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Registered number: 04949728














VAN DER HURD STUDIO (UK) LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VAN DER HURD STUDIO (UK) LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9


 
VAN DER HURD STUDIO (UK) LIMITED
REGISTERED NUMBER:04949728

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,413
10,244

  
7,413
10,244

Current assets
  

Stocks
 5 
63,611
73,314

Debtors: amounts falling due within one year
 6 
471,804
274,627

Cash at bank and in hand
 7 
1,236,616
1,181,377

  
1,772,031
1,529,318

Creditors: amounts falling due within one year
 8 
(711,822)
(609,369)

Net current assets
  
 
 
1,060,209
 
 
919,949

Total assets less current liabilities
  
1,067,622
930,193

Provisions for liabilities
  

Deferred tax
 9 
(1,771)
(2,346)

  
 
 
(1,771)
 
 
(2,346)

Net assets
  
1,065,851
927,847


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,065,751
927,747

  
1,065,851
927,847


1

 
VAN DER HURD STUDIO (UK) LIMITED
REGISTERED NUMBER:04949728
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2024.



C J Van Der Hurd
Director

2

 
VAN DER HURD STUDIO (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
563,256
563,356



Profit for the year
-
394,491
394,491

Dividends: Equity capital
-
(30,000)
(30,000)



At 1 January 2023
100
927,747
927,847



Profit for the year
-
168,004
168,004

Dividends: Equity capital
-
(30,000)
(30,000)


At 31 December 2023
100
1,065,751
1,065,851


The notes on pages 4 to 9 form part of these financial statements.

3

 
VAN DER HURD STUDIO (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Van Der Hurd Studio (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 04949728 . 
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal business address is 17 Portobello Road, London, W11 3DA.
The principal activity of the company continued to be that of textile design services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Turnover

Turnover represents amounts receivable for textile design services and related products net of
VAT and trade discounts.

 
2.4

 Interest income

Interest income is recognised in profit or loss using the effective interest method.

4

 
VAN DER HURD STUDIO (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

The company made employer contribution payments totalling £120,000 (2022 - £80,000) during the year into SIPPs for two employees.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

5

 
VAN DER HURD STUDIO (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20% straight line
Fixtures and fittings
-
20% straight line
Computer equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.10

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.11

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

6

 
VAN DER HURD STUDIO (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 January 2023
30,698
35,009
65,707



At 31 December 2023

30,698
35,009
65,707



Depreciation


At 1 January 2023
30,698
24,765
55,463


Charge for the year on owned assets
-
2,831
2,831



At 31 December 2023

30,698
27,596
58,294



Net book value



At 31 December 2023
-
7,413
7,413



At 31 December 2022
-
10,244
10,244


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
63,611
73,314

63,611
73,314



6.


Debtors

2023
2022
£
£


Trade debtors
373,457
235,716
7

 
VAN DER HURD STUDIO (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.Debtors (continued)


Other debtors
91,821
32,718

Prepayments and accrued income
6,526
6,193

471,804
274,627



7.


Cash

2023
2022
£
£

Cash at bank and in hand
1,236,616
1,181,377

1,236,616
1,181,377



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
169,999
117,949

Corporation tax
55,731
93,671

Other taxation and social security
39,445
41,022

Other creditors
73,131
74,515

Accruals and deferred income
373,516
282,212

711,822
609,369



9.


Deferred taxation




2023
2022


£

£






At beginning of year
(2,346)
(1,487)


Charged to profit or loss
575
(859)



At end of year
(1,771)
(2,346)

8

 
VAN DER HURD STUDIO (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,771)
(2,346)

(1,771)
(2,346)


10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £124,325 (2022 - £84,156) . Contributions totalling £773 (2022 - £862) were payable to the fund at the balance sheet date and are included in creditors.
The company made employer contribution payments totalling £120,000 (2022 - £80,000) during the year into SIPPs for two employees.


11.


Related party transactions

During the year remuneration of £145,343 (2022 - £85,659) was paid to the directors.
During the year £30,000 dividends (2022 - £30,000) were paid to the directors.
At the year end a balance of £
63,201 (2022 - £45,688) was due to the directors.

 
9