Company Registration No. 3259117 (England and Wales)
Essence Design Limited
Unaudited accounts
for the year ended 31 October 2021
Essence Design Limited
Statement of financial position
as at 31 October 2021
Tangible assets
17,785
20,923
Cash at bank and in hand
57,465
41,467
Creditors: amounts falling due within one year
(12,553)
(28,225)
Net current assets
65,727
43,175
Total assets less current liabilities
83,612
65,012
Provisions for liabilities
Deferred tax
(3,379)
(4,130)
Called up share capital
2
2
Profit and loss account
80,231
60,880
Shareholders' funds
80,233
60,882
For the year ending 31 October 2021 the company was entitled to exemption from audit 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 7 June 2022 and were signed on its behalf by
Regine Wilber
Director
Company Registration No. 3259117
Essence Design Limited
Notes to the Accounts
for the year ended 31 October 2021
Essence Design Limited is a private company, limited by shares, registered in England and Wales, registration number 3259117.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Fixtures & fittings
15% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Essence Design Limited
Notes to the Accounts
for the year ended 31 October 2021
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 November 2020
57,402
10,452
67,854
At 31 October 2021
57,402
10,452
67,854
At 1 November 2020
40,859
6,072
46,931
Charge for the year
2,481
657
3,138
At 31 October 2021
43,340
6,729
50,069
At 31 October 2021
14,062
3,723
17,785
At 31 October 2020
16,543
4,380
20,923
6
Investments
Other investments
Valuation at 1 November 2020
100
Valuation at 31 October 2021
100
7
Debtors: amounts falling due within one year
2021
2020
Trade debtors
12,636
29,689
Essence Design Limited
Notes to the Accounts
for the year ended 31 October 2021
8
Creditors: amounts falling due within one year
2021
2020
Taxes and social security
10,984
19,266
9
Deferred taxation
2021
2020
Accelerated capital allowances
3,379
4,130
Provision at start of year
4,130
4,302
Credited to the profit and loss account
(751)
(172)
Provision at end of year
3,379
4,130
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan repayable on demand
122
-
122
-
Loan repayable on demand
122
8,179
122
8,179
Interest at the official rate of 2.5% was charged on the loans.
12
Average number of employees
During the year the average number of employees was 2 (2020: 2).
