Designaction Limited - Period Ending 2018-11-30
Designaction Limited - Period Ending 2018-11-30
Registration number:
Designaction Limited
for the Year Ended 30 November 2018
Midway House
Herrick Way
Staverton
Cheltenham
Gloucestershire
GL51 6TQ
Designaction Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Designaction Limited
Company Information
Directors |
Mr Thomas Andrew Stephenson Mrs Eileen Jane Stephenson |
Company secretary |
Mr Thomas Andrew Stephenson |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
for the Year Ended 30 November 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Designaction Limited for the year ended 30 November 2018 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Designaction Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Designaction Limited and state those matters that we have agreed to state to the Board of Directors of Designaction Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Designaction Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Designaction Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Designaction Limited. You consider that Designaction Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Designaction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Herrick Way
Staverton
Cheltenham
Gloucestershire
GL51 6TQ
Page 2 |
Designaction Limited
(Registration number: 01837418)
Balance Sheet as at 30 November 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
- |
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- |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 3 |
Designaction Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Brickhouse Farm,
Chargrove Lane,
Up Hatherley,
CHELTENHAM
Gloucestershire
GL51 4XD
United Kingdom
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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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 presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Page 4 |
Designaction Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Fixtures & fittings |
25% straight line |
Office equipment |
33% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
five years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Page 5 |
Designaction Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 December 2017 |
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At 30 November 2018 |
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Amortisation |
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At 1 December 2017 |
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Amortisation charge |
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At 30 November 2018 |
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Carrying amount |
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At 30 November 2018 |
- |
- |
At 30 November 2017 |
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Page 6 |
Designaction Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 December 2017 |
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At 30 November 2018 |
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Depreciation |
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At 1 December 2017 |
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Charge for the year |
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At 30 November 2018 |
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Carrying amount |
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At 30 November 2018 |
- |
- |
At 30 November 2017 |
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Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Page 7 |