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REGISTERED NUMBER: 02345460 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 October 2023

for

THE DIRECT DESIGN STUDIO LIMITED

THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460)

Contents of the Financial Statements
for the year ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

THE DIRECT DESIGN STUDIO LIMITED

Company Information
for the year ended 31 October 2023







Directors: D P Britton
N R Goodman
A Hamilton Smith





Secretary: D P Britton





Registered office: Grapes House
79a High Street
Esher
Surrey
KT10 9QA





Registered number: 02345460 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY

THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460)

Balance Sheet
31 October 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 353 1,703
353 1,703

Current assets
Stocks 15,818 25,818
Debtors 6 422,014 460,866
Cash at bank 22,825 17,506
460,657 504,190
Creditors
Amounts falling due within one year 7 289,662 308,130
Net current assets 170,995 196,060
Total assets less current liabilities 171,348 197,763

Creditors
Amounts falling due after more than one
year

8

(17,554

)

(27,570

)

Provisions for liabilities (163 ) (324 )
Net assets 153,631 169,869

Capital and reserves
Called up share capital 10 120,000 120,000
Retained earnings 33,631 49,869
Shareholders' funds 153,631 169,869

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460)

Balance Sheet - continued
31 October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:





N R Goodman - Director


THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460)

Notes to the Financial Statements
for the year ended 31 October 2023


1. Statutory information

The Direct Design Studio Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
The turnover shown in the profit and loss account represents fees receivable for services provided during the year.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows;

Goodwill - 10% per annum on cost

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on reducing balance
Plant and machinery - 33% on cost

All fixed assets are initially recorded at cost.

Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments
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 entity after deducting all of its financial liabilities.

THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460)

Notes to the Financial Statements - continued
for the year ended 31 October 2023


2. Accounting policies - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 7 (2022 - 7 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022
and 31 October 2023 160,772
Amortisation
At 1 November 2022
and 31 October 2023 160,772
Net book value
At 31 October 2023 -
At 31 October 2022 -

THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460)

Notes to the Financial Statements - continued
for the year ended 31 October 2023


5. Tangible fixed assets
Improvements Plant and
to property machinery Totals
£ £ £
Cost
At 1 November 2022 1,140 23,494 24,634
Disposals (1,140 ) (13,340 ) (14,480 )
At 31 October 2023 - 10,154 10,154
Depreciation
At 1 November 2022 766 22,165 22,931
Charge for year 75 976 1,051
Eliminated on disposal (841 ) (13,340 ) (14,181 )
At 31 October 2023 - 9,801 9,801
Net book value
At 31 October 2023 - 353 353
At 31 October 2022 374 1,329 1,703

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 219,814 238,334
Other debtors 202,200 222,532
422,014 460,866

7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 160,806 162,416
Trade creditors 40,583 58,211
Taxation and social security 78,772 74,586
Other creditors 9,501 12,917
289,662 308,130

8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 17,554 27,570

9. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 150,786 152,395

THE DIRECT DESIGN STUDIO LIMITED (REGISTERED NUMBER: 02345460)

Notes to the Financial Statements - continued
for the year ended 31 October 2023


10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
120,000 Ordinary shares £1 120,000 120,000

11. Related party disclosures

The directors owed the company £155,409 (2022: £160,600) at the year end. The loans are interest free and repayable on demand.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
The Direct Design Studio Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Direct Design Studio Limited for the year ended 31 October 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Direct Design Studio Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Direct Design Studio Limited and state those matters that we have agreed to state to the Board of Directors of The Direct Design Studio Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Direct Design Studio Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Direct Design Studio Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Direct Design Studio Limited. You consider that The Direct Design Studio Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Direct Design Studio Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY


1 August 2024