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Registration number: 07863991

Desk Gear Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Desk Gear Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Desk Gear Limited

Company Information

Directors

G P Whitehouse

P Hinton

Registered office

Unit 4 Sanders Close
Finedon Road Industrial Estate
Wellingborough
Northamptonshire
NN8 4HQ

 

Accountants

SKP Tax & Accounting Services Ltd
t/a AIMS Accountants for Business
17 Mileway Gardens
Headington
Oxford
OX3 7XH

 

Desk Gear Limited

(Registration number: 07863991)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

17,128

25,389

Current assets

 

Stocks

5

948,244

460,317

Debtors

6

500,175

361,490

Cash at bank and in hand

 

5,614

74,518

 

1,454,033

896,325

Creditors: Amounts falling due within one year

7

(1,186,355)

(619,847)

Net current assets

 

267,678

276,478

Total assets less current liabilities

 

284,806

301,867

Creditors: Amounts falling due after more than one year

7

(75,083)

(128,083)

Net assets

 

209,723

173,784

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

209,623

173,684

Shareholders' funds

 

209,723

173,784

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

 

Desk Gear Limited

(Registration number: 07863991)
Balance Sheet as at 30 November 2023

.........................................
G P Whitehouse
Director

 

Desk Gear Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Unit 4 Sanders Close
Finedon Road Industrial Estate
Wellingborough
Northamptonshire
NN8 4HQ

These financial statements were authorised for issue by the Board on 12 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Desk Gear Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and tools

25% straight line

Furniture and fittings

25% straight line

Office equipment

25% straight line

Computer equipment

25% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Desk Gear Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Desk Gear Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 7).

 

Desk Gear Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

3,252

96,266

18,489

15,799

133,806

Additions

156

16,250

-

-

16,406

At 30 November 2023

3,408

112,516

18,489

15,799

150,212

Depreciation

At 1 December 2022

3,252

77,578

14,063

13,524

108,417

Charge for the year

39

19,362

2,991

2,275

24,667

At 30 November 2023

3,291

96,940

17,054

15,799

133,084

Carrying amount

At 30 November 2023

117

15,576

1,435

-

17,128

At 30 November 2022

-

18,688

4,426

2,275

25,389

5

Stocks

2023
£

2022
£

Other inventories

948,244

460,317

6

Debtors

Current

2023
£

2022
£

Trade debtors

315,694

235,040

Other debtors

184,481

126,450

 

500,175

361,490

 

Desk Gear Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

188,657

183,158

Trade creditors

 

671,382

255,635

Taxation and social security

 

107,517

9,848

Accruals and deferred income

 

139,685

79,383

Other creditors

 

79,114

91,823

 

1,186,355

619,847

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

75,083

128,083

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary £1 shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

75,083

128,083

Current loans and borrowings

2023
£

2022
£

Other borrowings

188,657

183,158

 

Desk Gear Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Dividends

Final dividends paid

2023
£

2022
£

Final dividend of Nil per each Ordinary £1 shares

-

-

 

 

Interim dividends paid

2023
£

2022
£

Interim dividend of £1,000.00 (2022 - £1,100.00) per each Ordinary £1 shares

100,000

110,000