Company registration number 05199205 (England and Wales)
DESIGNPM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DESIGNPM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
DESIGNPM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
155,231
129,338
Cash at bank and in hand
27,879
155,231
157,217
Creditors: amounts falling due within one year
4
(14,078)
(14,461)
Net current assets
141,153
142,756
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
141,151
142,754
Total equity
141,153
142,756
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Mr V Larnicol
Director
Company registration number 05199205 (England and Wales)
DESIGNPM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
DesignPM Limited is a private company limited by shares incorporated in England and Wales. The registered office is India House, 45 Curlew Street, London, SE1 2ND.
1.1
Reporting period
The previous year end was reduced by 3 Months to coincide with the other UK companies in the group. Therefore the comparative amounts presented in the financial statements are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The directors took the decision to transfer the trade, assets and liabilities to another group entity as of the 31 August 2022, as a consequence the entity ceased to trade on this date and therefore the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for project management services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of project management services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
DESIGNPM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
129,338
129,338
Other debtors
25,893
155,231
129,338
Amounts owed by group undertakings are interest free, with no security and no fixed repayment terms.
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
253
8,400
Amounts owed to group undertakings
4,977
Taxation and social security
6,348
1,062
Other creditors
2,500
4,999
14,078
14,461
Amounts owed to group undertakings are interest free, with no security and no fixed repayment terms.
DESIGNPM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
We draw attention to note 1.3 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.3. Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Mary Gregori FCA, FCCA
Statutory Auditor:
Goldblatts
Date of audit report:
23 September 2024
7
Parent company
The ultimate controlling entity is Chargeurs SA, the smallest and largest group which produces consolidated financial statements in which the company is included, Chargeurs SA is incorporated in France. The financial statements for Chargeurs SA are publicly available from 7 Rue Kepler, 75116, Paris, France.