D.I. Design & Development Consultants (U.K.) Limited 01913450 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is that of design and development consultants. Digita Accounts Production Advanced 6.30.9574.0 false false true true 01913450 2022-11-01 2023-10-31 01913450 2023-10-31 01913450 bus:Director1 1 2023-10-31 01913450 bus:OrdinaryShareClass1 2023-10-31 01913450 core:CurrentFinancialInstruments 2023-10-31 01913450 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 01913450 core:Non-currentFinancialInstruments 2023-10-31 01913450 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 01913450 core:BetweenTwoFiveYears 2023-10-31 01913450 core:WithinOneYear 2023-10-31 01913450 core:FurnitureFittings 2023-10-31 01913450 core:LandBuildings core:ShortLeaseholdAssets 2023-10-31 01913450 core:OtherPropertyPlantEquipment 2023-10-31 01913450 bus:SmallEntities 2022-11-01 2023-10-31 01913450 bus:Audited 2022-11-01 2023-10-31 01913450 bus:FilletedAccounts 2022-11-01 2023-10-31 01913450 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 01913450 bus:RegisteredOffice 2022-11-01 2023-10-31 01913450 bus:CompanySecretary1 2022-11-01 2023-10-31 01913450 bus:Director1 2022-11-01 2023-10-31 01913450 bus:Director1 1 2022-11-01 2023-10-31 01913450 bus:Director2 2022-11-01 2023-10-31 01913450 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 01913450 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 01913450 core:Associate1 2022-11-01 2023-10-31 01913450 core:Associate1 countries:AllCountries 2022-11-01 2023-10-31 01913450 core:FurnitureFittings 2022-11-01 2023-10-31 01913450 core:LandBuildings core:ShortLeaseholdAssets 2022-11-01 2023-10-31 01913450 core:LeaseholdImprovements 2022-11-01 2023-10-31 01913450 core:OfficeEquipment 2022-11-01 2023-10-31 01913450 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 01913450 core:AllSubsidiaries 2022-11-01 2023-10-31 01913450 core:OtherRelatedParties 2022-11-01 2023-10-31 01913450 core:ParentEntities 2022-11-01 2023-10-31 01913450 core:Subsidiary1 2022-11-01 2023-10-31 01913450 core:Subsidiary1 1 2022-11-01 2023-10-31 01913450 core:Subsidiary1 countries:China 2022-11-01 2023-10-31 01913450 1 2022-11-01 2023-10-31 01913450 countries:England 2022-11-01 2023-10-31 01913450 2022-10-31 01913450 bus:Director1 1 2022-10-31 01913450 core:CostValuation 2022-10-31 01913450 core:FurnitureFittings 2022-10-31 01913450 core:LandBuildings core:ShortLeaseholdAssets 2022-10-31 01913450 core:OtherPropertyPlantEquipment 2022-10-31 01913450 2021-11-01 2022-10-31 01913450 2022-10-31 01913450 bus:OrdinaryShareClass1 2022-10-31 01913450 core:CurrentFinancialInstruments 2022-10-31 01913450 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 01913450 core:Non-currentFinancialInstruments 2022-10-31 01913450 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 01913450 core:BetweenTwoFiveYears 2022-10-31 01913450 core:WithinOneYear 2022-10-31 01913450 core:FurnitureFittings 2022-10-31 01913450 core:LandBuildings core:ShortLeaseholdAssets 2022-10-31 01913450 core:OtherPropertyPlantEquipment 2022-10-31 01913450 core:Associate1 2021-11-01 2022-10-31 01913450 core:Subsidiary1 1 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01913450

D.I. Design & Development Consultants (U.K.) Limited

Filleted Financial Statements

for the Year Ended 31 October 2023

 

D.I. Design & Development Consultants (U.K.) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

D.I. Design & Development Consultants (U.K.) Limited

Company Information

Directors

Davide Gabriele Padoa

Lucio Guerra

Company secretary

Paul Alexander Brooks Molle

Registered office

163 Tower Bridge Road
London
SE1 3LW

Auditors

Carbon Accountancy Limited
Chartered Accountants and Statutory Auditors
80-83 Long Lane
London
EC1A 9ET

 

D.I. Design & Development Consultants (U.K.) Limited

(Registration number: 01913450)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

152,902

190,683

Investments

5

50,001

50,001

 

202,903

240,684

Current assets

 

Stocks

6

138,067

114,839

Debtors

7

1,943,132

1,807,167

Cash at bank and in hand

 

