ACCOUNTS - Final Accounts

Cash and cash equivalents

P.K. DESIGN LIMITED - Company Information

Registered number: 03565222

P. K. Design Limited

Unaudited

Financial statements

Information for filing with the registrar

For the period ended 30 June 2021


P. K. Design Limited Registered number:03565222

Balance sheet

As at 30 June 2021

	30	June	31	May
		2021		2020
Note	£	£	£	£

Fixed assets
Tangible assets	4		166		228
Current assets
Debtors	5	5,050		2,328
Cash at bank and in hand	6	53,221		127,752
		58,271		130,080
Creditors: amounts falling due within one year	7	(34,264)		(37,520)
Net current assets			24,007		92,560

Net assets			24,173		92,788

Capital and reserves
Called up share capital	2	2
Profit and loss account	24,171	92,786
	24,173	92,788

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 1 July 2021.

P. Gilbey

Director

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P. K. Design Limited Registered number:03565222

Balance sheet (continued)

As at 30 June 2021

The notes on pages 3 to 6 form part of these financial statements.

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P. K. Design Limited

Notes to the financial statements

For the period ended 30 June 2021

1.	General information

P.K. Design Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Wolfreton Church Road, West Hanningfield, Chelmsford, Essex, CM2 8UQ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided at the following rate:

Office equipment

25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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P. K. Design Limited

Notes to the financial statements

For the period ended 30 June 2021

2.Accounting policies (continued)

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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P. K. Design Limited

Notes to the financial statements

For the period ended 30 June 2021

2.Accounting policies (continued)

2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Employees

The average monthly number of employees, including directors, during the period was 2 (2020 - 2).

4.	Tangible fixed assets

		Office equipment
		£
	Cost
	At 1 June 2020	1,557
	At 30 June 2021	1,557
	Depreciation
	At 1 June 2020	1,329
	Charge for the period	62
	At 30 June 2021	1,391
	Net book value
	At 30 June 2021	166
	At 31 May 2020	228

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P. K. Design Limited

Notes to the financial statements

For the period ended 30 June 2021

Debtors

					30 June	31 May
					2021	2020
					£	£


Other debtors	5,050	-
Prepayments and accrued income	-	2,328
	5,050	2,328

	Cash at bank and in hand	53,221	127,752

Corporation tax	-	11,245
Directors' current accounts	33,124	25,195
Accruals and deferred income	1,140	1,080
	34,264	37,520

8.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund and amounted to £62,840 (2020 - £840).

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