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Registration number: 09987284

Nicholas Obolensky Design Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 29 February 2024

 

Nicholas Obolensky Design Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Nicholas Obolensky Design Limited

Company Information

Director

Mr Nicholas Hudson

Registered office

Crown House
27 Old Gloucester Street
London
WC1N 3AX

Accountants

Niall McConkey FCCA, AIMS Accountants
Chartered Certified Accountant
Unit 4 Ardington Courtyard
Roke Lane
Witley
Godalming
Surrey
GU8 5NF

 

Nicholas Obolensky Design Limited

(Registration number: 09987284)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

34,205

43,509

Current assets

 

Stocks

5

51,618

-

Debtors

6

4,707

35,681

Cash at bank and in hand

 

7,392

24,035

 

63,717

59,716

Prepayments and accrued income

 

956

657

Creditors: Amounts falling due within one year

(134,673)

(118,334)

Net current liabilities

 

(70,000)

(57,961)

Total assets less current liabilities

 

(35,795)

(14,452)

Accruals and deferred income

 

(795)

-

Net liabilities

 

(36,590)

(14,452)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(36,690)

(14,552)

Shareholders' deficit

 

(36,590)

(14,452)

For the financial year ending 29 February 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Nicholas Obolensky Design Limited

(Registration number: 09987284)
Abridged Balance Sheet as at 29 February 2024

Approved and authorised by the director on 15 July 2024
 

.........................................
Mr Nicholas Hudson
Director

 

Nicholas Obolensky Design Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Crown House
27 Old Gloucester Street
London
WC1N 3AX

These financial statements were authorised for issue by the director on 15 July 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 abridged 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 abridged 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.

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.

 

Nicholas Obolensky Design Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

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

Land and buildings

10% straight line

Plant and machinery

25% straight line

Motor vehicles

25% straight line

Furniture and fittings

20% straight line

Computer equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

 

Nicholas Obolensky Design Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Nicholas Obolensky Design Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

34,000

12,383

30,051

16,059

92,493

At 29 February 2024

34,000

12,383

30,051

16,059

92,493

Depreciation

At 1 March 2023

283

8,270

26,236

14,196

48,985

Charge for the year

3,400

1,734

3,611

558

9,303

At 29 February 2024

3,683

10,004

29,847

14,754

58,288

Carrying amount

At 29 February 2024

30,317

2,379

204

1,305

34,205

At 28 February 2023

33,717

4,113

3,816

1,863

43,509

Included within the net book value of land and buildings above is £30,317 (2023 - £33,717) in respect of freehold land and buildings.
 

 

Nicholas Obolensky Design Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

5

Stocks

2024
£

2023
£

Work in progress

51,618

-

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100