Registered number
02714556
BLACK & WHITE DESIGN LIMITED
Filleted Accounts
31 March 2024
BLACK & WHITE DESIGN LIMITED
Registered number: 02714556
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 614,743 619,473
Current assets
Stocks 86,000 86,000
Cash at bank and in hand 9,805 10,744
95,805 96,744
Creditors: amounts falling due within one year 4 (100,274) (106,961)
Net current liabilities (4,469) (10,217)
Total assets less current liabilities 610,274 609,256
Creditors: amounts falling due after more than one year 5 (12,637) (22,582)
Provisions for liabilities (46,000) (46,000)
Net assets 551,637 540,674
Capital and reserves
Called up share capital 400 400
Share premium 19,000 19,000
Capital Redemption Reserve 600 600
Revaluation reserve 6 285,161 285,161
Profit and loss account 246,476 235,513
Shareholders' funds 551,637 540,674
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
G Fowler
Director
Approved by the board on 20 November 2024
BLACK & WHITE DESIGN LIMITED
Notes to the Accounts
for the year ended 31 March 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
Land and buildings are included at revalued amounts. Other tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 586,868 80,578 42,698 710,144
Additions 1,245 1,500 - 2,745
At 31 March 2024 588,113 82,078 42,698 712,889
Depreciation
At 1 April 2023 - 67,056 23,615 90,671
Charge for the year - 3,005 4,470 7,475
At 31 March 2024 - 70,061 28,085 98,146
Net book value
At 31 March 2024 588,113 12,017 14,613 614,743
At 31 March 2023 586,868 13,522 19,083 619,473
Freehold land and buildings: 2024 2023
£ £
Historical cost 255,707 248,839
Cumulative depreciation based on historical cost - -
255,707 248,839
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,648 11,823
Obligations under finance lease and hire purchase contracts 11,790 18,548
Trade creditors 50,062 44,107
Taxation and social security costs 21,094 26,967
Other creditors 6,680 5,516
100,274 106,961
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,637 22,582
6 Revaluation reserve 2024 2023
£ £
At 1 April 2023 285,161 285,161
At 31 March 2024 285,161 285,161
7 Other information
BLACK & WHITE DESIGN LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Pad House
Snaith Road
Rawcliffe
Goole
DN14 9EU
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