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Registration number: 04564662

Design Emporium Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Design Emporium Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Design Emporium Limited

(Registration number: 04564662)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

151,790

 

21,917

Current assets

   

 

Debtors

5

108,097

 

156,759

 

Cash at bank and in hand

 

143,530

 

150,141

 

 

251,627

 

306,900

 

Creditors: Amounts falling due within one year

6

(175,142)

 

(146,027)

 

Net current assets

   

76,485

 

160,873

Total assets less current liabilities

   

228,275

 

182,790

Creditors: Amounts falling due after more than one year

6

 

(6,667)

 

(16,667)

Provisions for liabilities

 

(17,500)

 

-

Net assets

   

204,108

 

166,123

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Retained earnings

204,008

 

166,023

 

Shareholders' funds

   

204,108

 

166,123

 

Design Emporium Limited

(Registration number: 04564662)
Balance Sheet as at 31 October 2024

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2025 and signed on its behalf by:
 

.........................................
R S Smith
Director

 

Design Emporium Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Cunliffe Road
Ilkley
LS29 9DZ

These financial statements were authorised for issue by the Board on 29 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

 

Design Emporium Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold improvements

Over term of lease 10 years

Furniture, fittings and equipment

25% straight line basis

Motor vehicles

25% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Design Emporium Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Design Emporium Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Short leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

-

18,651

38,879

57,530

Additions

156,113

-

-

156,113

At 31 October 2024

156,113

18,651

38,879

213,643

Depreciation

At 1 November 2023

-

16,173

19,440

35,613

Charge for the year

15,611

909

9,720

26,240

At 31 October 2024

15,611

17,082

29,160

61,853

Carrying amount

At 31 October 2024

140,502

1,569

9,719

151,790

At 31 October 2023

-

2,478

19,439

21,917

5

Debtors

Current

2024
£

2023
£

Trade debtors

106,927

85,124

Prepayments

1,170

59,984

Other debtors

-

11,651

 

108,097

156,759

 

Design Emporium Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

59,898

57,778

Trade creditors

 

75,141

24,196

Taxation and social security

 

35,244

59,027

Accruals and deferred income

 

4,859

5,026

 

175,142

146,027

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

6,667

16,667

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,667

16,667

2024
£

2023
£

Bank borrowings

10,000

10,000

Other borrowings

49,898

47,778

59,898

57,778

 

Design Emporium Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £11,250 (2023 - £28,864). The is in respect of an operating lease.

10

Related party transactions

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

49,898

2023

Key management
£

Amounts payable to related party

47,778

The above loan is interest free and repayable on demand.