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Registered Number: 06373890


 

 

 

FOUND DESIGN LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 October 2023

End date: 30 September 2024
Directors Paul Robert Spencer
Vivienne Ann Yvonne Spencer
Registered Number 06373890
Registered Office 167 Queen Anne Avenue
Bromley
Kent
BR2 0SH
Accountants Johnson Accountants Limited
149 Woodside Green

London
SE25 5HY
Secretary Vivienne Ann Yvonne Spencer
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 30 September 2024.
Principal activities
Principal activity of the company during the financial year was of graphic design.
Directors
The directors who served the company throughout the year were as follows:
Paul Robert Spencer
Vivienne Ann Yvonne Spencer
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Paul Robert Spencer
Director

Date approved: 16 June 2025
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 30 September 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Johnson Accountants Limited
30 September 2024



....................................................

Johnson Accountants Limited

149 Woodside Green

London
SE25 5HY
16 June 2025
3
 
 
Notes
 
2024
£
  2023
£
Turnover 48,468    72,534 
Cost of sales (365)   (15,063)
Gross profit 48,103    57,471 
Administrative expenses (37,675)   (36,776)
Operating profit 10,428    20,695 
Other interest receivable and similar income 31    23 
Interest payable and similar charges (418)   (636)
Profit/(Loss) on ordinary activities before taxation 10,041    20,082 
Tax on profit on ordinary activities (1,955)   (3,816)
Profit/(Loss) for the financial year 8,086    16,266 
 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 2,425    297 
2,425    297 
Current assets      
Debtors 4 14,437    14,713 
Cash at bank and in hand 1,609    8,408 
16,046    23,121 
Creditors: amount falling due within one year 5 (5,014)   (7,709)
Net current assets 11,032    15,412 
 
Total assets less current liabilities 13,457    15,709 
Creditors: amount falling due after more than one year 6 (12,679)   (15,501)
Provisions for liabilities 7 (441)   (32)
Net assets 337    176 
 

Capital and reserves
     
Called up share capital 103    103 
Profit and loss account 234    73 
Shareholders' funds 337    176 
 


For the year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 16 June 2025 and were signed on its behalf by:


-------------------------------
Paul Robert Spencer
Director
5
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 October 2022 103  7  110 
Profit for the year 16,266  16,266 
Total comprehensive income for the year 16,266  16,266 
Dividends (16,200) (16,200)
Total investments by and distributions to owners (16,200) (16,200)
At 30 September 2023 103  73  176 
At 01 October 2023 103  73  176 
Profit for the year 8,086  8,086 
Total comprehensive income for the year 8,086  8,086 
Dividends (7,925) (7,925)
Total investments by and distributions to owners (7,925) (7,925)
At 30 September 2024 103  234  337 
6
General Information
Found Design Limited is a private company, limited by shares, registered in , registration number 06373890, registration address 167 Queen Anne Avenue, Bromley, Kent, BR2 0SH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Fixtures and Fittings 25% Reducing Balance
Computer Equipment 33% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

                                                                                                                          

Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 October 2023 3,028    21,746    24,774 
Additions   3,096    3,096 
Disposals    
At 30 September 2024 3,028    24,842    27,870 
Depreciation
At 01 October 2023 2,731    21,746    24,477 
Charge for year 74    894    968 
On disposals    
At 30 September 2024 2,805    22,640    25,445 
Net book values
Closing balance as at 30 September 2024 223    2,202    2,425 
Opening balance as at 01 October 2023 297      297 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 4,025   
Prepayments & Accrued Income 173    702 
Accrued Income   6,975 
PAYE & Social Security 250   
Directors' Current Accounts 9,989    7,036 
14,437    14,713 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Bank Loans & Overdrafts 2,669    2,516 
Corporation Tax 1,546    3,829 
PAYE & Social Security   10 
Accrued Expenses 799    1,354 
5,014    7,709 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 12,679    15,501 
12,679    15,501 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 441    32 
441    32 

8.

Director’s loan

Directors loan account

At the balance sheet date, an amount of £9,989  (2023: £7,036) was due from  Paul Spencer, a director of the company. The loan is unsecured, non-interest-bearing, and is repayable on demand. On the 31st May 2025, the loan was repaid in full.
7