First Look Designs Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05447387 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2021

FOR

FIRST LOOK DESIGNS LIMITED

Page

Company Information

1

Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mr S A M H Yusuf

REGISTERED OFFICE:

Unit 5

10 Gough Road

Leicester

LE5 4AL

REGISTERED NUMBER:

05447387 (England and Wales)

ACCOUNTANTS:

Watergates Ltd

109 Coleman Road

Leicester

LE5 4LE

The following reproduces the text of the report prepared for the director 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 Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Director's Report 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 First Look Designs Limited for the year ended 31st December 2021 which comprise the Income Statement, Statement of Financial Position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of First Look Designs Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of First Look Designs Limited and state those matters that we have agreed to state to the director of First Look Designs Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its director for our work or for this report.

It is your duty to ensure that First Look Designs 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 loss of First Look Designs Limited. You consider that First Look Designs 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 First Look Designs 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.

Watergates Ltd

109 Coleman Road

Leicester

LE5 4LE

4th November 2022

FIXED ASSETS

Tangible assets

4

9,057

11,727

CURRENT ASSETS

Stocks

20,873

23,733

Debtors

5

12,831

92,065

Cash at bank and in hand

11,824

142,908

45,528

258,706

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

6

(108,192

)

(171,567

)

NET CURRENT (LIABILITIES)/ASSETS

(62,664

)

87,139

TOTAL ASSETS LESS CURRENT LIABILITIES

(53,607

)

98,866

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

7

(30,833

)

(50,000

)

NET (LIABILITIES)/ASSETS

(84,440

)

48,866

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(84,540

)

48,766

SHAREHOLDERS' FUNDS

(84,440

)

48,866

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4th November 2022 and were signed by:

Mr S A M H Yusuf - Director

1.	STATUTORY INFORMATION

First Look Designs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% on cost

Office equipment

-

25% on cost

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss 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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1st January 2021

and 31st December 2021

16,746

2,531

19,277

DEPRECIATION

At 1st January 2021

6,917

633

7,550

Charge for year

2,512

158

2,670

At 31st December 2021

9,429

791

10,220

NET BOOK VALUE

At 31st December 2021

7,317

1,740

9,057

At 31st December 2020

9,829

1,898

11,727

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Trade debtors

2,144

86,571

Other debtors

10,687

5,494

12,831

92,065

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Bank loans and overdrafts

5

-

Trade creditors

104,600

168,421

Taxation and social security

1,547

19,002

Other creditors

2,040

(15,856

)

108,192

171,567

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/21

31/12/20

£

£

Bank loans

30,833

50,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

50,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/21

31/12/20

value:

£

£

100

Ordinary

£1

100

100

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within other creditors is a net advance to the director Mr S Yusuf of £3,967 (2020 : £22,617). The loans are interest fee short term and repayable on demand.