LTDesign (UK) Ltd
LTDesign (UK) Ltd
Registered number: 07723368
Unaudited Financial Statements
For The Year Ended
31 August 2021
LTDesign (UK) Ltd
Unaudited Financial Statements
For The Year Ended
31 August 2021
Unaudited Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 2—3 |
| Notes to the Financial Statements | 4—6 |
LTDesign (UK) Ltd
Statement of Financial Position
As at
31 August 2021
Statement of Financial Position
Registered number:
07723368
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 17,569 | 16,192 | |||
LTDesign (UK) Ltd
Statement of Financial Position (continued)
As at
31 August 2021
Director's responsibilities
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The member has 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 4 to 6 form part of these financial statements.
LTDesign (UK) Ltd
Notes to the Financial Statements
For The Year Ended
31 August 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
During the preparation of the financial statements the directors have considered the impact of Coronavirus (COVID 19). As with most businesses there has been an impact on operations, customers, suppliers and also staff. The directors have utilised the grants and support available from the Government and in doing this are taking the necessary steps to protect the future of the business. While it is not certain what the total impact will be, the directors still believe it is appropriate to prepare the accounts on a going concern basis.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.6.
Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2020: 1)
LTDesign (UK) Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2021
3.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
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| Cost | |||
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| Additions |
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| Disposals |
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| Depreciation | |||
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||
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4.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 9,678 | 765 | |
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5.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | - | 101 | |
| Taxation and social security | 8,070 | 7,733 | |
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Bank loans |
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LTDesign (UK) Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2021
8.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
Director 1
At start of period - £Nill
Amounts advanced - £8,812
Amounts repaid - (£Nill)
At end of period - £8,812
The above loan is unsecured, interest free and repayable on demand.
9.
General Information
LTDesign (UK) Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
07723368
. The registered office is Unit 3 Wells Road Business Centre, Wells Road, Ilkley, West Yorkshire, LS29 9JB. Town House, 16-18 (Back) Town Street, Horsforth, West Yorkshire, LS18 4RJ.