180,507

22,815

 

2,261,706

1,944,821

Creditors: Amounts falling due within one year

8

(1,706,840)

(1,316,390)

Net current assets

 

554,866

628,431

Total assets less current liabilities

 

757,769

869,115

Creditors: Amounts falling due after more than one year

8

(165,000)

(235,000)

Provisions for liabilities

(31,482)

(29,980)

Net assets

 

561,287

604,135

Capital and reserves

 

Called up share capital

9

5,000

5,000

Retained earnings

556,287

599,135

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 Board on 29 October 2024 and signed on its behalf by:
 

.........................................
Davide Gabriele Padoa
Director

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
163 Tower Bridge Road
London
SE1 3LW

These financial statements were authorised for issue by the Board on 29 October 2024.

2

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

The group headed by D.I. Design & Development Consultants (UK) Limited has taken exemption available under Section 400, Companies Act 2006 from preparing consolidated financial statements, which are included in the group accounts of a larger UK entity i.e., PDI (Holdings) Limited.

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

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 29 October 2024 was John Leyden FCA, who signed for and on behalf of Carbon Accountancy Limited.

.........................................

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2022 - 25).

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Office equipment
 £

Total
£

Cost or valuation

At 1 November 2022

307,844

23,930

336,192

667,966

Additions

-

1,399

4,701

6,100

At 31 October 2023

307,844

25,329

340,893

674,066

Depreciation

At 1 November 2022

150,745

21,579

304,959

477,283

Charge for the year

30,784

2,955

10,142

43,881

At 31 October 2023

181,529

24,534

315,101

521,164

Carrying amount

At 31 October 2023

126,315

795

25,792

152,902

At 31 October 2022

157,099

2,351

31,233

190,683

Included within the net book value of land and buildings above is £126,315 (2022 - £157,099) in respect of leasehold improvements.
 

5

Investments

2023
£

2022
£

Investments in subsidiaries

50,000

50,000

Investments in associates

1

1

50,001

50,001

Subsidiaries

£

Cost or valuation

At 1 November 2022

50,000

Provision

Carrying amount

At 31 October 2023

50,000

At 31 October 2022

50,000

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Associates

£

Cost

At 1 November 2022

1

Provision

Carrying amount

At 31 October 2023

1

At 31 October 2022

1

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

2023

2022

Subsidiary undertakings

Design International Co. Limited

China

Ordinary

100%

100%

Associates

D I Development Limited

Ordinary

50%

50%

England

Subsidiary undertakings

Design International Co. Limited

The principal activity of Design International Co. Limited is that of design and development consultants.

Associates

D I Development Limited

The principal activity of D I Development Limited is that of a dormant company.

6

Stocks

2023
£

2022
£

Work in progress

138,067

114,839

 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,091,861

1,090,159

Amounts owed by related parties

12

-

56,313

Prepayments

 

197,538

183,723

Other debtors

 

653,733

476,972

   

1,943,132

1,807,167

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

199,137

188,272

Trade creditors

 

452,471

316,365

Amounts owed to group undertakings

12

695,874

690,667

Taxation and social security

 

76,476

43,358

Accruals and deferred income

 

65,734

12,802

Other creditors

 

217,148

64,926

 

1,706,840

1,316,390

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

165,000

235,000

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.

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

5,000

5,000

5,000

5,000

       
 

D.I. Design & Development Consultants (U.K.) Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

165,000

235,000

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

166,637

155,772

Other borrowings

32,500

32,500

199,137

188,272

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

462,041

462,041

Later than one year and not later than five years

136,714

598,755

598,755

1,060,796

12

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Repayments by director
£

At 31 October 2023
£

Davide Gabriele Padoa

Amount due to/(from)

-

130,000

130,000

Summary of transactions with parent

PDI (Holdings) Limited
 During the year, PDI (Holdings) Limited charged D.I. Design & Development Consultants (U.K.) Limited rent of £462,041 (2022: £462,041).
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 - 100% owned subsidiary based in China
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 - 100% owned Italy based subsidiary of the ultimate parent company PDI (Holdings) Limited
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).

 

13

Parent and ultimate parent undertaking

The company's immediate parent is PDI (Holdings) Limited, incorporated in England.

 The ultimate controlling party is Davide Gabriele Padoa by virtue of 85% shareholding in PDI (Holdings) Limited.

The parent of the largest group in which these financial statements are consolidated is PDI (Holdings) Limited, incorporated in England.