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Company registration number: 09049129
Design Holmes Limited
Unaudited filleted financial statements
31 May 2024
Design Holmes Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Design Holmes Limited
Directors and other information
Directors Mr Reginald Holmes
Mr Michael Holmes
Mrs Annelesley Holmes
Miss Louise Stone
Company number 09049129
Registered office Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Accountants Murphy Collins Limited
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Design Holmes Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Design Holmes Limited
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Design Holmes Limited for the year ended 31 May 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Design Holmes Limited, as a body, in accordance with the terms of our engagement letter dated 13 August 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Design Holmes Limited and state those matters that we have agreed to state to the board of directors of Design Holmes Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Design Holmes Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Design Holmes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Design Holmes Limited. You consider that Design Holmes Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Design Holmes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Murphy Collins Limited
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
16 August 2024
Design Holmes Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 380,249 395,202
_______ _______
380,249 395,202
Current assets
Stocks 434,172 -
Debtors 6 5,406 4,558
Cash at bank and in hand 734,396 1,043,571
_______ _______
1,173,974 1,048,129
Creditors: amounts falling due
within one year 7 ( 128,539) ( 98,682)
_______ _______
Net current assets 1,045,435 949,447
_______ _______
Total assets less current liabilities 1,425,684 1,344,649
Provisions for liabilities 8 ( 7,647) ( 10,488)
_______ _______
Net assets 1,418,037 1,334,161
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,417,937 1,334,061
_______ _______
Shareholders funds 1,418,037 1,334,161
_______ _______
For the year ending 31 May 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 August 2024 , and are signed on behalf of the board by:
Mr Reginald Holmes Mr Michael Holmes
Director Director
Company registration number: 09049129
Design Holmes Limited
Statement of changes in equity
Year ended 31 May 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2022 100 1,255,115 1,255,215
Profit for the year 78,946 78,946
_______ _______ _______
Total comprehensive income for the year - 78,946 78,946
_______ _______ _______
At 31 May 2023 and 1 June 2023 100 1,334,061 1,334,161
Profit for the year 83,876 83,876
_______ _______ _______
Total comprehensive income for the year - 83,876 83,876
_______ _______ _______
At 31 May 2024 100 1,417,937 1,418,037
_______ _______ _______
Design Holmes Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Waes. The address of the registered office is Design Holmes Limited, Sovereign House, 82 West Street, Rochford, Essex, SS4 1AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 32,290 5,714
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 2,841) 10,488
_______ _______
Tax on profit 29,449 16,202
_______ _______
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 June 2023 and 31 May 2024 340,000 13,782 4,645 44,195 402,622
_______ _______ _______ _______ _______
Depreciation
At 1 June 2023 - 3,446 1,161 2,813 7,420
Charge for the year - 3,446 1,161 10,346 14,953
_______ _______ _______ _______ _______
At 31 May 2024 - 6,892 2,322 13,159 22,373
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2024 340,000 6,890 2,323 31,036 380,249
_______ _______ _______ _______ _______
At 31 May 2023 340,000 10,336 3,484 41,382 395,202
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors 5,406 4,558
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 32,069 5,643
Other creditors 96,470 93,039
_______ _______
128,539 98,682
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 June 2023 10,488 10,488
Additions ( 2,841) ( 2,841)
_______ _______
At 31 May 2024 7,647 7,647
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 8) 7,647 10,488
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 7,647 10,488
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Reginald Holmes ( 42,112) - ( 422) ( 42,534)
Mr Michael Holmes ( 48,229) 175,350 ( 178,257) ( 51,136)
_______ _______ _______ _______
( 90,341) 175,350 ( 178,679) ( 93,670)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Reginald Holmes ( 37,945) 456 ( 4,623) ( 42,112)
Mr Michael Holmes ( 14,606) 46,000 ( 79,623) ( 48,229)
_______ _______ _______ _______
( 52,551) 46,456 ( 84,246) ( 90,341)
_______ _______ _______ _______
11. Controlling party
Mr R Holmes, Mrs A Holmes, Mr M Holmes and Miss L Stone jointly control the company.