12 false false false false false false false false false false true false false false false false false 2023-03-30 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07573156 2023-03-30 2024-03-28 07573156 2024-03-28 07573156 2023-03-29 07573156 2022-03-30 2023-03-29 07573156 2023-03-29 07573156 2022-03-29 07573156 core:PlantMachinery 2023-03-30 2024-03-28 07573156 core:MotorVehicles 2023-03-30 2024-03-28 07573156 bus:Director1 2023-03-30 2024-03-28 07573156 bus:Director2 2023-03-30 2024-03-28 07573156 core:LandBuildings 2023-03-29 07573156 core:PlantMachinery 2023-03-29 07573156 core:MotorVehicles 2023-03-29 07573156 core:LandBuildings 2024-03-28 07573156 core:PlantMachinery 2024-03-28 07573156 core:MotorVehicles 2024-03-28 07573156 core:LandBuildings 2023-03-30 2024-03-28 07573156 core:WithinOneYear 2024-03-28 07573156 core:WithinOneYear 2023-03-29 07573156 core:AfterOneYear 2024-03-28 07573156 core:AfterOneYear 2023-03-29 07573156 core:ShareCapital 2024-03-28 07573156 core:ShareCapital 2023-03-29 07573156 core:RetainedEarningsAccumulatedLosses 2024-03-28 07573156 core:RetainedEarningsAccumulatedLosses 2023-03-29 07573156 core:BetweenOneFiveYears 2024-03-28 07573156 core:BetweenOneFiveYears 2023-03-29 07573156 core:LandBuildings 2023-03-29 07573156 core:PlantMachinery 2023-03-29 07573156 core:MotorVehicles 2023-03-29 07573156 bus:SmallEntities 2023-03-30 2024-03-28 07573156 bus:AuditExempt-NoAccountantsReport 2023-03-30 2024-03-28 07573156 bus:SmallCompaniesRegimeForAccounts 2023-03-30 2024-03-28 07573156 bus:PrivateLimitedCompanyLtd 2023-03-30 2024-03-28 07573156 bus:FullAccounts 2023-03-30 2024-03-28 07573156 core:LandBuildings core:ShortLeaseholdAssets 2023-03-30 2024-03-28 07573156 core:KeyManagementPersonnel 2023-03-30 2024-03-28 07573156 core:KeyManagementPersonnel 2022-03-30 2023-03-29 07573156 core:OfficeEquipment 2023-03-30 2024-03-28 07573156 core:OfficeEquipment 2023-03-29 07573156 core:OfficeEquipment 2024-03-28 07573156 core:KeyManagementPersonnel 2024-03-28 07573156 core:KeyManagementPersonnel 2023-03-29
COMPANY REGISTRATION NUMBER: 07573156
Origins Design Limited
Filleted Unaudited Financial Statements
28 March 2024
Origins Design Limited
Statement of Financial Position
28 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
147,580
141,860
Current assets
Stocks
17,700
18,250
Debtors
6
402,069
302,502
Cash at bank and in hand
67,588
123,522
---------
---------
487,357
444,274
Creditors: amounts falling due within one year
7
413,230
337,576
---------
---------
Net current assets
74,127
106,698
---------
---------
Total assets less current liabilities
221,707
248,558
Creditors: amounts falling due after more than one year
8
12,477
22,653
---------
---------
Net assets
209,230
225,905
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
209,130
225,805
---------
---------
Shareholders funds
209,230
225,905
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Origins Design Limited
Statement of Financial Position (continued)
28 March 2024
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr P Moulton Black
Mrs N Moulton Black
Director
Director
Company registration number: 07573156
Origins Design Limited
Notes to the Financial Statements
Year ended 28 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit C5 Sandown Industrial Park, Mill Road, Esher, England, KT10 8BL. The principal activity of the company during the year continued to be that of the design and manufacture of contemporary furniture.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have confirmed availability of working capital such that the company can settle its liabilities as they fall due for at least a further twelve months from the date of approving these accounts. As a result, the going concern basis has been adopted.
Revenue recognition
Turnover comprises the sale of bespoke furniture, exclusive of Value Added Tax, and is recognised in the period in which delivery takes place.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Over the lease term
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Office equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).
5. Tangible assets
Leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 30 March 2023
113,812
55,817
24,727
2,057
196,413
Additions
6,211
7,996
5,750
1,776
21,733
Disposals
( 6,667)
( 6,667)
---------
--------
--------
-------
---------
At 28 March 2024
120,023
63,813
23,810
3,833
211,479
---------
--------
--------
-------
---------
Depreciation
At 30 March 2023
3,793
30,907
18,778
1,075
54,553
Charge for the year
11,509
3,418
1,086
16,013
Disposals
( 6,667)
( 6,667)
---------
--------
--------
-------
---------
At 28 March 2024
3,793
42,416
15,529
2,161
63,899
---------
--------
--------
-------
---------
Carrying amount
At 28 March 2024
116,230
21,397
8,281
1,672
147,580
---------
--------
--------
-------
---------
At 29 March 2023
110,019
24,910
5,949
982
141,860
---------
--------
--------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
288,655
255,006
Other debtors
113,414
47,496
---------
---------
402,069
302,502
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,023
9,847
Trade creditors
15,147
4,765
Corporation tax
3,925
Social security and other taxes
49,598
56,822
Other creditors
338,462
262,217
---------
---------
413,230
337,576
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,477
22,653
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
80,000
80,000
Later than 1 year and not later than 5 years
160,000
240,000
---------
---------
240,000
320,000
---------
---------
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
The directors - dividends paid and loans received
20,000
30,000
( 45,534)
( 112,302)
--------
--------
--------
---------