarma Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o TWJ Partnership LLP, The Moorings, Dane Road Industrial Estate, Sale, Cheshire, M33 7BP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 November 2022 and 31 October 2023
2,424
2,424
-------
-------
Depreciation
At 1 November 2022 and 31 October 2023
2,424
2,424
-------
-------
Carrying amount
At 31 October 2023
-------
-------
At 31 October 2022
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
20
2
Other debtors
20,237
19,337
---------
---------
20,257
19,339
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,307
3,607
Corporation tax
14,169
12,253
Other creditors
1,728
3,094
---------
---------
20,204
18,954
---------
---------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr I A Ebden
15,060
15,482
( 14,582)
15,960
---------
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr I A Ebden
13,300
2,326
( 566)
15,060
---------
-------
----
---------
Interest is charged at a commercial rate.