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Registered number: 12057985
TRIBAL DESIGN LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2025
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TRIBAL DESIGN LIMITED
REGISTERED NUMBER: 12057985
BALANCE SHEET
AS AT 30 JUNE 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Page 1
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TRIBAL DESIGN LIMITED
REGISTERED NUMBER: 12057985
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 9 form part of these financial statements.
Page 2
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TRIBAL DESIGN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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At 1 July 2023 (as previously stated)
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Prior year adjustment (Note 11)
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At 1 July 2023 (as restated)
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Comprehensive income for the year
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Transfer between reserves
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Comprehensive income for the year
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The notes on pages 4 to 9 form part of these financial statements.
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Page 3
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TRIBAL DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Tribal Design Limited is a private company, limited by shares, and is incorporated in England and Wales. The address of its registered office is 31 Cheyne Walk, 20 Pier House, London, SW3 5HG.
The functional and presentational currency is Pound Sterling (£).
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents rents receivable during the year from investment property and is recognised evenly over the lease agreement with its tenants.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 4
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TRIBAL DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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Page 5
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TRIBAL DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Charge for the year on owned assets
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Long term leasehold investment property
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The valuation was made by the directors on a fair value existing use basis with reference to recent market evidence for comparable properties.
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If the investment property had been accounted for under the historic cost accounting rules, the property would have been measured as follows:
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Page 6
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TRIBAL DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 7
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TRIBAL DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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10 Ordinary shares of £1 each
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Page 8
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TRIBAL DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
During the year, management identified an error in the accounting treatment of a property acquired in 2019 from the company’s wholly owned overseas subsidiary.
The property was acquired for a total consideration of £2,048,200, of which £325,000 was paid in cash and £1,723,200 was subsequently waived by the subsidiary. However, in the financial statements for the year ended 30th June 2020, the property was recorded at £325,000. The company then revalued the property to £1,995,000 and recorded a revaluation reserve of £1,670,000.
This accounting treatment was incorrect, as the full acquisition cost of £2,048,200 should have been recognised as the initial cost of the property, with the waiver of the intercompany balance of £1,723,200 treated as a capital contribution (i.e. credited to reserves), rather than as a revaluation gain.
As a result, the following prior year adjustments have been made to restate the comparative figures:
The cost of the property at acquisition has been increased from £325,000 to £2,048,200.
The previously recognised revaluation reserve of £1,670,000 has been removed.
The loan waiver of £1,723,200 has been recognised within equity.
Depreciation or fair value movement adjustments, if any, have been recalculated based on the corrected acquisition cost.
The comparative figures for the year ended 30th June 2023 have been restated accordingly.
This restatement has no impact on the company’s profit or loss but affects the presentation and classification of equity in prior periods.
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Related party transactions
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At the balance sheet date the amount due to the shareholders was £154,653 (2024 - £226,888).
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Page 9
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