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Company No: 07838135 (England and Wales)

GRAPHICKS DESIGN LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

GRAPHICKS DESIGN LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

GRAPHICKS DESIGN LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2024
GRAPHICKS DESIGN LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,172 14,582
7,172 14,582
Current assets
Debtors 4 250,126 226,646
Cash at bank and in hand 101,419 37,392
351,545 264,038
Creditors: amounts falling due within one year 5 ( 240,740) ( 213,646)
Net current assets 110,805 50,392
Total assets less current liabilities 117,977 64,974
Net assets 117,977 64,974
Capital and reserves
Called-up share capital 6 1,001 1,001
Profit and loss account 116,976 63,973
Total shareholders' funds 117,977 64,974

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Graphicks Design Limited (registered number: 07838135) were approved and authorised for issue by the Director on 21 March 2025. They were signed on its behalf by:

W J P Hicks
Director
GRAPHICKS DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
GRAPHICKS DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Graphicks Design Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Studio 5 6-8 Cole Street, London, SE1 4YH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Change in accounting estimate

The computer equipment depreciation rate has changed from 15% reducing balance to 3 years straight line in the year to better reflect the useful life of the assets. As a result, the net book value of these assets is lower than the position had the accounting estimate not been changed. The depreciation charge in the profit and loss has increased on where it would have been had the accounting estimate not been changed.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 9

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 December 2023 2,492 24,031 26,523
At 30 November 2024 2,492 24,031 26,523
Accumulated depreciation
At 01 December 2023 1,015 10,926 11,941
Charge for the financial year 221 7,189 7,410
At 30 November 2024 1,236 18,115 19,351
Net book value
At 30 November 2024 1,256 5,916 7,172
At 30 November 2023 1,477 13,105 14,582

4. Debtors

2024 2023
£ £
Trade debtors 240,770 215,589
Prepayments 7,151 7,151
Other debtors 2,205 3,906
250,126 226,646

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 80,039 83,782
Amounts owed to director 38,214 23,993
Accruals 8,860 19,643
Taxation and social security 113,410 86,028
Other creditors 217 200
240,740 213,646

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
925 Ordinary A shares of £ 1.00 each 925 925
75 Ordinary B shares of £ 1.00 each 75 75
1 Ordinary C share of £ 1.00 1 1
1,001 1,001

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amount owed to director 38,214 23,993

The above loan has interest charged at 2.25% where applicable and is repayable on demand. Dividends totalling £60,000 (2023: £104,000) were paid to the director in the year.