Company Registration No. 3259117 (England and Wales)
Essence Design Limited
Unaudited accounts
for the year ended 31 October 2020
Essence Design Limited
Statement of financial position
as at 31 October 2020
Tangible assets
20,923
21,684
Cash at bank and in hand
41,467
47,906
Creditors: amounts falling due within one year
(27,981)
(24,267)
Net current assets
43,175
39,483
Total assets less current liabilities
65,012
62,225
Provisions for liabilities
Deferred tax
(4,130)
(4,302)
Called up share capital
2
2
Profit and loss account
60,880
57,921
Shareholders' funds
60,882
57,923
For the year ending 31 October 2020 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 13 July 2021 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 2020
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 2020
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 November 2019
57,402
7,721
65,123
At 31 October 2020
57,402
10,452
67,854
At 1 November 2019
37,939
5,500
43,439
Charge for the year
2,920
572
3,492
At 31 October 2020
40,859
6,072
46,931
At 31 October 2020
16,543
4,380
20,923
At 31 October 2019
19,463
2,221
21,684
6
Investments
Other investments
Valuation at 1 November 2019
100
Valuation at 31 October 2020
100
7
Debtors: amounts falling due within one year
2020
2019
Trade debtors
29,689
13,230
Essence Design Limited
Notes to the Accounts
for the year ended 31 October 2020
8
Creditors: amounts falling due within one year
2020
2019
Taxes and social security
19,266
22,755
Loans from directors
(244)
-
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
1,307
32,598
33,783
122
Loan repayable on demand
1,307
32,598
33,783
122
Interest at the official rate of 2.5% was charged on the loans.
11
Average number of employees
During the year the average number of employees was 2 (2019: 2).
