Registered number
06013324
Intuitive Design (UK) Limited
Filleted Accounts
31 March 2024
Intuitive Design (UK) Limited
Registered number: 06013324
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 5 5,255 6,235
Current assets
Debtors 6 150,027 204,925
Cash at bank and in hand 131,310 96,868
281,337 301,793
Creditors: amounts falling due within one year 7 (73,917) (84,467)
Net current assets 207,420 217,326
Total assets less current liabilities 212,675 223,561
Creditors: amounts falling due after more than one year 8 (12,500) (25,776)
Net assets 200,175 197,785
Capital and reserves
Called up share capital 100 100
Profit and loss account 200,075 197,685
Shareholders' funds 200,175 197,785
The director is 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 director acknowledges his 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.
Mr R Smith
Director
Approved by the board on 30 July 2024
Intuitive Design (UK) Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 33% per annum reducing balance basis
Motor vehicles 25% per annum reducing balance basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Turnover 2024 2023
£ £
Turnover attributable to geographical markets outside the UK 37.32% 56.32%
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 9
4 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 47,000
At 31 March 2024 47,000
Amortisation
At 1 April 2023 47,000
At 31 March 2024 47,000
Net book value
At 31 March 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of four years.
5 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 32,762 7,650 40,412
Additions 1,307 - 1,307
At 31 March 2024 34,069 7,650 41,719
Depreciation
At 1 April 2023 28,952 5,225 34,177
Charge for the year 1,682 605 2,287
At 31 March 2024 30,634 5,830 36,464
Net book value
At 31 March 2024 3,435 1,820 5,255
At 31 March 2023 3,810 2,425 6,235
6 Debtors 2024 2023
£ £
Trade debtors 149,517 204,495
Other debtors 510 430
150,027 204,925
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 11,090 8,714
Corporation tax 31,430 39,007
Other taxes and social security costs 13,631 17,390
Director's loan account 792 3,926
Other creditors 6,974 5,430
73,917 84,467
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,500 25,776
9 Other financial commitments 2024 2023
£ £
At the year end the company had annual commitments under non-cancellable operating leases as set out below:
Operating leases which expire:
within one year 12,900 12,300
10 Related party transactions
During the year rent was paid to Mr B K Smith totalling £12,900 (2023: £12,300) for the use of the business premises. Mr B K Smith is the Father of Mr R Smith.
11 Controlling party
The ultimate controlling party is Mr R Smith by virtue of his ownership of 100% of the Company's issued share capital.
12 Other information
Intuitive Design (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
13 North Street
Tolleshunt D'Arcy
Maldon
Essex
CM9 8TF
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