Conficio Product Design Limited - Period Ending 2020-09-30

Conficio Product Design Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Conficio Product Design Limited

Company Information

Directors

A J House Z S Donohue J P M Reece N A Clarke L C Wade

Registered office

Unit 1 Nine Mile Water Stockbridge Hampshire SO20 8DR

Accountants

Brett Pittwood Chartered Certified Accountants Suite 8 Bourne Gate 25 Bourne Valley Road Poole Dorset BH12 1DY

Conficio Product Design Limited

(Registration number: 10744658)
Balance Sheet as at 30 September 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	2,831	3,775
Current assets
Debtors	5	124,747	172,290
Cash at bank and in hand		52,956	9,371
		177,703	181,661
Creditors: Amounts falling due within one year	6	(168,681)	(182,022)
Net current assets/(liabilities)		9,022	(361)
Total assets less current liabilities		11,853	3,414
Provisions for liabilities		(717)	(717)
Net assets		11,136	2,697
Capital and reserves
Called up share capital		9	9
Profit and loss account		11,127	2,688
Total equity		11,136	2,697

For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 September 2021 and signed on its behalf by:
 

A J House
Director

Conficio Product Design Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1
Nine Mile Water
Stockbridge
Hampshire
SO20 8DR
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Conficio Product Design Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Conficio Product Design Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Conficio Product Design Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

Financial instruments

Classification
Financial assets

Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2019 - 7).

Conficio Product Design Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 October 2019	6,700	6,700
At 30 September 2020	6,700	6,700
Depreciation
At 1 October 2019	2,925	2,925
Charge for the year	944	944
At 30 September 2020	3,869	3,869
Carrying amount
At 30 September 2020	2,831	2,831
At 30 September 2019	3,775	3,775

5

Debtors

	2020 £	2019 £
Trade debtors	-	109,553
Other debtors	124,747	62,737
	124,747	172,290

Conficio Product Design Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Bank loans and overdrafts	7	-	17,500
Taxation and social security		134,211	100,490
Accruals and deferred income		-	2,500
Other creditors		34,470	61,532
		168,681	182,022

7	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	-	17,500

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £41,225 (2019 - £12,125).

Conficio Product Design Limited

Notes to the Financial Statements for the Year Ended 30 September 2020

9	Related party transactions

Summary of transactions with related parties

Net advances of £5,177 were made during the year to the participator, Mr J Reece. At 30 September 2020 a total of £15,782 was owed to the company by Mr J Reece on his loan account. Interest has been charged on this account.

Net advances of £13,142 were made during the year to the participator, Mr L Wade. At 30 September 2020 a total of £13,142 was owed to the company by Mr L Wade on his loan account. Interest has been charged on this account.

Net repayments of £2,591 were made during the year from the participator, Mr Z Donohue. At 30 September 2020 a total of £2,315 was owed to the company by Mr Z Donohue on his loan account. Interest has been charged on this account.

Net advances of £16,278 were made during the year to the participator, Mr A House. At 30 September 2020 a total of £40,257 was owed to the company by Mr A House on his loan account. Interest has been charged on this account.