Company registration number 01719687 (England and Wales)
DESIGN & FORM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
DESIGN & FORM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
The following pages do not form part of the statutory financial statements
DESIGN & FORM LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
830
894
Tangible assets
5
356,019
141,469
356,849
142,363
Current assets
Stocks
97,752
94,030
Debtors
6
130,637
176,955
Cash at bank and in hand
20
228,409
270,985
Creditors: amounts falling due within one year
7
(241,480)
(183,277)
Net current (liabilities)/assets
(13,071)
87,708
Total assets less current liabilities
343,778
230,071
Creditors: amounts falling due after more than one year
8
(48,479)
(58,704)
Provisions for liabilities
(31,669)
(6,211)
Net assets
263,630
165,156
Capital and reserves
Called up share capital
10
37,696
37,696
Share premium account
134,123
134,123
Revaluation reserve
245,193
55,995
Capital redemption reserve
600
600
Profit and loss reserves
(153,982)
(63,258)
Total equity
263,630
165,156
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DESIGN & FORM LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
Ms R M Nash
Director
Company registration number 01719687 (England and Wales)
DESIGN & FORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Design & Form Limited is a private company limited by shares incorporated in England and Wales. The registered office is Whitegate, Morecambe, Lancashire, LA3 3BT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks
10% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
2% - 10% straight line
Plant and machinery
10% - 33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
DESIGN & FORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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 current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
DESIGN & FORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
DESIGN & FORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
27
27
4
Intangible fixed assets
Other
£
Cost
At 1 May 2023 and 30 April 2024
4,750
Amortisation and impairment
At 1 May 2023
3,856
Amortisation charged for the year
64
At 30 April 2024
3,920
Carrying amount
At 30 April 2024
830
At 30 April 2023
894
5
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 May 2023
198,624
373,855
572,479
Additions
731
731
Revaluation
234,614
234,614
At 30 April 2024
433,238
374,586
807,824
Depreciation and impairment
At 1 May 2023
83,548
347,462
431,010
Depreciation charged in the year
9,690
11,105
20,795
At 30 April 2024
93,238
358,567
451,805
Carrying amount
At 30 April 2024
340,000
16,019
356,019
At 30 April 2023
115,076
26,393
141,469
DESIGN & FORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Tangible fixed assets
(Continued)
- 7 -
The land and buildings were subject to an independent, professional valuation. The valuation was undertaken by Richard P Taylor Chartered Surveyors. The Market Approach method was adopted to ascertain the fair value of £340,000.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
92,669
137,278
Corporation tax recoverable
4,196
1,137
Other debtors
2,300
2,600
Prepayments and accrued income
31,472
35,940
130,637
176,955
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
103,693
50,511
Trade creditors
68,198
75,105
Corporation tax
404
Other taxation and social security
52,820
43,503
Other creditors
3,869
2,442
Accruals and deferred income
12,900
11,312
241,480
183,277
The bank loan and overdraft are secured by a fixed and floating charge over all of the company's assets.
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
11,369
21,594
Other creditors
37,110
37,110
48,479
58,704
The bank loan and overdraft are secured by a fixed and floating charge over all of the company's assets.
DESIGN & FORM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
6,211
6,211
Tax losses
(19,118)
-
Revaluations
44,576
-
31,669
6,211
2024
Movements in the year:
£
Liability at 1 May 2023
6,211
Charge to profit or loss
25,458
Liability at 30 April 2024
31,669
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
36,496
36,496
36,496
36,496
Ordinary 'B' non voting shares of £1 each
1,200
1,200
1,200
1,200
37,696
37,696
37,696
37,696
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
20,625
37,125
12
Related party transactions
Included in other creditors is a director's loan of £3,668 (2023: £581) which is unsecured, repayable on demand and currently interest free.
13
Controlling party
No shareholder has overall control of the company.