Registered number
09382258
Home Design Direct Limited
Filleted Accounts
31 January 2024
Home Design Direct Limited
Registered number: 09382258
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 789,338 811,446
Current assets
Stocks 406,880 473,110
Debtors 4 120,500 118,531
Cash at bank and in hand 240,693 466,079
768,073 1,057,720
Creditors: amounts falling due within one year 5 (438,003) (387,745)
Net current assets 330,070 669,975
Total assets less current liabilities 1,119,408 1,481,421
Creditors: amounts falling due after more than one year 6 (765,798) (1,122,349)
Net assets 353,610 359,072
Capital and reserves
Called up share capital 5 5
Profit and loss account 353,605 359,067
Shareholder's funds 353,610 359,072
Continued…
Continued…
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Foynes
Director
Approved by the board on 30 October 2024
Home Design Direct Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% straight line
Plant and machinery 20% straight line
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 944,936 35,057 34,506 1,014,499
Additions - 4,771 - 4,771
At 31 January 2024 944,936 39,828 34,506 1,019,270
Depreciation
At 1 February 2023 157,488 16,964 28,601 203,053
Charge for the year 19,686 5,716 1,477 26,879
At 31 January 2024 177,174 22,680 30,078 229,932
Net book value
At 31 January 2024 767,762 17,148 4,428 789,338
At 31 January 2023 787,448 18,093 5,905 811,446
4 Debtors 2024 2023
£ £
Trade debtors 63,922 65,555
Other debtors 56,578 52,976
120,500 118,531
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 43,684 61,558
Trade creditors 126,943 153,562
Corporation tax - 19,208
Other taxes and social security costs 35,634 32,426
Other creditors 231,742 120,991
438,003 387,745
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 134,910 451,461
Other creditors 630,888 670,888
765,798 1,122,349
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years - 235,610
Secured borrowings 104,501 404,630
Bank borrowings are secured against the company's freehold property. Hire purchase liabilities are secured against the assets acquired under the respective hire purchase agreements.
8 Other information
Home Design Direct Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Stile House
Menith Wood
Stockton
Worcestershire
WR6 6UN
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