REGISTERED NUMBER: 06482850 (England and Wales)

Audited Financial Statements

for the Year Ended 31 December 2024

for

Thedesignconcept Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M S Kjeldsen

Mrs D Hislop

SECRETARY:

Vistra Company Secretaries Limited

REGISTERED OFFICE:

First Floor Temple Back

10 Temple Back

Bristol

BS1 6FL

REGISTERED NUMBER:

06482850 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mark Blair

AUDITORS:

TB Dunn & Co

Statutory Auditor

Ground Floor (part)

8000 Academy Business Park

51 Gower Street

GLASGOW

G51 1PR

FIXED ASSETS

Tangible assets

4

12,373

17,440

CURRENT ASSETS

Stocks

1,310

4,099

Debtors

517,746

570,860

Cash at bank and in hand

280,906

1,199,528

799,962

1,774,487

CREDITORS

Amounts falling due within one year

485,306

344,381

NET CURRENT ASSETS

314,656

1,430,106

TOTAL ASSETS LESS CURRENT LIABILITIES

327,029

1,447,546

PROVISIONS FOR LIABILITIES

981

1,748

NET ASSETS

326,048

1,445,798

CAPITAL AND RESERVES

Called up share capital

147,500

147,500

Retained earnings

178,548

1,298,298

SHAREHOLDERS' FUNDS

326,048

1,445,798

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Mrs D Hislop - Director

1.	STATUTORY INFORMATION

Thedesignconcept Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's place of business is The Old Bakery, 10 Greenlees Road, Cambuslang, G72 8JJ.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

Turnover

Turnover represents the fair value of the consideration received or receivable for goods sold and services rendered in the ordinary course of the Company's activities, excluding value added tax, rebates, and discounts.

Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the Company and the amount of revenue can be measured reliably.

Sale of goods - Revenue is recognised when control of the goods has transferred to the customer, usually upon delivery or in accordance with the specific terms of the sales agreement.

Rendering of services - Revenue is recognised over time as the services are provided, by reference to the stage of completion at the reporting date, provided that the outcome of the transaction can be estimated reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

33.33% on cost and 20% on cost

Computer equipment

-

33.33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial instruments repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three month from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at the fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

53,397

Additions

2,980

Disposals

(24,984

)

At 31 December 2024

31,393

DEPRECIATION

At 1 January 2024

35,957

Charge for year

8,047

Eliminated on disposal

(24,984

)

At 31 December 2024

19,020

NET BOOK VALUE

At 31 December 2024

12,373

At 31 December 2023

17,440

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

-

10,175

Between one and five years

215,115

42,174

215,115

52,349

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Blair (Senior Statutory Auditor)

for and on behalf of TB Dunn & Co

7.	OTHER FINANCIAL COMMITMENTS

HM Revenue & Customs hold a guarantee for £50,000 over the company bank accounts.

8.	RELATED PARTY DISCLOSURES

During the year the company received services from a business owned by an individual closely related to a key staff management member. The resulting related party transactions during the year are as follows:

Installation costs £100,269 (2023 £201,306)

The company is confident that related party transactions are conducted under normal market conditions

9.	ULTIMATE CONTROLLING PARTY

Lammhults Biblioteksdesgign A/S, a company registered at Dalbaekvej 1, 6670 Holsted, Denmark is the parent company of Thedesignconcept Ltd.

The company is ultimately controlled by Lammhults Design Group AB, a company registered at Lammengatan 2, 360 30 Lammhult, Sweden.