Registered number
10873026
345 Design Ltd
Filleted Accounts
31 July 2024
345 Design Ltd
Registered number: 10873026
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,266 7,870
Current assets
Stocks 3,458 6,891
Debtors 4 11,847 26,965
Cash at bank and in hand 30,205 68,389
45,510 102,245
Creditors: amounts falling due within one year 5 (28,269) (45,791)
Net current assets 17,241 56,454
Total assets less current liabilities 20,507 64,324
Creditors: amounts falling due after more than one year 6 (12,427) (23,326)
Net assets 8,080 40,998
Capital and reserves
Called up share capital 100 100
Profit and loss account 7,980 40,898
Shareholder's funds 8,080 40,998
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Matthew Harris
Director
Approved by the board on 21 February 2025
345 Design Ltd
Notes to the Accounts
for the year ended 31 July 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, 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 25% reducing balance
Fixtures, fittings, tools and equipment 25% straight line
Motor vehicles 25% straight line
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 8,020 274 16,299 24,593
Additions - 182 - 182
At 31 July 2024 8,020 456 16,299 24,775
Depreciation
At 1 August 2023 5,512 236 10,975 16,723
Charge for the year 627 84 4,075 4,786
At 31 July 2024 6,139 320 15,050 21,509
Net book value
At 31 July 2024 1,881 136 1,249 3,266
At 31 July 2023 2,508 38 5,324 7,870
4 Debtors 2024 2023
£ £
Trade debtors 10,484 10,310
Other debtors 1,363 16,655
11,847 26,965
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 13,772 12,777
Obligations under finance lease and hire purchase contracts - 1,627
Trade creditors 10,251 4,345
Taxation and social security costs 4,191 26,875
Other creditors 55 167
28,269 45,791
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,427 23,326
7 Other information
345 Design Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 Halesfield 18
Cuckoo Oak Workshops
Telford
Shropshire
TF7 4PP
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