Company registration number 03307934 (England and Wales)
POINT 6 DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
POINT 6 DESIGN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
POINT 6 DESIGN LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
102,684
92,424
Current assets
Debtors
5
828,897
457,990
Cash at bank and in hand
315,678
660,898
1,144,575
1,118,888
Creditors: amounts falling due within one year
6
(701,045)
(572,265)
Net current assets
443,530
546,623
Total assets less current liabilities
546,214
639,047
Creditors: amounts falling due after more than one year
7
(72,707)
(123,339)
Provisions for liabilities
(27,000)
(22,000)
Net assets
446,507
493,708
Capital and reserves
Called up share capital
8
230
230
Profit and loss reserves
446,277
493,478
Total equity
446,507
493,708
POINT 6 DESIGN LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -

For the financial year ended 31 March 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 7 November 2024 and are signed on its behalf by:
S Forsyth-Spark
Director
Company registration number 03307934 (England and Wales)
POINT 6 DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Point 6 Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 The Linen House, 253 Kilburn Lane, London, W10 4BQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% straight line
Computer equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use.

POINT 6 DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

POINT 6 DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

POINT 6 DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 23 (2023 - 19).

2024
2023
Number
Number
Total
23
19
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
126,354
118,149
244,503
Additions
-
0
49,377
49,377
At 31 March 2024
126,354
167,526
293,880
Depreciation and impairment
At 1 April 2023
63,023
89,056
152,079
Depreciation charged in the year
21,110
18,007
39,117
At 31 March 2024
84,133
107,063
191,196
Carrying amount
At 31 March 2024
42,221
60,463
102,684
At 31 March 2023
63,331
29,093
92,424
POINT 6 DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
478,508
284,390
Other debtors
350,389
173,600
828,897
457,990
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
63,714
63,331
Trade creditors
65,311
54,977
Amounts owed to group undertakings
16,561
49,024
Taxation and social security
185,063
156,613
Other creditors
370,396
248,320
701,045
572,265
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
72,707
123,339
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 10p each
1,000
1,000
100
100
A Ordinary of 10p each
1,296
1,296
130
130
2,296
2,296
230
230
9
Parent company

The ultimate controlling party during the current and previous year was Point 6 Creative Limited. There was a balance of £16,561 (2023: £49,024) due to the parent company at the year end.

2024-03-312023-04-01falsefalsefalse07 November 2024CCH SoftwareCCH Accounts Production 2024.301No description of principal activityA AcuttS Forsyth-SparkA GandyR Hodgson033079342023-04-012024-03-31033079342024-03-31033079342023-03-3103307934core:FurnitureFittings2024-03-3103307934core:ComputerEquipment2024-03-3103307934core:FurnitureFittings2023-03-3103307934core:ComputerEquipment2023-03-3103307934core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3103307934core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103307934core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3103307934core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3103307934core:CurrentFinancialInstruments2024-03-3103307934core:CurrentFinancialInstruments2023-03-3103307934core:ShareCapital2024-03-3103307934core:ShareCapital2023-03-3103307934core:RetainedEarningsAccumulatedLosses2024-03-3103307934core:RetainedEarningsAccumulatedLosses2023-03-3103307934core:ShareCapitalOrdinaryShares2024-03-3103307934core:ShareCapitalOrdinaryShares2023-03-3103307934bus:Director22023-04-012024-03-3103307934core:FurnitureFittings2023-04-012024-03-3103307934core:ComputerEquipment2023-04-012024-03-31033079342022-04-012023-03-3103307934core:FurnitureFittings2023-03-3103307934core:ComputerEquipment2023-03-31033079342023-03-3103307934core:WithinOneYear2024-03-3103307934core:WithinOneYear2023-03-3103307934core:Non-currentFinancialInstruments2024-03-3103307934core:Non-currentFinancialInstruments2023-03-3103307934bus:PrivateLimitedCompanyLtd2023-04-012024-03-3103307934bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103307934bus:FRS1022023-04-012024-03-3103307934bus:AuditExempt-NoAccountantsReport2023-04-012024-03-3103307934bus:Director12023-04-012024-03-3103307934bus:Director32023-04-012024-03-3103307934bus:Director42023-04-012024-03-3103307934bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP