Company Registration No. 14118021 (England and Wales)
THE GLOBAL DESIGN STUDIO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THE GLOBAL DESIGN STUDIO LTD
COMPANY INFORMATION
Directors
Mr D.A. Parrish
Miss A M Parrish
Company number
14118021
Registered office
4 Falcon Estate Mochdre Business Park
Black Marsh Road
Colwyn Bay
Conwy
Wales
LL28 5HB
Accountants
Gareth Hughes & Company Limited
The Round House
Glan-y-Mor Road
Llandudno Junction
Conwy
LL31 9SN
THE GLOBAL DESIGN STUDIO LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE GLOBAL DESIGN STUDIO LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,635
Current assets
Stocks
93,500
100,211
Debtors
4
55,194
33,018
Cash at bank and in hand
104,660
106,045
253,354
239,274
Creditors: amounts falling due within one year
5
(145,912)
(183,641)
Net current assets
107,442
55,633
Net assets
110,077
55,633
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
109,977
55,533
Total equity
110,077
55,633
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 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.
The directors of the company have 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 3 October 2024 and are signed on its behalf by:
Mr D.A. Parrish
Director
Company registration number 14118021 (England and Wales)
THE GLOBAL DESIGN STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
The Global Design Studio Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Falcon Estate Mochdre Business Park, Black Marsh Road, Colwyn Bay, Conwy, Wales, LL28 5HB.
1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for good and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% Reducing Balance Method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stock is valued at the lower of cost and net realisable value.
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THE GLOBAL DESIGN STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
Additions
2,691
At 30 April 2024
2,691
Depreciation and impairment
At 1 May 2023
Depreciation charged in the year
56
At 30 April 2024
56
Carrying amount
At 30 April 2024
2,635
At 30 April 2023
THE GLOBAL DESIGN STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,665
24,505
Other debtors
47,529
8,513
55,194
33,018
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,561
28,948
Amounts owed to group undertakings
2,337
5,446
Taxation and social security
36,464
29,421
Other creditors
90,550
119,826
145,912
183,641
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
25
25
25
25
Ordinary B Shares of £1 each
75
75
75
75
100
100
100
100
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr D Parrish
2.25
3,713
44,612
558
(5,936)
42,947
3,713
44,612
558
(5,936)
42,947
8
Parent company
The Global Design Studio Ltd is a 75% owned subsidiary of Global Tiles Ltd.