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REGISTERED NUMBER: 05058801 (England and Wales)















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: C Barnes
S S Aghera
K J Brady





REGISTERED OFFICE: Argent House
5 Goldington Road
Bedford
Bedfordshire
MK40 3JY





REGISTERED NUMBER: 05058801 (England and Wales)





ACCOUNTANTS: Rawlinson Pryde Limited
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 22,570 7,526
Investments 5 439,163 400,533
461,733 408,059

CURRENT ASSETS
Stocks 10,500 10,500
Debtors 6 354,860 417,617
Cash at bank 634,164 463,029
999,524 891,146
CREDITORS
Amounts falling due within one year 7 237,701 247,459
NET CURRENT ASSETS 761,823 643,687
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,223,556

1,051,746

PROVISIONS FOR LIABILITIES 17,619 4,104
NET ASSETS 1,205,937 1,047,642

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserve 9 43,806 15,371
Retained earnings 1,162,031 1,032,171
SHAREHOLDERS' FUNDS 1,205,937 1,047,642

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:




C Barnes - Director S S Aghera - Director




K J Brady - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 12 (2023 - 12 ) .

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 96,782 2,566 20,716 120,064
Additions 12,193 - 6,436 18,629
At 31 August 2024 108,975 2,566 27,152 138,693
DEPRECIATION
At 1 September 2023 93,174 1,643 17,721 112,538
Charge for year 1,283 243 2,059 3,585
At 31 August 2024 94,457 1,886 19,780 116,123
NET BOOK VALUE
At 31 August 2024 14,518 680 7,372 22,570
At 31 August 2023 3,608 923 2,995 7,526

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 234,997 268,894
Other debtors 5,875 5,875
Intercompany 31,551 30,300
Prepayments and accrued income 82,437 112,548
354,860 417,617

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 34,993 19,805
Tax 140,792 153,301
VAT 49,188 59,756
Other creditors 608 5,702
Pension 1,886 -
Directors' loan accounts 2,617 1,681
Accrued expenses 7,617 7,214
237,701 247,459

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year 30,000 30,000

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 15,371
Transfer between reserves 37,914
Revaluations: Deferred tax (9,479 )

At 31 August 2024 43,806

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).