Design Something More Limited Filleted accounts for Companies House (small and micro)

DESIGN SOMETHING MORE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09154046

DESIGN SOMETHING MORE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2020

DESIGN SOMETHING MORE LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2020

	2020		2019
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		10,498		13,621

CURRENT ASSETS

Work in progress		20,978	22,753
Debtors	6	118,568	97,011
Cash at bank and in hand		164,420	55,185
		----------	----------
		303,966	174,949

CREDITORS: amounts falling due within one year	7	82,147		56,498
		----------		----------
NET CURRENT ASSETS			221,819		118,451
			----------		----------
TOTAL ASSETS LESS CURRENT LIABILITIES			232,317		132,072

PROVISIONS

Taxation including deferred tax	1,995	2,588
	----------	----------
NET ASSETS	230,322	129,484
	----------	----------

DESIGN SOMETHING MORE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2020

	2020		2019
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	300	300
Profit and loss account	230,022	129,184
	----------	----------
SHAREHOLDERS FUNDS	230,322	129,484
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 14 May 2021 , and are signed on behalf of the board by:

Mr J Stubley

Director

Company registration number: 09154046

DESIGN SOMETHING MORE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, Compass House, East Street, Leeds, LS9 8EE.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis

(b) Going concern

In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. At the date of signing these financial statements, the directors have considered the effect of the Coronavirus pandemic on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.

The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

(d) Current & deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property Alterations	-	15% straight line
Fixtures & Fittings	-	15% reducing balance
Computer Equipment	-	50% straight line

(g) Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

(h) Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

(i) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 5 (2019: 4 ).

5. TANGIBLE ASSETS

	Property alterations	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost
At 1 January 2020 and 31 December 2020	17,450	7,175	7,817	32,442
	--------	-------	-------	--------
Depreciation
At 1 January 2020	7,201	3,803	7,817	18,821
Charge for the year	2,618	505	–	3,123
	--------	-------	-------	--------
At 31 December 2020	9,819	4,308	7,817	21,944
	--------	-------	-------	--------
Carrying amount
At 31 December 2020	7,631	2,867	–	10,498
	--------	-------	-------	--------
At 31 December 2019	10,249	3,372	–	13,621
	--------	-------	-------	--------

6. DEBTORS

	2020	2019
	£	£
Trade debtors	105,753	95,689
Other debtors	12,815	1,322
	----------	--------
	118,568	97,011
	----------	--------

7. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	–	4,509
Accruals and deferred income	1,780	1,740
Corporation tax	49,941	30,415
Social security and other taxes	28,907	18,242
Directors current accounts	510	510
Other creditors	1,009	1,082
	--------	--------
	82,147	56,498
	--------	--------

8. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	26,825	24,906
Later than 1 year and not later than 5 years	67,063	87,169
	--------	----------
	93,888	112,075
	--------	----------