REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
DESIGN FINISHING LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
DESIGN FINISHING LIMITED |
DESIGN FINISHING LIMITED (REGISTERED NUMBER: 05058801) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
DESIGN FINISHING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Argent House |
5 Goldington Road |
Bedford |
Bedfordshire |
MK40 3JY |
DESIGN FINISHING LIMITED (REGISTERED NUMBER: 05058801) |
BALANCE SHEET |
31 AUGUST 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DESIGN FINISHING LIMITED (REGISTERED NUMBER: 05058801) |
BALANCE SHEET - continued |
31 AUGUST 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DESIGN FINISHING LIMITED (REGISTERED NUMBER: 05058801) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Design Finishing Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
(i) Useful economic lives of tangible assets: |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
(ii) Impairment of debtors: |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
DESIGN FINISHING LIMITED (REGISTERED NUMBER: 05058801) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added tax. |
The company recognises revenue when: |
(a) the significant risks and rewards of ownership have been transferred to the buyer; |
(b) the company retains no continuing involvement or control over the goods; |
(c) the amount of revenue can be measured reliably; |
(d) it is probable that future economic benefits will flow to the entity and |
(e) when the specific criteria relating to each of the company’s sales channels have been met, as described below. |
Turnover represents the fair value of the consideration for work done that is received or receivable, including accrued income, excluding discounts, rebates, value added tax and other sales taxes . |
(i) Sales of goods: |
Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Sales are usually by credit, cash, credit or payment card. |
(ii) Supplies of services: |
Revenue is recognised in the accounting period in which the services are rendered when the outcome of a contract for services can be estimated reliably. |
Tangible fixed assets |
All categories of tangible fixed assets are carried at depreciated historical cost. Depreciation is provided at the following annual rates in order to write off the cost, less estimated residual value, of each asset over its estimated useful life. |
Plant and machinery - at varying rates on cost |
Fixtures and fittings - 20% on cost |
Computer equipment - 20% on cost |
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all liabilities. |
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss in other administrative expenses. |
DESIGN FINISHING LIMITED (REGISTERED NUMBER: 05058801) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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. |
Hire purchase and leasing commitments |
Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged to the profit and loss account as incurred. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Investments are recognised initially at cost which is normally the transaction price (but excludes any transaction costs, where the investment is subsequently measured at fair value through profit and loss). Subsequently, they are measured at fair value through profit or loss except for those investments that are not publicly traded and whose fair value cannot otherwise be measured reliably which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
If a reliable measure of fair value is no longer available, the equity instrument’s fair value on the last date the instrument was reliably measurable is treated as the cost of the instrument. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
DESIGN FINISHING LIMITED (REGISTERED NUMBER: 05058801) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
5. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
31.8.24 | 31.8.23 |
£ | £ |
General investment fund account | 123,864 | 110,026 |
St James Place Unit Trust | 315,299 | 290,507 |
439,163 | 400,533 |
The investments are stated at the fair value of the portfolios at the balance sheet date, as stated by the respective fund managers. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade debtors |
Other debtors |
Intercompany |
Prepayments and accrued income |
DESIGN FINISHING LIMITED (REGISTERED NUMBER: 05058801) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Trade creditors |
Tax |
VAT |
Other creditors |
Pension |
Directors' loan accounts |
Accrued expenses |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.8.24 | 31.8.23 |
£ | £ |
Within one year |
The company entered into a lease on 18 July 2017 in respect of 20 Eldon Way, Biggleswade, Bedfordshire. The lease is for a term of nine years with break clauses after three and six years. An initial rental (excluding service charges and insurance) of £26,050 per annum was chargeable. Following a rent review - dated 15 February 2021 - the rental payable from and including 18 July 2020 is £30,000 per annum (exclusive of value added tax). |
DESIGN FINISHING LIMITED (REGISTERED NUMBER: 05058801) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
9. | RESERVES |
Non-distrib |
reserve |
£ |
At 1 September 2023 |
Transfer between reserves | 37,914 |
Revaluations: Deferred tax | (9,479 | ) |
At 31 August 2024 |
Transfers between reserves |
A transfer has been made from distributable reserves - Profit and loss account reserve - to the Non-distributable reserve, to recognise that the fair value gains made on the General Investment fund and St James's Place Unit Trust fund accounts are, as yet, unrealised. |
Transfers have been made in respect of the funds, as follows: |
General Investment fund: |
- 1 September 2016 - 31 August 2022, revaluations to increase to fair value: £33,377, |
- Year ended 31 August: |
2023, revaluation to reduce to fair value: £(23,605), |
2024, revaluation to increase to fair value: £10,808, |
- Total: 1 September 2016 - 31 August 2024, revaluations to increase to fair value: £20,980. |
St James's Place Unit Trust fund: |
- 1 September 2020 - 31 August 2022, revaluations to increase to fair value: £11,750, |
- Year ended 31 August: |
2023, revaluation to reduce to fair value: £(3,799), |
2024, revaluation to increase to fair value: £27,107, |
- Total: 1 September 2020 - 31 August 2024, revaluations to increase to fair value: £35,058. |
Total, unrealised gains transferred, net of deferred tax, to 31 August 2024: £43,806 (2023: £15,371). |
Revaluations: Deferred tax |
Provision for deferred tax on the unrealised gains has been provided, totalling £12,231 (2023: £2,752). |
10. | RELATED PARTY DISCLOSURES |
Design Finishing Holdings Ltd |
Parent company. |
Amounts owed by group undertaking: |
Debtors includes amounts owed by Design Finishing Holdings Ltd of £31,551 (2023: £30,300). |
This loan is interest free and repayable on demand. |
Dividends paid in the year to Design Finishing Holdings Ltd: £193,087 (2023: £263,000). |