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Registered number: 10434607
Corey K Design Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Thomas & Co International Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 10434607
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 35,256 40,901
35,256 40,901
CURRENT ASSETS
Debtors 5 10,572 25,440
Cash at bank and in hand 21,834 49,245
32,406 74,685
Creditors: Amounts Falling Due Within One Year 6 (24,334 ) (81,317 )
NET CURRENT ASSETS (LIABILITIES) 8,072 (6,632 )
TOTAL ASSETS LESS CURRENT LIABILITIES 43,328 34,269
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,527 ) (2,064 )
NET ASSETS 40,801 32,205
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account 40,800 32,204
SHAREHOLDERS' FUNDS 40,801 32,205
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Corey Kingsland
Director
21/02/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Corey K Design Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10434607 . The registered office is 29 The Fairway, Hassocks, West Sussex, BN6 9JU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 rendering of services.  Turnover is reduced for estimated customer rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 12.5% Reducing Balance
Fixtures & Fittings 10% Reducing Balance
Computer Equipment 33% Straight Line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2023 37,400 - 10,777 48,177
Additions - 925 - 925
As at 31 October 2024 37,400 925 10,777 49,102
Depreciation
As at 1 November 2023 - - 7,276 7,276
Provided during the period 4,675 93 1,802 6,570
As at 31 October 2024 4,675 93 9,078 13,846
Net Book Value
As at 31 October 2024 32,725 832 1,699 35,256
As at 1 November 2023 37,400 - 3,501 40,901
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,572 25,440
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 400 36,399
Other creditors 5,985 22,473
Taxation and social security 17,949 22,445
24,334 81,317
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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