Conficio Product Design Limited - Period Ending 2022-09-30

Conficio Product Design Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

Conficio Product Design Limited

Company Information

Directors

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

Registered office

Office 13:101 The Guild King Street Wilton Salisbury Wiltshire SP2 0RS

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 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	1,592	2,123
Current assets
Debtors	5	209,391	185,697
Cash at bank and in hand		49,502	31,955
		258,893	217,652
Creditors: Amounts falling due within one year	6	(107,403)	(129,499)
Net current assets		151,490	88,153
Total assets less current liabilities		153,082	90,276
Provisions for liabilities		(302)	(405)
Net assets		152,780	89,871
Capital and reserves
Called up share capital		9	9
Retained earnings		152,771	89,862
Shareholders' funds		152,780	89,871

For the financial year ending 30 September 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 September 2023 and signed on its behalf by:
 

L C Wade
Director

Conficio Product Design Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2022

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:
Office 13:101 The Guild
King Street
Wilton
Salisbury
Wiltshire
SP2 0RS
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 and deferred 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 Unaudited Financial Statements
for the Year Ended 30 September 2022

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 balance sheet 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.

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 Unaudited Financial Statements
for the Year Ended 30 September 2022

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 5 (2021 - 7).

Conficio Product Design Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2022

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 October 2021	6,700	6,700
At 30 September 2022	6,700	6,700
Depreciation
At 1 October 2021	4,577	4,577
Charge for the year	531	531
At 30 September 2022	5,108	5,108
Carrying amount
At 30 September 2022	1,592	1,592
At 30 September 2021	2,123	2,123

5

Debtors

	2022 £	2021 £
Trade debtors	64,112	32,560
Other debtors	145,279	153,137
	209,391	185,697

Conficio Product Design Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2022

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	1,053	-
Taxation and social security	55,556	48,717
Accruals and deferred income	-	25,088
Other creditors	50,794	55,694
	107,403	129,499

7	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 £12,125 (2021 - £26,675).

Conficio Product Design Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2022

8	Related party transactions

Summary of transactions with related parties

Net advances of £244 were made during the year to the participator, Mr J P M Reece. At 30 September 2022 a total of £25,523 was owed to the company by Mr J P M Reece on his loan account. Interest has been charged on this account.

Net repayments of £9,708 were made during the year from the participator, Mr L C Wade. At 30 September 2022 a total of £13,487 was owed to the company by Mr L C Wade on his loan account. Interest has been charged on this account.

Net advances of £2,330 were made during the year to the participator, Mr Z S Donohue. At 30 September 2022 a total of £16,721 was owed to the company by Mr Z S Donohue on his loan account. Interest has been charged on this account.

Net repayments of £3,349 were made during the year from the participator, Mr N A Clarke. At 30 September 2022 a total of £1,928 was owed to the company by Mr N A Clarke on his loan account. Interest has been charged on this account.