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REGISTERED NUMBER: 10275102 (England and Wales)















Unaudited Financial Statements

for the Period 31 July 2023 to 2 July 2024

for

Prism Design Limited

Prism Design Limited (Registered number: 10275102)

Contents of the Financial Statements
for the Period 31 July 2023 to 2 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Prism Design Limited

Company Information
for the Period 31 July 2023 to 2 July 2024







DIRECTORS: Mr C P Ford
Mr G MacDonald





REGISTERED OFFICE: 1 The Old Barn
Westfield Road
Barton-upon-Humber
Humberside
DN18 5RQ





REGISTERED NUMBER: 10275102 (England and Wales)





ACCOUNTANTS: Harris Lacey and Swain
Suite 1
The Riverside Building
Hessle
East Yorkshire
HU13 0DZ

Prism Design Limited (Registered number: 10275102)

Balance Sheet
2 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 865
Tangible assets 5 - 6,036
- 6,901

CURRENT ASSETS
Debtors 6 81,504 78,730
Cash at bank 103,044 65,676
184,548 144,406
CREDITORS
Amounts falling due within one year 7 20,136 48,471
NET CURRENT ASSETS 164,412 95,935
TOTAL ASSETS LESS CURRENT
LIABILITIES

164,412

102,836

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 164,411 102,835
164,412 102,836

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 2 July 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 2 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Prism Design Limited (Registered number: 10275102)

Balance Sheet - continued
2 July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





Mr C P Ford - Director


Prism Design Limited (Registered number: 10275102)

Notes to the Financial Statements
for the Period 31 July 2023 to 2 July 2024


1. STATUTORY INFORMATION

Prism Design Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; it is probable that future economic benefits will flow to the entity and when the specific criteria relating to each of the company's sales channels have been met, as described below.

The company provides consultancy services to other organisations, these services are provided on a time and material basis or as a fixed price contract.

Interest income is recognised using the effective interest rate method.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Prism Design Limited (Registered number: 10275102)

Notes to the Financial Statements - continued
for the Period 31 July 2023 to 2 July 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Directors do not consider there to be any material estimates and judgements.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors, are initially recognised at transaction value and subsequently measured at their settlement value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 31 July 2023 2,971
Disposals (865 )
At 2 July 2024 2,106
AMORTISATION
At 31 July 2023
and 2 July 2024 2,106
NET BOOK VALUE
At 2 July 2024 -
At 30 July 2023 865

Prism Design Limited (Registered number: 10275102)

Notes to the Financial Statements - continued
for the Period 31 July 2023 to 2 July 2024


5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 31 July 2023 12,433
Disposals (12,433 )
At 2 July 2024 -
DEPRECIATION
At 31 July 2023 6,397
Eliminated on disposal (6,397 )
At 2 July 2024 -
NET BOOK VALUE
At 2 July 2024 -
At 30 July 2023 6,036

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 77,435
Other debtors 81,504 1,295
81,504 78,730

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 948
Taxation and social security 19,636 46,737
Other creditors 500 786
20,136 48,471