Registration number:
D.I. Design & Development Consultants (U.K.) Limited
for the Year Ended 31 October 2023
D.I. Design & Development Consultants (U.K.) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
D.I. Design & Development Consultants (U.K.) Limited
Company Information
Directors |
Davide Gabriele Padoa Lucio Guerra |
Company secretary |
Paul Alexander Brooks Molle |
Registered office |
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Auditors |
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D.I. Design & Development Consultants (U.K.) Limited
(Registration number: 01913450)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
5,000 |
5,000 |
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Retained earnings |
556,287 |
599,135 |
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Shareholders' funds |
561,287 |
604,135 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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D.I. Design & Development Consultants (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Presentational currency for these financial statements is Sterling Pound.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
D.I. Design & Development Consultants (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Audit report
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Revenue recognition
Turnover comprises the contractual value for the provision of architectural consultancy, net of value added tax.
The company recognises revenue when:
- the amount of revenue can be reliably measured as approved by the client; or as defined within the specific payment schedule as outlined in the terms of the contract;
- it is probable that future economic benefits will flow to the entity as per specific payment terms normally 30 or 60 days from the invoice date.
Other operating income
Other operating income represents rental income which is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rental income is recognised on an accrual basis over the period of the rental agreements.
Government grants
Money received in the form of a government grant is treated as a revenue grant. Therefore, grant income is recorded within other income in the income statement on a systematic basis in the same periods as the related expenses occurred.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
D.I. Design & Development Consultants (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
10% straight line |
Fixtures and fittings |
20% straight line |
Office equipment |
20%, 25% and 33% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Work in progress is stated at the lower of cost and estimated net realisable value. Cost is determined using the percentage of completion method.
The cost of work in progress comprises direct labour costs and those overheads that have been incurred in bringing the contractual work to their present location and condition. At each reporting date, WIP is assessed for impairment. If WIP is impaired, the carrying amount is reduced accordingly; the impairment loss is recognised immediately in profit or loss.
D.I. Design & Development Consultants (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
D.I. Design & Development Consultants (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Tangible assets |
Leasehold improvements |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 November 2022 |
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Additions |
- |
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At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Included within the net book value of land and buildings above is £126,315 (2022 - £157,099) in respect of leasehold improvements.
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Investments in associates |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 November 2022 |
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Provision |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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D.I. Design & Development Consultants (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Associates |
£ |
Cost |
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At 1 November 2022 |
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Provision |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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China |
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Associates |
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Ordinary |
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England |
Subsidiary undertakings |
Design International Co. Limited The principal activity of Design International Co. Limited is |
Associates |
D I Development Limited The principal activity of D I Development Limited is |
Stocks |
2023 |
2022 |
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Work in progress |
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D.I. Design & Development Consultants (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
- |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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The obligations under finance leases are secured on the assets concerned.
The bank overdraft is secured by debentures covering all assets of the company dated 28.02.2020.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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5,000 |
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5,000 |
D.I. Design & Development Consultants (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Other borrowings |
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Current loans and borrowings
2023 |
2022 |
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Bank overdrafts |
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Other borrowings |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
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Related party transactions |
Transactions with directors |
2023 |
At 1 November 2022 |
Repayments by director |
At 31 October 2023 |
Davide Gabriele Padoa |
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Amount due to/(from) |
- |
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Summary of transactions with parent
During the year, D.I. Design & Development Consultants (U.K.) Limited charged PDI (Holdings) Limited £250,000 (2022: £Nil) for property improvement consultation.
As at 31.10.2023, amount owed to PDI (Holdings) Limited was £664,213 (2022: £659,007).
D.I. Design & Development Consultants (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Summary of transactions with subsidiaries
Design International Co. Limited charges the Company for its time, acting as a sub-consultant on some UK contracts on projects based internationally. The charges during the year were £Nil (2022: £Nil). As at 31.10.2023, the amount owed to Design International Co. Limited was £31,660 (2022: £31,660).
Summary of transactions with other related parties
Design International Srl charges the Company for its time, acting as a sub-consultant on UK contracts on projects based in Europe. The charges during the year were £820,000 (2022: £820,000). As at 31.10.2023, balance owed from/(to) Design International Srl was £Nil (2022: £56,313).
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is