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Company Registration No. 03902537 (England and Wales)
PHILOSOPHY DESIGN LIMITED Unaudited accounts for the year ended 31 March 2024
PHILOSOPHY DESIGN LIMITED Unaudited accounts Contents
Page
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PHILOSOPHY DESIGN LIMITED Company Information for the year ended 31 March 2024
Director
Sara Woods
Company Number
03902537 (England and Wales)
Registered Office
Huckletree Shoreditch Alphabeta Building 18 Finsbury Square London EC2A 1AH UNITED KINGDOM
Accountants
Warwick McArdle 55 Ellerton Road London SW18 3NQ
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PHILOSOPHY DESIGN LIMITED Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
15,796 
8,040 
Current assets
Inventories
43,500 
32,100 
Debtors
414,726 
232,275 
Cash at bank and in hand
(59,499)
12,184 
398,727 
276,559 
Creditors: amounts falling due within one year
(394,892)
(268,321)
Net current assets
3,835 
8,238 
Net assets
19,631 
16,278 
Capital and reserves
Called up share capital
51 
102 
Capital contribution reserve
(30,000)
- 
Profit and loss account
49,580 
16,176 
Shareholders' funds
19,631 
16,278 
For the year ending 31 March 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 October 2024 and were signed on its behalf by
Sara Woods Director Company Registration No. 03902537
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PHILOSOPHY DESIGN LIMITED Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
PHILOSOPHY DESIGN LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03902537. The registered office is Huckletree Shoreditch Alphabeta Building, 18 Finsbury Square, London, EC2A 1AH, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the forseeable future, being a period of at least 12 months from the date of these financial statements were approved. Accordingly, she continues to adopt the going concern basis in preparing the financial statements.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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PHILOSOPHY DESIGN LIMITED Notes to the Accounts for the year ended 31 March 2024
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% reducing balance
Computer equipment
25%
Other tangible fixed assets
Short term leasehold property - straight line over lease term
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2023
- 
29,763 
29,763 
Additions
- 
10,763 
10,763 
At 31 March 2024
- 
40,526 
40,526 
Depreciation
At 1 April 2023
1 
21,722 
21,723 
Charge for the year
- 
3,008 
3,008 
On disposals
(1)
- 
(1)
At 31 March 2024
- 
24,730 
24,730 
Net book value
At 31 March 2024
- 
15,796 
15,796 
At 31 March 2023
(1)
8,041 
8,040 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
406,763 
221,197 
Accrued income and prepayments
2,767 
1,926 
Other debtors
5,196 
9,152 
414,726 
232,275 
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PHILOSOPHY DESIGN LIMITED Notes to the Accounts for the year ended 31 March 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
78,459 
43,707 
Trade creditors
130,705 
117,031 
Taxes and social security
27,994 
69,970 
Other creditors
136,708 
23,877 
Accruals
21,026 
13,736 
394,892 
268,321 
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
51 Ordinary shares of £1 each
51 
102 
8
Transactions with related parties
As at the balance sheet date, the company owed the director £335 (2023: Directors owed £6,652 to the Company).
9
Average number of employees
During the year the average number of employees was 9 (2023: 9).
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