Design Central (Bath) Limited - Accounts to registrar (filleted) - small 18.2
Design Central (Bath) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 June 2019 |
| for |
| DESIGN CENTRAL (BATH) LIMITED |
| DESIGN CENTRAL (BATH) LIMITED (REGISTERED NUMBER: 03597376) |
| Contents of the Financial Statements |
| for the year ended 30 June 2019 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 5 |
| DESIGN CENTRAL (BATH) LIMITED |
| Company Information |
| for the year ended 30 June 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 11 Laura Place |
| Bath |
| BA2 4BL |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Design Central (Bath) Limited |
| 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 2019 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. |
| Chartered Accountants |
| 11 Laura Place |
| Bath |
| BA2 4BL |
| DESIGN CENTRAL (BATH) LIMITED (REGISTERED NUMBER: 03597376) |
| Balance Sheet |
| 30 June 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| DESIGN CENTRAL (BATH) LIMITED (REGISTERED NUMBER: 03597376) |
| Balance Sheet - continued |
| 30 June 2019 |
| 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 |
| DESIGN CENTRAL (BATH) LIMITED (REGISTERED NUMBER: 03597376) |
| Notes to the Financial Statements |
| for the year ended 30 June 2019 |
| 1. | STATUTORY INFORMATION |
| Design Central (Bath) Limited is a |
| number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Leasehold property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised |
| in profit or loss. |
| 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. |
| DESIGN CENTRAL (BATH) LIMITED (REGISTERED NUMBER: 03597376) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 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 |
| DESIGN CENTRAL (BATH) LIMITED (REGISTERED NUMBER: 03597376) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2019 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Leasehold | and | Motor | Computer |
| property | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 July 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 June 2019 |
| DEPRECIATION |
| At 1 July 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 June 2019 |
| NET BOOK VALUE |
| At 30 June 2019 |
| At 30 June 2018 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Additions |
| At 30 June 2019 |
| NET BOOK VALUE |
| At 30 June 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contract |
| Other debtors |
| DESIGN CENTRAL (BATH) LIMITED (REGISTERED NUMBER: 03597376) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2019 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| The balances included in hire purchases are secured against the relevant assets. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| Other creditors |
| 9. | LEASING AGREEMENTS |
| At the year end the company was committed to making operating lease payments totalling £85,800 (2018: £39,000). |
| 10. | SECURED DEBTS |
| National Westminster Bank holds a charge over the property owned by the company. |
| The bank borrowing is secured by a fixed and floating charge over the property and all other assets of the company. |
| 11. | PROVISIONS FOR LIABILITIES |
| 2019 | 2018 |
| £ | £ |
| Deferred tax | 2,049 | 3,891 |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2018 |
| Accelerated capital allowances | (1,842 | ) |
| Balance at 30 June 2019 |
| DESIGN CENTRAL (BATH) LIMITED (REGISTERED NUMBER: 03597376) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2019 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary A | £1 | 1,350 | 1,350 |
| Ordinary B | £1 | 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. |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| At the year end, directors of the company owed the company £323,440 (2018: the company owed the directors £47,952). During the |
| year £652,988 was advanced and £281,596 was repaid. |
| Loan interest is charged on overdrawn balances at 2.5% and the loans are repayable on demand. |
| 14. | POST BALANCE SHEET EVENTS |
| After the year end, one of the director's shares were bought back by the company for £273,000. |
| 15. | 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. |