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Registered Number: 11705852
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 March 2024

for

DESIGNKEY LTD

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3   8,000 
Tangible fixed assets 4 2,624    3,374 
2,624    11,374 
Current assets      
Debtors 5 13,140   
Cash at bank and in hand 55,490    69,791 
68,630    69,791 
Creditors: amount falling due within one year 6 (21,081)   (78,655)
Net current assets 47,549    (8,864)
 
Total assets less current liabilities 50,173    2,510 
Provisions for liabilities 7 (539)   (843)
Net assets 49,634    1,667 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 49,534    1,567 
Shareholders' funds 49,634    1,667 
 


For the 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.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 27 December 2024 and were signed on its behalf by:


-------------------------------
Gary Sankey
Director
1
General Information
Designkey Ltd is a private company, limited by shares, registered in England and Wales, registration number 11705852, registration address Allanbank Mill Road, Surlingham, Norwich, NR14 7AF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 4).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2023 40,000    40,000 
Additions  
Disposals  
At 31 March 2024 40,000    40,000 
Amortisation
At 01 April 2023 32,000    32,000 
Charge for year 8,000    8,000 
On disposals  
At 31 March 2024 40,000    40,000 
Net book values
At 31 March 2024  
At 31 March 2023 8,000    8,000 


4.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 April 2023 8,404    8,404 
Additions  
Disposals  
At 31 March 2024 8,404    8,404 
Depreciation
At 01 April 2023 5,030    5,030 
Charge for year 750    750 
On disposals  
At 31 March 2024 5,780    5,780 
Net book values
Closing balance as at 31 March 2024 2,624    2,624 
Opening balance as at 01 April 2023 3,374    3,374 


5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 13,140   
13,140   

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 902   
Directors' Current Accounts 17,581    75,550 
VAT 2,598    3,105 
21,081    78,655 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 843    902 
Charged to Profit & Loss (304)   (59)
539    843 

2