Registered number
09998340
Dagmar Design Ltd
Unaudited Filleted Accounts
27 February 2024
Dagmar Design Ltd
Registered number: 09998340
Balance Sheet
as at 27 February 2024
Restated
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 12,505 11,199
Current assets
Stocks 887,982 922,646
Debtors 4 38,836 162,291
Cash at bank and in hand 1 4,131
926,819 1,089,068
Creditors: amounts falling due within one year 5 (209,703) (361,984)
Net current assets 717,116 727,084
Total assets less current liabilities 729,621 738,283
Creditors: amounts falling due after more than one year 6 (12,500) (32,500)
Net assets 717,121 705,783
Capital and reserves
Called up share capital 1 1
Profit and loss account 717,120 705,782
Shareholder's funds 717,121 705,783
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.
Aaron Patrick Fitzgerald
Director
Approved by the board on 25 February 2025
Dagmar Design Ltd
Notes to the Accounts
for the year ended 27 February 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% 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.
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.
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.
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 6 6
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 28 February 2023 17,276
Additions 3,312
At 27 February 2024 20,588
Depreciation
At 28 February 2023 6,077
Charge for the year 2,006
At 27 February 2024 8,083
Net book value
At 27 February 2024 12,505
At 27 February 2023 11,199
4 Debtors 2024 2023
£ £
Trade debtors 21,984 123,548
Other debtors 16,852 38,743
38,836 162,291
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 21,153 -
Trade creditors 5,234 13,546
Taxation and social security costs 10,990 122,164
Other creditors 172,326 226,274
209,703 361,984
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,500 32,500
7 Prior year adjustment - earlier years
Due to accounting errors in years prior 28 February 2021 the profits were overstated and the directors loan account understated, to correct this and adjustment of £168,978 has been made.
Due to the time restiction on error and omission claims no taxation adjustment has been made in respect of this adjustment.
8 Prior year adjustment - last year
Due to accounting error in year ended 27 February 2023 profits were overstated and the directors loan account understated, to correct this and adjustment of £45,360 has been made.
The effect of the adjustment on the profit before tax was £56,000 and a reduction in the tax for that year of £10,640.
9 Other information
Dagmar Design Ltd is a private company limited by shares and incorporated in England. Its registered office is:
David Jones Cottage
Florentia Clothing Village
Vale Road
London
N4 1TD
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