Imports By Design Limited
Registered number: 09111245
Statement of Financial Position
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 690 1,380
Tangible assets 4 3,428 5,017
4,118 6,397
Current assets
Stocks 27,972 31,242
Debtors 5 1,611 2,758
Cash at bank and in hand 447 474
30,030 34,474
Creditors: amounts falling due within one year 6 (1,200) (1,288)
Net current assets 28,830 33,186
Total assets less current liabilities 32,948 39,583
Creditors: amounts falling due after more than one year 7 (145,895) (142,566)
Net liabilities (112,947) (102,983)
Capital and reserves
Called up share capital 1 1
Profit and loss account (112,948) (102,984)
Shareholder's funds (112,947) (102,983)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P G Wright
Director
Approved by the board on 15 April 2025
Imports By Design Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Going concern
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The company is continuing to trade as the director of the company is funding the company in the form of a director’s loan. The director is planning to continue this financial support for the company for the foreseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% on cost
Fixtures and fittings 25% reducing balance
Computer equipment 33% on cost
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 1 1
3 Intangible fixed assets £
Website costs:
Cost
At 1 August 2023 3,450
At 31 July 2024 3,450
Amortisation
At 1 August 2023 2,070
Provided during the year 690
At 31 July 2024 2,760
Net book value
At 31 July 2024 690
At 31 July 2023 1,380
The website costs are being written off in equal annual instalments over their estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 37,212
At 31 July 2024 37,212
Depreciation
At 1 August 2023 32,195
Charge for the year 1,589
At 31 July 2024 33,784
Net book value
At 31 July 2024 3,428
At 31 July 2023 5,017
5 Debtors 2024 2023
£ £
Trade debtors - 140
Prepayments - 639
Other debtors 1,611 1,978
1,611 2,758
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 173
Accruals 1,200 965
Other creditors - 150
1,200 1,288
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 145,895 142,566
8 Other information
Imports By Design Limited is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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