Registration number:
Choose Design Limited
for the Year Ended 31 August 2024
Choose Design Limited
Contents
Company Information |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Choose Design Limited
Company Information
Director |
Mr D J H Barr |
Company secretary |
Mrs J Bisseker-Barr |
Registered office |
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Accountants |
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Choose Design Limited
Statement of Comprehensive Income for the Year Ended 31 August 2024
2024 |
2023 |
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Profit for the year |
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Surplus/(deficit) on property, plant and equipment revaluation |
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( |
Total comprehensive income for the year |
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Choose Design Limited
(Registration number: 05197613)
Balance Sheet as at 31 August 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Choose Design Limited
(Registration number: 05197613)
Balance Sheet as at 31 August 2024 (continued)
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Choose Design Limited
Statement of Changes in Equity for the Year Ended 31 August 2024
Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 September 2023 |
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Profit for the year |
- |
- |
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Other comprehensive income |
- |
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- |
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Total comprehensive income |
- |
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Dividends |
- |
- |
( |
( |
Transfers |
- |
- |
(42,154) |
(42,154) |
At 31 August 2024 |
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 September 2022 |
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Profit for the year |
- |
- |
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Other comprehensive income |
- |
( |
- |
( |
Total comprehensive income |
- |
( |
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Dividends |
- |
- |
( |
( |
Transfers |
- |
- |
3,029 |
3,029 |
At 31 August 2023 |
4 |
20,503 |
359,066 |
379,573 |
Choose Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.
Choose Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
2 |
Accounting policies (continued) |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and Buildings |
0% Reducing Balance |
Plant and Machinery |
10% Reducing Balance |
Motor Vehicles |
25% Reducing Balance |
Fixtures and Fittings |
10% Reducing Balance |
Computer Equipment |
25% Reducing Balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Choose Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Financial instruments
Classification
Recognition and measurement
At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Choose Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
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Cost or valuation |
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At 1 September 2023 |
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Additions |
- |
- |
- |
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Disposals |
- |
- |
- |
- |
( |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
- |
- |
( |
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At 31 August 2024 |
- |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Choose Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
4 |
Tangible assets (continued) |
Total |
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Cost or valuation |
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At 1 September 2023 |
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Additions |
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Disposals |
( |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Included within the net book value of land and buildings above is £27,557 (2023 - £27,557) in respect of freehold land and buildings.
Stocks |
2024 |
2023 |
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Other inventories |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Choose Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
Current asset investments |
2024 |
2023 |
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Other investments |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
2024 |
2023 |
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Due after one year |
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Other non-current financial liabilities |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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4 |
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4 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Choose Design Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)
10 |
Reserves (continued) |
Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
( |
( |
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Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
73,999 |
83,000 |
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Related party transactions |
Transactions with the director |
2024 |
At 1 September 2023 |
Advances to director |
Repayments by director |
At 31 August 2024 |
Mr D J H Barr |
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The loan is interest free with no fixed date of repayment. |
( |
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( |
( |
Mrs J Bisseker-Barr |
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The loan is interest free with no fixed date of repayment. |
( |
- |
- |
( |