Registered number
04950321
Acumen Design Associates Limited
Unaudited Filleted Accounts
31 December 2023
Acumen Design Associates Limited
Registered number: 04950321
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 32,772 55,010
Investments 4 1,141,592 1,125,362
1,174,364 1,180,372
Current assets
Debtors 5 2,282,500 2,066,776
Cash at bank and in hand 627,137 924,900
2,909,637 2,991,676
Creditors: amounts falling due within one year 6 (255,149) (252,826)
Net current assets 2,654,488 2,738,850
Net assets 3,828,852 3,919,222
Capital and reserves
Called up share capital 912 912
Fair value reserve 7 160 1,107
Profit and loss account 3,827,780 3,917,203
Shareholders' funds 3,828,852 3,919,222
The directors are 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 directors acknowledge their 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.
I H Dryburgh
Director
Approved by the board on 22 August 2024
Acumen Design Associates Limited
Notes to the Accounts
for the year ended 31 December 2023
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). The accounts have been prepared on a going concern basis and that the directors have considered a period of at least 12 months from the date of approval of the accounts.
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.
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:
Computers over 3 years
Furniture and office equipment over 3 years
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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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.
Research and development expenditure
Expenditure on research and development is debited to the profit and loss account in the year in which it is incurred.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 16
3 Tangible fixed assets
Computers Furniture Total
£ £ £
Cost
At 1 January 2023 262,716 155,217 417,933
Additions 16,785 - 16,785
At 31 December 2023 279,501 155,217 434,718
Depreciation
At 1 January 2023 222,430 140,493 362,923
Charge for the year 30,921 8,102 39,023
At 31 December 2023 253,351 148,595 401,946
Net book value
At 31 December 2023 26,150 6,622 32,772
At 31 December 2022 40,286 14,724 55,010
4 Investments
Other
investments
£
Cost
At 1 January 2023 1,125,362
Additions 17,177
Revaluation (947)
At 31 December 2023 1,141,592
5 Debtors 2023 2022
£ £
Trade debtors 424,235 411,167
Deferred tax asset 481,370 465,840
Corporation tax recoverable 27,218 27,218
Directors' current and loan accounts (Note 9) 136,587 85,959
Other debtors 1,213,090 1,076,592
2,282,500 2,066,776
Amounts due after more than one year included above 86,438 86,438
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 125,180 101,796
Taxation and social security costs 50,772 64,436
Other creditors 79,197 86,594
255,149 252,826
7 Fair value reserve 2023 2022
£ £
At 1 January 2023 1,107 6,803
(Loss) on revaluation of fixed asset investments (947) (5,696)
At 31 December 2023 160 1,107
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 381,469 525,532
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loans to directors including accrued interest, repayable on demand, interest payable at HMRC approved rate of interest 81,459 52,087 (1,459) 132,087
Director's current account - interest free and repayable on demand 4,500 - - 4,500
85,959 52,087 (1,459) 136,587
10 Related party transactions
During the period, the company made a short-term loan to a director amounting to £50,000. Interest at the rate of 2.25% per annum is payable annually and the loan is repayable on demand.
11 Other information
Acumen Design Associates Limited is a private company limited by shares and incorporated in England. Its registered office is:
14 Clerkenwell Close
London
EC1R 0AN
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