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Registered Number: 08838933
England and Wales

 

 

 

GNW DESIGNER STUDIO LTD


Abridged Accounts
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
Accountants report
You consider that the company is exempt from an audit for the year ended 31 January 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts. 



....................................................

Solutions Accountants & financial Services Ltd

149 Radford Road
Nottingham
NG7 5EH
19 September 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 69,764    51,686 
69,764    51,686 
Current assets      
Stocks 105,238    130,885 
Debtors: amounts falling due within one year 162    1,192 
Cash at bank and in hand 147    1,041 
105,547    133,118 
Creditors: amount falling due within one year (25,231)   (39,483)
Net current assets 80,316    93,635 
 
Total assets less current liabilities 150,080    145,321 
Creditors: amount falling due after more than one year (129,639)   (121,667)
Net assets 20,441    23,654 
 

Capital and reserves
     
Called up share capital 4 4    4 
Profit and loss account 20,437    23,650 
Shareholders' funds 20,441    23,654 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 19 September 2024 and were signed on its behalf by:


-------------------------------
Gihan Nissanka WITHANAGE
Director
2
General Information
GNW Designer Studio Ltd is a private company, limited by shares, registered in England and Wales, registration number 08838933, registration address 5 Crummock, York, YO24 2SU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer and office equipment: 18%
Fixtures & fittings: 8%
Motor Vehicles 6% Reducing Balance
Fixtures and Fittings 6% Reducing Balance
Computer Equipment 18% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

2
Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 February 2023 52,827    688    5,829    59,344 
Additions 67,264        67,264 
Disposals (52,827)       (52,827)
At 31 January 2024 67,264    688    5,829    73,781 
Depreciation
At 01 February 2023 4,163    502    2,993    7,658 
Charge for year 2,920    11    511    3,442 
On disposals (7,083)       (7,083)
At 31 January 2024   513    3,504    4,017 
Net book values
Closing balance as at 31 January 2024 67,264    175    2,325    69,764 
Opening balance as at 01 February 2023 48,664    186    2,836    51,686 


4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
4 Class A shares of £1.00 each  
 

3