Design Central (Bath) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03597376 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2018

for

DESIGN CENTRAL (BATH) LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

M J D Davies

P W Martin

R Thorpe

SECRETARY:

R Thorpe

REGISTERED OFFICE:

C/O Dc-activ

Suite 2, Bath Brewery

Toll Bridge Road

Bath

BA1 7DE

REGISTERED NUMBER:

03597376 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Design Central (Bath) Limited for the year ended 30 June 2018 which comprise

the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Design Central (Bath) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Design Central (Bath) Limited and state those matters that we have agreed to state to the Board of Directors of Design Central (Bath) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Design Central (Bath) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Design Central (Bath) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Design Central (Bath) Limited. You consider that Design Central (Bath) 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 financial statements of Design Central (Bath) 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 financial statements.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

29 March 2019

FIXED ASSETS

Tangible assets

4

42,904

70,625

CURRENT ASSETS

Debtors

5

698,902

645,077

Cash at bank and in hand

155,127

127,209

854,029

772,286

CREDITORS

Amounts falling due within one year

6

580,331

609,187

NET CURRENT ASSETS

273,698

163,099

TOTAL ASSETS LESS CURRENT LIABILITIES

316,602

233,724

CREDITORS

Amounts falling due after more than one year

7

(106,284

)

(47,670

)

PROVISIONS FOR LIABILITIES

10

(3,891

)

(9,238

)

NET ASSETS

206,427

176,816

CAPITAL AND RESERVES

Called up share capital

11

1,620

1,620

Retained earnings

204,807

175,196

SHAREHOLDERS' FUNDS

206,427

176,816

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 29 March 2019 and were signed on its behalf by:

R Thorpe - Director

1.	STATUTORY INFORMATION

Design Central (Bath) 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax, and is recognised

when the service is provided.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are

provided in accordance with the stage of completion of the contract when all of the following conditions

are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably

- the costs incurred and the costs to complete the contract can be measured 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.

Leasehold property

-

in accordance with the property lease

Fixtures and fittings

-

15% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

account, 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.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to the profit or loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit or loss account 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 in respect of the directors and staff.

The assets of the scheme are held separately from those of the company in an independently

administered fund. The pension cost charge represents contributions payable by the company to the

fund.

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, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in the profit or loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between an asset's carrying amount and the present value of estimated cash flows discounted at the

asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between an asset's carrying amount and the best estimate, which is an approximation, of

the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there

is an enforceable right to set off the recognised amounts and there is an intention to settle on a net

basis or to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2017 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 July 2017

2,678

51,796

65,733

100,703

220,910

Additions

-

1,599

-

9,492

11,091

At 30 June 2018

2,678

53,395

65,733

110,195

232,001

DEPRECIATION

At 1 July 2017

1,715

46,462

23,500

78,608

150,285

Charge for year

137

2,012

21,692

14,971

38,812

At 30 June 2018

1,852

48,474

45,192

93,579

189,097

NET BOOK VALUE

At 30 June 2018

826

4,921

20,541

16,616

42,904

At 30 June 2017

963

5,334

42,233

22,095

70,625

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

316,762

285,152

Amounts recoverable on contract

344,301

313,664

Other debtors

37,839

46,261

698,902

645,077

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

6,387

8,862

Trade creditors

79,609

81,665

Taxation and social security

138,351

81,825

Other creditors

355,984

436,835

580,331

609,187

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

41,284

47,670

Other creditors

65,000

-

106,284

47,670

8.	LEASING AGREEMENTS

At the year end the company was committed to making operating lease payments totalling £39,000

(2017: £37,000).

9.	SECURED DEBTS

Coutts & Company holds a fixed and floating charge over the undertaking and all property and assets

present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery.

10.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

3,891

9,238

Deferred

tax

£

Balance at 1 July 2017

9,238

Provided during year

(5,347

)

Balance at 30 June 2018

3,891

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1,350

Ordinary A

£1

1,350

1,350

135

Ordinary B

£1

135

135

135

Ordinary C

£1

135

135

1,620

1,620

A shares have attached to them full voting, dividend and capital distribution (including on a winding up)

rights; they do not confer any rights of redemption.

B share holders are not entitled to receive notice of meetings or to attend or vote at General Meetings.

C shares have attached to them full voting, full equity and full dividend rights. They are non

redeemable.

12.	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Revenue is recognised according to the stage of completion for each contract. The directors have

exercised their judgement to estimate the stage of completion for each contract at the balance sheet

date.

No other significant judgements or key assumptions have had to be made by the directors in preparing

these financial statements.