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Dust Design Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Walji & Co Private Clients Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07307205
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,929 30,170
13,929 30,170
CURRENT ASSETS
Debtors 5 242,637 389,688
Cash at bank and in hand 353 653
242,990 390,341
Creditors: Amounts Falling Due Within One Year 6 (447,399 ) (381,782 )
NET CURRENT ASSETS (LIABILITIES) (204,409 ) 8,559
TOTAL ASSETS LESS CURRENT LIABILITIES (190,480 ) 38,729
Creditors: Amounts Falling Due After More Than One Year 7 (86,860 ) (130,365 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,250 ) (5,732 )
NET LIABILITIES (279,590 ) (97,368 )
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account (279,600 ) (97,378 )
SHAREHOLDERS' FUNDS (279,590) (97,368)
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A G Ambrose
Director
29/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Dust Design Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07307205 . The registered office is Studio 2, 6-8 Cole Street, London, SE1 4YH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Straight line over 15 years
Motor Vehicles 20% on cost
Fixtures & Fittings 33% and 20% on cost
Computer Equipment 33% and 20% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 11)
11 11
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 7,764 31,608 107,530 85,368 232,270
Additions - - 133 1,542 1,675
Disposals - - - (24,309 ) (24,309 )
As at 31 January 2024 7,764 31,608 107,663 62,601 209,636
Depreciation
As at 1 February 2023 2,847 24,233 94,647 80,373 202,100
Provided during the period 517 6,321 7,729 3,349 17,916
Disposals - - - (24,309 ) (24,309 )
As at 31 January 2024 3,364 30,554 102,376 59,413 195,707
Net Book Value
As at 31 January 2024 4,400 1,054 5,287 3,188 13,929
As at 1 February 2023 4,917 7,375 12,883 4,995 30,170
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 108,673 103,699
Prepayments and accrued income 113,955 85,985
Rent deposit 20,009 19,359
Amounts owed by group undertakings - 180,645
242,637 389,688
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,220 7,317
Trade creditors 33,423 21,850
Bank loans and overdrafts 53,476 45,552
Corporation tax - 260
Other taxes and social security 39,643 26,820
VAT 226,978 166,187
Net wages 9,150 26,302
Other loans 1 11,594 12,109
Sundry creditors - 741
Pension creditor 1,646 1,978
Credit card accounts 10,077 13,788
Funding Circle - loan 25,240 25,240
Rent deposit received 14,400 14,400
Accruals and deferred income - 19,238
Amounts owed to group undertakings 20,552 -
447,399 381,782
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 1,220
Other loan 1 - 11,592
Funding Circle Loan 55,131 80,371
Bounceback loan 31,729 37,182
86,860 130,365
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,220 7,317
Later than one year and not later than five years - 1,220
1,220 8,537
1,220 8,537
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
10. Related Party Transactions
Dust Group LimitedParentLoan from parent company £168,377 ( loan from parent 2023 - £117,432)

Dust Group Limited

Parent

Loan from parent company £168,377 ( loan from parent 2023 - £117,432)

Dust Creative LtdA company in which Mr A Ambrose and Mrs N Ambrose are also the directors and only shareholdersDuring the year, the company received consultancy services from Dust Creative Ltd amounting to £12,000 (2023 - £12,000). At the year end no amount was outstanding (2023 - £nil).

Dust Creative Ltd

A company in which Mr A Ambrose and Mrs N Ambrose are also the directors and only shareholders

During the year, the company received consultancy services from Dust Creative Ltd amounting to £12,000 (2023 - £12,000). At the year end no amount was outstanding (2023 - £nil).

Dust Project Management LtdAssociated CompanyLoan to associate £147,824 (loan to associate 2023 - £298,078). During the year, the company provided services to Dust Project Management Ltd amounting to £0 (2023 - £0).

Dust Project Management Ltd

Associated Company

Loan to associate £147,824 (loan to associate 2023 - £298,078). During the year, the company provided services to Dust Project Management Ltd amounting to £0 (2023 - £0).

11. Ultimate Controlling Party
The company's ultimate controlling party is Mr A Ambrose by virtue of his ownership of 70% of the issued share capital in the parent company, Dust Group Ltd.
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