The Essential Design Company Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05728482 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

The Essential Design Company Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T S Wilson

SECRETARY:

S H Pennington

REGISTERED OFFICE:

23 West Street

Marlow

Buckinghamshire

SL7 2LS

REGISTERED NUMBER:

05728482 (England and Wales)

FIXED ASSETS

Tangible assets

4

2,111

2,815

CURRENT ASSETS

Stocks

-

14,322

Debtors

5

3,481

5,624

Cash at bank

82

65

3,563

20,011

CREDITORS

Amounts falling due within one year

6

120,559

138,121

NET CURRENT LIABILITIES

(116,996

)

(118,110

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(114,885

)

(115,295

)

PROVISIONS FOR LIABILITIES

79

142

NET LIABILITIES

(114,964

)

(115,437

)

CAPITAL AND RESERVES

Called up share capital

12

12

Retained earnings

(114,976

)

(115,449

)

SHAREHOLDERS' FUNDS

(114,964

)

(115,437

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 21 December 2019 and were signed by:

T S Wilson - Director

1.	STATUTORY INFORMATION

The Essential Design Company Ltd 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 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.

Turnover

Turnover represents net invoiced sales of goods / services, excluding value added tax.

Tangible fixed assets

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

Plant and machinery

25% reducing balance

Computer equipment

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

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 Income

Statement, 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.

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.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the

net sales value of the work done after provision for contingencies and anticipated future

losses on contracts, less amounts received as progess payments on account. Excess

progress payments are included in creditors as payments on account.

Going concern

The company will be supported by a shareholder Henry Sanderson & Co Limited a company

controlled by Mr T S Wilson a director of the company. On this basis, the directors consider

it appropriate to prepare the financial statements on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

23,860

DEPRECIATION

At 1 April 2018

21,045

Charge for year

704

At 31 March 2019

21,749

NET BOOK VALUE

At 31 March 2019

2,111

At 31 March 2018

2,815

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

-

1,691

Amounts owed by group undertakings

966

966

Other debtors

2,515

2,967

3,481

5,624

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

6,844

17,501

Amounts owed to associates

65,227

35,506

Taxation and social security

6,689

6,693

Other creditors

41,799

78,421

120,559

138,121

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended

31 March 2019 and 31 March 2018:

31.3.19

31.3.18

£

£

T S Wilson

Balance outstanding at start of year

-

(108

)

Amounts advanced

27,794

65,513

Amounts repaid

(27,906

)

(65,405

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(112

)

-

All amounts are repayable on demand. Interest is charged at 2.5% (2018: 2.5%) on

amounts owed to the company.

8.	RELATED PARTY DISCLOSURES

Henry Sanderson & Co Limited

An associated company.

During the year Henry Sanderson & Co Ltd lent The Essential Design Company Ltd £74,894

(2018: £73,350) and The Essential Design Company Ltd repaid £33,173 (2018: £44,000).

At the year end The Essential Design company Limited owes the company £65,227 (2018:

£23,506). The amount is classified as a current creditor and is repayable on demand, no

interest is charged.

Henry Sanderson Homes Ltd

An associated company.

During the year Henry Sanderson Homes Limited was repaid £12,000 (2018: £NIL) and

advanced £NIL(2018: £12,000) to the company. At the balance sheet date The Essential

Design Company Limited owes the company £NIL (2018: £12,000). The amount is

classified as a current creditor and is repayable on demand, no interest is charged.

The Ship Ltd

A company in which T Wilson is a director and shareholder.

During the year The Essential Design Company was lent £19,729 (2018: 50,339) and repaid

£28,319 (2018: £42,409). At the year end The Essential Design Company owes £NIL

(2018: £8,590) to the company. The amount is classified as a current creditor and is

repayable on demand, no interest is charged.

Satriale Food Ltd

A company in which T S Wilson is a director and shareholder.

During the year Satriale Food Ltd was advanced £NIL (£2,955) by the company and repaid

£2,955 (2018:NIl). At the balance sheet date Satriale Food Ltd owes the company £NIL

(2018: £2,955). The amount is classified as a current debtor and is repayable on demand,

no interest is charged.

T S Wilson

Director of the company.

At the balance sheet the company owes T S Wilson £112 (2018: £NIL). The amount is

classified as a current creditor and is repayable on demand. Interest is charged at 2.5%

(2018: 2.5%) on the money owed to the company in the year.

Mahfouz Binmahfouz

Shareholder in the company.

During the year the company repaid Mahfouz Binmahfouz £25,000 (2018; £40,743). At the

balance sheet date the company owes Mahfouz Binmahfouz £36,606 (2018: £55,607). The

amount is classified as a current creditor and is repayable one demand, no interest is

charged.

9.	CONTROLLING PARTY

The company is controlled by Henry Sanderson & Co Ltd (a company 50% owed by the

director T Wilson and Sphere Entertainment Ltd) and by the shareholders Mahfouz

Binmahfouz and Mohammad Binmahfouz.