Lampshade Designs Limited Filleted accounts for Companies House (small and micro)

LAMPSHADE DESIGNS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01916090

Lampshade Designs Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2022

Lampshade Designs Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		77,350	64,023

Current assets

Stocks		31,860	18,500
Debtors	6	79,428	105,531
Cash at bank and in hand		688,327	647,021
		---------	---------
		799,615	771,052

Creditors: amounts falling due within one year	7	71,774		116,264
		---------		---------
Net current assets			727,841	654,788
			---------	---------
Total assets less current liabilities			805,191	718,811
			---------	---------
Net assets			805,191	718,811
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	805,091	718,711
	---------	---------
Shareholders funds	805,191	718,811
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2022 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 .

Lampshade Designs Limited

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 18 September 2023 , 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 2022

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 (2021: 23 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Computer Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2022	173,236	38,844	19,015	29,337	260,432
Additions	–	–	33,675	752	34,427
Disposals	–	–	( 7,520)	–	( 7,520)
	---------	--------	--------	--------	---------
At 31 December 2022	173,236	38,844	45,170	30,089	287,339
	---------	--------	--------	--------	---------
Depreciation
At 1 January 2022	128,694	27,228	11,883	28,604	196,409
Charge for the year	6,681	1,743	10,202	371	18,997
Disposals	–	–	( 5,417)	–	( 5,417)
	---------	--------	--------	--------	---------
At 31 December 2022	135,375	28,971	16,668	28,975	209,989
	---------	--------	--------	--------	---------
Carrying amount
At 31 December 2022	37,861	9,873	28,502	1,114	77,350
	---------	--------	--------	--------	---------
At 31 December 2021	44,542	11,616	7,132	733	64,023
	---------	--------	--------	--------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	71,918	89,447
Other debtors	7,510	16,084
	--------	---------
	79,428	105,531
	--------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	10,777	18,728
Corporation tax	24,561	34,124
Social security and other taxes	28,366	53,304
Other creditors	8,070	10,108
	--------	---------
	71,774	116,264
	--------	---------

8. 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
	2022	2021
	£	£
J D Tringham	( 5,595)	( 5,595)
	-------	-------