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Registration number: 02603791

Design Supply Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Design Supply Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Design Supply Limited

Company Information

Directors

AHR Wright

IS Stapleton

K Wilson

Registered office

Unit 2 Green Lane Business Park
Green Lane
London
SE9 3TL

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

 

Design Supply Limited

(Registration number: 02603791)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

4,900

Current assets

 

Stocks

5

21,867

30,979

Debtors

6

215,187

195,657

Cash at bank and in hand

 

76,373

154,111

 

313,427

380,747

Creditors: Amounts falling due within one year

7

(187,391)

(225,272)

Net current assets

 

126,036

155,475

Total assets less current liabilities

 

126,036

160,375

Creditors: Amounts falling due after more than one year

7

(6,667)

(16,667)

Net assets

 

119,369

143,708

Capital and reserves

 

Called up share capital

8

180

180

Retained earnings

119,189

143,528

Shareholders' funds

 

119,369

143,708

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 December 2024 and signed on its behalf by:
 

.........................................
AHR Wright
Director

.........................................
IS Stapleton
Director

 
     
 

Design Supply Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Green Lane Business Park
Green Lane
London
SE9 3TL
England

These financial statements were authorised for issue by the Board on 3 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Design Supply Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

3 years' straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Design Supply Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Design Supply Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2023

8,642

30,640

39,282

At 30 September 2024

8,642

30,640

39,282

Depreciation

At 1 October 2023

8,642

25,740

34,382

Charge for the year

-

4,900

4,900

At 30 September 2024

8,642

30,640

39,282

Carrying amount

At 30 September 2024

-

-

-

At 30 September 2023

-

4,900

4,900

5

Stocks

2024
£

2023
£

Other inventories

21,867

30,979

6

Debtors

Current

2024
£

2023
£

Trade debtors

73,387

81,643

Other debtors

141,800

114,014

 

215,187

195,657

 

Design Supply Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

142,323

167,165

Taxation and social security

 

23,624

36,586

Accruals and deferred income

 

2,300

2,950

Other creditors

 

9,144

8,571

 

187,391

225,272

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

6,667

16,667

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Redeemable B of £1 each

80

80

80

80

180

180

180

180

 

Design Supply Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,667

16,667

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

10

Related party transactions

Summary of transactions with other related parties

Design Supply Solutions Limited
The directors AHR Wright and IS Stapleton are directors of Design Supply Solutions Limited and Design Supply Limited

 During the year the company bought consultancy services to the value of £34,400 (2023 - £34,400) and rented offices to the value of £40,800 (2023 - £40,800) from Design Supply Solutions Limited. During the year the company sold administrative items to Design Supply Solutions Limited to the value of £1,786 (2023 - £914). All transactions were under normal commercial terms. At the balance sheet date the amount due from Design Supply Solutions Limited was £141,800 (2023 - £114,014).