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Company No: 04378384 (England and Wales)

RETAIL DESIGN SOLUTIONS (CONSULTANCY) LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

RETAIL DESIGN SOLUTIONS (CONSULTANCY) LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

RETAIL DESIGN SOLUTIONS (CONSULTANCY) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
RETAIL DESIGN SOLUTIONS (CONSULTANCY) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 170,348 992,412
Investments 4 200 361,679
170,548 1,354,091
Current assets
Debtors 5 2,054,803 697,388
Cash at bank and in hand 33,512 90,624
2,088,315 788,012
Creditors: amounts falling due within one year 6 ( 457,246) ( 419,412)
Net current assets 1,631,069 368,600
Total assets less current liabilities 1,801,617 1,722,691
Creditors: amounts falling due after more than one year 7 ( 36,308) ( 104,269)
Provision for liabilities ( 48,845) ( 58,190)
Net assets 1,716,464 1,560,232
Capital and reserves
Called-up share capital 8 950 950
Profit and loss account 1,715,514 1,559,282
Total shareholder's funds 1,716,464 1,560,232

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Retail Design Solutions (Consultancy) Limited (registered number: 04378384) were approved and authorised for issue by the Board of Directors on 03 October 2024. They were signed on its behalf by:

Mr D P Kent
Director
RETAIL DESIGN SOLUTIONS (CONSULTANCY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
RETAIL DESIGN SOLUTIONS (CONSULTANCY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Retail Design Solutions (Consultancy) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Mill Store, Foundry Lane, Earls Colne, CO6 2SB, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 15 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 42 48

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 May 2023 797,442 78,821 42,961 74,560 662,850 1,656,634
Additions 0 0 840 0 26,480 27,320
Disposals ( 797,442) 0 0 0 0 ( 797,442)
At 30 April 2024 0 78,821 43,801 74,560 689,330 886,512
Accumulated depreciation
At 01 May 2023 0 74,837 32,661 68,434 488,290 664,222
Charge for the financial year 0 996 1,660 919 48,367 51,942
At 30 April 2024 0 75,833 34,321 69,353 536,657 716,164
Net book value
At 30 April 2024 0 2,988 9,480 5,207 152,673 170,348
At 30 April 2023 797,442 3,984 10,300 6,126 174,560 992,412

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 200
At 30 April 2024 200
Carrying value at 30 April 2024 200
Carrying value at 30 April 2023 200

Listed investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 361,479 361,479
Disposals ( 361,479) ( 361,479)
At 30 April 2024 0 0
Carrying value at 30 April 2024 0 0
Carrying value at 30 April 2023 361,479 361,479

5. Debtors

2024 2023
£ £
Trade debtors 399,990 537,741
Amounts owed by Group undertakings 1,579,466 0
Other debtors 75,347 159,647
2,054,803 697,388

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 225,256 164,817
Trade creditors 73,960 85,207
Taxation and social security 145,435 156,911
Other creditors 12,595 12,477
457,246 419,412

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 36,308 104,269

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
950 Ordinary shares of £ 1.00 each 950 950

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 7,031 7,969

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Mr K P Kent 0 93,742
Mr D Kent 10,000 10,000

The amount mentioned above is included in debtors due within one year. The account is interest free.