Dargie Lewis Designs Ltd Filleted accounts for Companies House (small and micro)

DARGIE LEWIS DESIGNS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01342343

DARGIE LEWIS DESIGNS LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 June 2021

DARGIE LEWIS DESIGNS LTD

FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

DARGIE LEWIS DESIGNS LTD

OFFICERS AND PROFESSIONAL ADVISERS

Director	L Dargie

Company secretary	L Dargie

Registered office	Lynton House
	7-12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

DARGIE LEWIS DESIGNS LTD

STATEMENT OF FINANCIAL POSITION

30 June 2021

	2021		2020
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		1,590		2,120

CURRENT ASSETS

Stocks		6,556	1,962
Debtors	6	12,196	11,552
Cash at bank and in hand		82,688	76,674
		---------	--------
		101,440	90,188

CREDITORS: amounts falling due within one year	7	( 23,226)		( 12,647)
		---------		--------
NET CURRENT ASSETS			78,214		77,541
			--------		--------
TOTAL ASSETS LESS CURRENT LIABILITIES			79,804		79,661
			--------		--------
NET ASSETS			79,804		79,661
			--------		--------

CAPITAL AND RESERVES

Called up share capital	40,100	40,100
Profit and loss account	39,704	39,561
	--------	--------
SHAREHOLDERS FUNDS	79,804	79,661
	--------	--------

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 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 20 July 2022 , and are signed on behalf of the board by:

L Dargie
Director

Company registration number: 01342343

DARGIE LEWIS DESIGNS LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2021

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents net invoiced sales and commissions earned, excluding value added tax and after deducting amounts billed in advance to clients.

Income tax

Provision is made for deferred taxation using the liability method to take account of timing differences between the incidence of income and expenditure for taxation and accounting purposes except to the extent that the directors consider that a liability to taxation is unlikely to crystallise.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Fixtures, fittings and equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 July 2020 and 30 June 2021	176,631	176,631
	---------	---------
Depreciation
At 1 July 2020	174,511	174,511
Charge for the year	530	530
	---------	---------
At 30 June 2021	175,041	175,041
	---------	---------
Carrying amount
At 30 June 2021	1,590	1,590
	---------	---------
At 30 June 2020	2,120	2,120
	---------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	9	334
Other debtors	12,187	11,218
	--------	--------
	12,196	11,552
	--------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	12,839	3,786
Corporation tax	1,091	2,019
Social security and other taxes	769	5,590
Other creditors	8,527	1,252
	--------	--------
	23,226	12,647
	--------	--------