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COMPANY REGISTRATION NUMBER: SC577298
Best Design and Innovation Ltd.
Filleted Unaudited Financial Statements
30 September 2024
Best Design and Innovation Ltd.
Financial Statements
Year ended 30 September 2024
Contents
Page
Report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Best Design and Innovation Ltd.
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Best Design and Innovation Ltd.
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Best Design and Innovation Ltd. for the year ended 30 September 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Best Design and Innovation Ltd.. Our work has been undertaken solely to prepare for your approval the financial statements of Best Design and Innovation Ltd. and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Best Design and Innovation Ltd. and its director for our work or for this report.
It is your duty to ensure that Best Design and Innovation Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Best Design and Innovation Ltd.. You consider that Best Design and Innovation Ltd. is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Best Design and Innovation Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered accountants
216 West George Street Glasgow G2 2PQ
7 May 2025
Best Design and Innovation Ltd.
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Current assets
Work in Progress
202,000
214,000
Debtors
4
12,530
133
Cash at bank and in hand
1,376
13
---------
---------
215,906
214,146
Creditors: amounts falling due within one year
5
184,159
160,279
---------
---------
Net current assets
31,747
53,867
--------
--------
Total assets less current liabilities
31,747
53,867
Creditors: amounts falling due after more than one year
6
9,100
12,250
--------
--------
Net assets
22,647
41,617
--------
--------
Capital and reserves
Called up share capital
2
1
Profit and loss account
22,645
41,616
--------
--------
Shareholders funds
22,647
41,617
--------
--------
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 comprehensive income has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 7 May 2025 , and are signed on behalf of the board by:
Mr R J Best
Director
Company registration number: SC577298
Best Design and Innovation Ltd.
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current 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.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Debtors
2024
2023
£
£
Trade debtors
12,530
Other debtors
133
--------
----
12,530
133
--------
----
5. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
7,857
6,325
Social security and other taxes
9,867
Other creditors
166,435
153,954
---------
---------
184,159
160,279
---------
---------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,100
12,250
-------
--------
7. Director's advances, credits and guarantees
As at 30th September 2024, the company owed Mr Best, Director £165,681. (2023: £153,200)
8. Related party transactions
The company provided design services to Pearl Lion Ltd, an estimate of £202,000 of work in progress has been provided in respect of this work, (2023: £214,00). Mr R Best is a 50% shareholder in Pearl Lion Ltd and with joint control. The amount invoiced to Pearl Lion Ltd during the year was £50,000 (2023: Nil) outstanding by Pearl Lion Ltd at 30th September 2024 was £12,350 (2023: Nil) Lyudmyla Halych provided design services to the company to the value of £27,004.80 (2023: £60,586), Lyudmyla Halych is the wife of Mr R Best. There was no outstanding balance owed at 30th September 2024 (2023: Nil).
9. Controlling party
The company was under the control of Mr Best throughout the period.