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Company No: 09373125 (England and Wales)

DODDS & SHUTE LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

DODDS & SHUTE LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

DODDS & SHUTE LIMITED

BALANCE SHEET

As at 31 July 2024
DODDS & SHUTE LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 164,413 185,434
Tangible assets 4 29,598 35,210
194,011 220,644
Current assets
Debtors 5 1,224,834 575,360
Cash at bank and in hand 698,983 227,986
1,923,817 803,346
Creditors: amounts falling due within one year 6 ( 1,632,760) ( 916,789)
Net current assets/(liabilities) 291,057 (113,443)
Total assets less current liabilities 485,068 107,201
Creditors: amounts falling due after more than one year 7 ( 13,091) ( 23,274)
Provision for liabilities ( 48,503) ( 54,599)
Net assets 423,474 29,328
Capital and reserves
Called-up share capital 100 100
Profit and loss account 423,374 29,228
Total shareholders' funds 423,474 29,328

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Dodds & Shute Limited (registered number: 09373125) were approved and authorised for issue by the Board of Directors on 30 January 2025. They were signed on its behalf by:

Mr S X Dodds
Director
Mr N Shute
Director
DODDS & SHUTE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
DODDS & SHUTE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Dodds & Shute Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Third Floor 26-27 Great Sutton Street, London, EC1V 0DS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term 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 as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
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.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 14

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 August 2023 222,583 222,583
Additions 1,260 1,260
At 31 July 2024 223,843 223,843
Accumulated amortisation
At 01 August 2023 37,149 37,149
Charge for the financial year 22,281 22,281
At 31 July 2024 59,430 59,430
Net book value
At 31 July 2024 164,413 164,413
At 31 July 2023 185,434 185,434

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 August 2023 43,726 56,860 100,586
Additions 0 7,294 7,294
Disposals ( 7,609) ( 24,289) ( 31,898)
At 31 July 2024 36,117 39,865 75,982
Accumulated depreciation
At 01 August 2023 27,817 37,559 65,376
Charge for the financial year 4,336 8,474 12,810
Disposals ( 7,609) ( 24,193) ( 31,802)
At 31 July 2024 24,544 21,840 46,384
Net book value
At 31 July 2024 11,573 18,025 29,598
At 31 July 2023 15,909 19,301 35,210

5. Debtors

2024 2023
£ £
Trade debtors 290,026 362,169
Corporation tax 0 15,906
Other debtors 934,808 197,285
1,224,834 575,360

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,183 9,932
Trade creditors 667,343 432,345
Corporation tax 203,259 29,069
Other taxation and social security 353,689 178,401
Other creditors 398,286 267,042
1,632,760 916,789

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,091 23,274

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 55,692 150,623

9. Related party transactions

Transactions with the entity's directors

Advances

The Director's loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

S Dodds

At 1 August 2023, the balance owed by the director was £285. During the year, £48,192 was advanced to the director, and £2,514 was repaid by the director. At 31 July 2024, the balance owed by the director was £45,963.

At 1 August 2022, the balance owed by the director was £Nil. During the year, £285 was advanced to the director, and £Nil was repaid by the director. At 31 July 2023, the balance owed by the director was £285.

N Shute

At 1 August 2023, the balance owed by the director was £Nil. During the year, £39,835 was advanced to the director, and £312 was repaid by the director. At 31 July 2024, the balance owed by the director was £39,523.

At 1 August 2022, the balance owed by the director was £Nil. During the year, £Nil was advanced to the director, and £Nil was repaid by the director. At 31 July 2023, the balance owed by the director was £Nil.