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Company No: 06458531 (England and Wales)

INITIATIVES IN DESIGN LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

INITIATIVES IN DESIGN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Contents

INITIATIVES IN DESIGN LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
INITIATIVES IN DESIGN LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
DIRECTORS G Box
D Brown
R Matthews
N Rich
S Tupper
SECRETARY R Matthews
REGISTERED OFFICE Richmond Place
15 Petersham Road
Richmond
TW10 6TP
United Kingdom
COMPANY NUMBER 06458531 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
INITIATIVES IN DESIGN LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2024
INITIATIVES IN DESIGN LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 80,100 106,800
Tangible assets 4 88,633 99,846
168,733 206,646
Current assets
Stocks 5 1,490 3,450
Debtors
- due within one year 6 184,122 177,429
- due after more than one year 6 30,837 30,837
Cash at bank and in hand 134,220 134,875
350,669 346,591
Creditors: amounts falling due within one year 7 ( 376,482) ( 331,585)
Net current (liabilities)/assets (25,813) 15,006
Total assets less current liabilities 142,920 221,652
Creditors: amounts falling due after more than one year 8 ( 29,949) ( 35,695)
Provision for liabilities 9 ( 14,502) ( 15,380)
Net assets 98,469 170,577
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 98,369 170,477
Total shareholders' funds 98,469 170,577

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Initiatives In Design Limited (registered number: 06458531) were approved and authorised for issue by the Board of Directors on 30 June 2025. They were signed on its behalf by:

N Rich
Director
INITIATIVES IN DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
INITIATIVES IN DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 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

Initiatives In 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 registered number is 06458531 and the address of the Company's registered office is Richmond Place, 15 Petersham Road, Richmond, Surrey, TW10 6TP, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee 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 Balance Sheet.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 5 years straight line
Fixtures and fittings 6.7 years straight line
Computer equipment 4 years straight line
Other property, plant and equipment 1 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

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.

Stocks

Work in progress is valued at lower of cost and net realisable value. Cost includes all direct costs.

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.

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.

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.

Provisions

Provisions are recognised when the has a present obligation (legal or constructive) as a result of a past event, it is probable that the will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

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 directors 18 17

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 534,000 534,000
At 31 December 2024 534,000 534,000
Accumulated amortisation
At 01 January 2024 427,200 427,200
Charge for the financial year 26,700 26,700
At 31 December 2024 453,900 453,900
Net book value
At 31 December 2024 80,100 80,100
At 31 December 2023 106,800 106,800

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 January 2024 135,127 14,623 28,373 72,576 2,178 252,877
Additions 0 0 0 13,331 0 13,331
Disposals 0 ( 784) 0 ( 2,286) ( 1) ( 3,071)
At 31 December 2024 135,127 13,839 28,373 83,621 2,177 263,137
Accumulated depreciation
At 01 January 2024 52,926 9,878 28,228 59,821 2,178 153,031
Charge for the financial year 13,512 2,562 26 8,395 0 24,495
Disposals 0 ( 735) 0 ( 2,286) ( 1) ( 3,022)
At 31 December 2024 66,438 11,705 28,254 65,930 2,177 174,504
Net book value
At 31 December 2024 68,689 2,134 119 17,691 0 88,633
At 31 December 2023 82,201 4,745 145 12,755 0 99,846
Leased assets included above:
Net book value
At 31 December 2024 0 0 0 0 0 0
At 31 December 2023 0 1,599 0 0 0 1,599

5. Stocks

2024 2023
£ £
Work in progress 1,490 3,450

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 138,733 139,524
Prepayments 45,389 37,905
184,122 177,429
Debtors: amounts falling due after more than one year
Other debtors 30,837 30,837

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,754 5,613
Trade creditors 22,472 88,679
Amounts owed to directors 98,966 110,990
Accruals 105,754 20,422
Taxation and social security 143,536 104,127
Obligations under finance leases and hire purchase contracts 0 1,754
376,482 331,585

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 29,949 35,695

There are no amounts included above in respect of which any security has been given by the small entity.

9. Provision for liabilities

Deferred taxation Total
£ £
At 01 January 2024 15,380 15,380
Credited to the Statement of Income and Retained Earnings ( 878) ( 878)
At 31 December 2024 14,502 14,502

Deferred tax

2024 2023
£ £
Accelerated capital allowances 14,502 15,380
Provision for deferred tax 14,502 15,380

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
30 Ordinary shares of £ 1.00 each 30 30
30 A Ordinary shares of £ 1.00 each 30 30
30 B Ordinary shares of £ 1.00 each 30 30
5 C Ordinary shares of £ 1.00 each 5 5
5 D Ordinary shares of £ 1.00 each 5 5
100 100

11. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 0 1,950

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 104,789 104,789
between one and five years 410,424 0
515,213 104,789