Design & Product Ltd - Period Ending 2014-09-30

Registration number: 07024691

Design & Product Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2014
 

Blackman Terry LLP
Chartered Accountants
Bolney Place
Cowfold Road
Bolney
Haywards Heath
West Sussex
RH17 5QT

Design & Product Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Design & Product Ltd
for the Year Ended 30 September 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Design & Product Ltd for the year ended 30 September 2014 set out on pages 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 at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Design & Product Ltd, 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 Design & Product Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Design & Product Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Design & Product Ltd 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 Design & Product Ltd. You consider that Design & Product Ltd 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 Design & Product Ltd. 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.

......................................

Blackman Terry LLP
Chartered Accountants
Bolney Place
Cowfold Road
Bolney
Haywards Heath
West Sussex
RH17 5QT

30 June 2015

Page 1

Design & Product Ltd
(Registration number: 07024691)
Abbreviated Balance Sheet at 30 September 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					-			198
Tangible fixed assets					2,148			2,021
					2,148			2,219
Current assets
Stocks					2,144			2,144
Debtors					12,828			10,731
Cash at bank and in hand					39,914			1,975
					54,886			14,850
Creditors: Amounts falling due within one year					(31,590)			(8,857)
Net current assets					23,296			5,993
Total assets less current liabilities					25,444			8,212
Provisions for liabilities					(430)			(404)
Net assets					25,014			7,808
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					24,014			6,808
Shareholders' funds					25,014			7,808

For the year ending 30 September 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 30 June 2015

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Design & Product Ltd
(Registration number: 07024691)
Abbreviated Balance Sheet at 30 September 2014
......... continued

.........................................
Mr Martyn Beaumont
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Design & Product Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Computer Software	33% on cost

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Computer Equipment	33% on cost

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Design & Product Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 October 2013		3,995			5,390			9,385
Additions		-			2,102			2,102
At 30 September 2014		3,995			7,492			11,487
Depreciation
At 1 October 2013		3,797			3,369			7,166
Charge for the year		198			1,975			2,173
At 30 September 2014		3,995			5,344			9,339
Net book value
At 30 September 2014		-			2,148			2,148
At 30 September 2013		198			2,021			2,219

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		1,000			1,000			1,000			1,000

Page 5