Company registration number SC392820 (Scotland)
D.M.I DESIGN STUDIO LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
D.M.I DESIGN STUDIO LTD
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
D.M.I DESIGN STUDIO LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 29 February 2024.
Principal activities
The principal activity of the company continued to be that of interior design.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr T Clannachan
Mrs H Clannachan
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr T Clannachan
Mrs H Clannachan
Director
Director
15 November 2024
D.M.I DESIGN STUDIO LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
61,279
22,947
Current assets
Stocks
30,000
30,000
Debtors
4
98,781
78,850
Cash at bank and in hand
31,601
43,204
160,382
152,054
Creditors: amounts falling due within one year
5
(102,641)
(140,536)
Net current assets
57,741
11,518
Total assets less current liabilities
119,020
34,465
Creditors: amounts falling due after more than one year
6
(46,448)
(24,036)
Net assets
72,572
10,429
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
72,571
10,428
Total equity
72,572
10,429
D.M.I DESIGN STUDIO LTD
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 3 -
For the financial year ended 29 February 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 15 November 2024 and are signed on its behalf by:
Mr T Clannachan
Mrs H Clannachan
Director
Director
Company registration number SC392820 (Scotland)
D.M.I DESIGN STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information
D.M.I Design Studio Ltd is a private company limited by shares incorporated in Scotland. The registered office is 168 Bath Street, Glasgow, G2 4TP.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.
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:
Plant and equipment
25% reducing balance.
Fixtures and fittings
25% reducing balance.
Motor vehicles
25% reducing balance.
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
D.M.I DESIGN STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
10
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
47,457
Additions
57,477
Disposals
(28,215)
At 29 February 2024
76,719
Depreciation and impairment
At 1 March 2023
24,510
Depreciation charged in the year
10,417
Eliminated in respect of disposals
(19,487)
At 29 February 2024
15,440
Carrying amount
At 29 February 2024
61,279
At 28 February 2023
22,947
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
42,728
Other debtors
98,781
36,122
98,781
78,850
D.M.I DESIGN STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,400
5,916
Trade creditors
59,015
Corporation tax
59,127
26,022
Other taxation and social security
19,856
42,562
Other creditors
18,258
7,021
102,641
140,536
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,750
11,481
Other creditors
39,698
12,555
46,448
24,036