Lampshade Designs Limited Company accounts

LAMPSHADE DESIGNS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01916090

Lampshade Designs Limited

Unaudited Financial Statements

For the year ended

31 December 2020

Lampshade Designs Limited

Financial Statements

Year ended 31 December 2020

Contents	Pages

Officers and professional advisers	1

Director's report	2

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	3

Statement of income and retained earnings	4

Statement of financial position	5

Notes to the financial statements	6 to 9

Lampshade Designs Limited

Officers and Professional Advisers

Director	J D Tringham

Company secretary	J D Tringham

Registered office	11/12 Sapcote Trading Centre
	374 High Road
	London
	NW10 2DH

Accountants	Mackenzie Field
	Chartered Accountants
	Hyde House
	The Hyde
	Edgware Road
	London
	NW9 6LA

Lampshade Designs Limited

Director's Report

Year ended 31 December 2020

The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2020 .

Director

The director who served the company during the year was as follows:

J D Tringham

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 17 December 2021 and signed on behalf of the board by:

J D Tringham

Company Secretary

Registered office:

11/12 Sapcote Trading Centre

374 High Road

London

NW10 2DH

Lampshade Designs Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Lampshade Designs Limited

Year ended 31 December 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lampshade Designs Limited for the year ended 31 December 2020, which comprise the statement of income and retained earnings, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Lampshade Designs Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Lampshade Designs Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lampshade Designs Limited and its director for our work or for this report.

It is your duty to ensure that Lampshade 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 profit of Lampshade Designs Limited. You consider that Lampshade 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 Lampshade 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.

Mackenzie Field Chartered Accountants

Hyde House The Hyde Edgware Road London NW9 6LA

17 December 2021

Lampshade Designs Limited

Statement of Income and Retained Earnings

Year ended 31 December 2020

	2020	2019
Note	£	£
Turnover	936,642	1,071,474

Cost of sales	639,753	725,368
	---------	------------
Gross profit	296,889	346,106

Distribution costs	–	13,105
Administrative expenses	181,298	209,902
Other operating income	–	40
	---------	---------
Operating profit	115,591	123,139

		---------	---------
Profit before taxation	5	115,591	123,139

Tax on profit	20,360	8
	---------	---------
Profit for the financial year and total comprehensive income	95,231	123,131
	---------	---------

Retained earnings at the start of the year	449,388	326,257
	---------	---------
Retained earnings at the end of the year	544,619	449,388
	---------	---------

All the activities of the company are from continuing operations.

Lampshade Designs Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	6		76,316	91,390

Current assets

Stocks		47,000	72,000
Debtors	7	144,384	219,040
Cash at bank and in hand		396,427	166,888
		---------	---------
		587,811	457,928

Creditors: amounts falling due within one year	8	119,408		99,830
		---------		---------
Net current assets			468,403	358,098
			---------	---------
Total assets less current liabilities			544,719	449,488
			---------	---------
Net assets			544,719	449,488
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	544,619	449,388
	---------	---------
Shareholders funds	544,719	449,488
	---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 17 December 2021 , and are signed on behalf of the board by:

J D Tringham
Director

Company registration number: 01916090

Lampshade Designs Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11/12 Sapcote Trading Centre, 374 High Road, London, NW10 2DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Computer Equipment	-	25% reducing balance
Plant & Machinery	-	15% reducing balance
Fixtures & Fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

	Computer Software	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 23 (2019: 23 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2020	2019
	£	£
Depreciation of tangible assets	15,074	18,272
	--------	--------

6. Tangible assets

	Computer Software	Plant and machinery	Fixtures and fittings	Motor vehicles	Computer Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2020 and 31 Dec 2020	3,151	173,236	38,844	19,015	29,337	263,583
	-------	---------	--------	--------	--------	---------
Depreciation
At 1 Jan 2020	3,151	111,587	22,767	6,655	28,033	172,193
Charge for the year	–	9,247	2,411	3,090	326	15,074
	-------	---------	--------	--------	--------	---------
At 31 Dec 2020	3,151	120,834	25,178	9,745	28,359	187,267
	-------	---------	--------	--------	--------	---------
Carrying amount
At 31 Dec 2020	–	52,402	13,666	9,270	978	76,316
	-------	---------	--------	--------	--------	---------
At 31 Dec 2019	–	61,649	16,077	12,360	1,304	91,390
	-------	---------	--------	--------	--------	---------

7. Debtors

	2020	2019
	£	£
Trade debtors	133,166	208,161
Other debtors	11,218	10,879
	---------	---------
	144,384	219,040
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	36,558	27,509
Corporation tax	20,510	150
Social security and other taxes	54,939	59,405
Other creditors	7,401	12,766
	---------	--------
	119,408	99,830
	---------	--------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2020	2019
	£	£
J D Tringham	( 5,595)	( 5,595)
	-------	-------