Nielsen Design Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03692269 (England and Wales)

Nielsen Design Limited

Financial Statements

For The Year Ended

31st December 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

Mr P Spademan

Mr R Niemann

SECRETARY:

Ms D Parker

REGISTERED OFFICE:

27-30 Tradewinds, Diss Business Park

Sandy Lane

Diss

Norfolk

IP22 4GT

REGISTERED NUMBER:

03692269 (England and Wales)

AUDITORS:

Haines Watts

Statutory Auditor

8 Hopper Way

Diss

Norfolk

IP22 4GT

FIXED ASSETS

Tangible assets

4

127,009

138,034

CURRENT ASSETS

Stocks

5

1,181,629

1,742,678

Debtors

6

1,309,461

1,340,809

Cash at bank and in hand

277,490

272,521

2,768,580

3,356,008

CREDITORS

Amounts falling due within one year

7

849,089

1,275,143

NET CURRENT ASSETS

1,919,491

2,080,865

TOTAL ASSETS LESS CURRENT LIABILITIES

2,046,500

2,218,899

CREDITORS

Amounts falling due after more than one year

8

-

166,664

NET ASSETS

2,046,500

2,052,235

CAPITAL AND RESERVES

Called up share capital

11

2,685,057

2,685,057

Share premium

5,883,900

5,883,900

Retained earnings

(6,522,457

)

(6,516,722

)

SHAREHOLDERS' FUNDS

2,046,500

2,052,235

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2023 and were signed on its behalf by:

Mr R Niemann - Director

1.	STATUTORY INFORMATION

Nielsen Design Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors believe that the going concern basis is appropriate due to the ongoing financial support from the parent company.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are stock and trade debtors provisions.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of the business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover for the sale of goods is recognised when the company raises the sales invoice to the customer at the point of delivery.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

over the lease term

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

33.33% straight line

Computer equipment

-

25% on reducing balance and Straight line over 3 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making an allowance for obsolete and slow moving items. Cost comprises direct materials based on cost at a first-in, first-out basis plus transport.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net asset basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Classification of 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.

Derivatives

Derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through the profit or loss.

The Company uses derivatives to hedge against foreign currency fluctuations. The fair value of the derivatives is determined by the corresponding forward rate at the year end.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Employee benefits

The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Hire purchase and leasing commitments

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern (covid-19)

The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact including the use of delayed payments to HMRC and the potential to furlough staff should they become underutilised. Based on these assessments, cash, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in the profit or loss in the period in which it arises.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included within the profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2021 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1st January 2022

3,600

63,834

291,875

Additions

-

-

-

At 31st December 2022

3,600

63,834

291,875

DEPRECIATION

At 1st January 2022

1,078

43,235

258,523

Charge for year

1,081

6,858

8,464

At 31st December 2022

2,159

50,093

266,987

NET BOOK VALUE

At 31st December 2022

1,441

13,741

24,888

At 31st December 2021

2,522

20,599

33,352

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st January 2022

-

239,157

598,466

Additions

20,520

48,476

68,996

At 31st December 2022

20,520

287,633

667,462

DEPRECIATION

At 1st January 2022

-

157,596

460,432

Charge for year

6,270

57,348

80,021

At 31st December 2022

6,270

214,944

540,453

NET BOOK VALUE

At 31st December 2022

14,250

72,689

127,009

At 31st December 2021

-

81,561

138,034

5.

STOCKS

During the year an amount of £1,181,629 (2021: £1,742,677.92) was recognised as an expense in the profit and loss.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

984,208

1,082,973

Amounts owed by group undertakings

82,498

-

Other debtors

23,657

11,115

Deferred tax asset

108,868

142,942

Prepayments and accrued income

110,230

103,779

1,309,461

1,340,809

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

282,227

590,923

Amounts owed to group undertakings

-

120,844

Social security and other taxes

23,761

24,871

VAT

322,922

253,097

Bank loans

132,503

108,077

Accruals and deferred income

87,676

177,331

849,089

1,275,143

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 9)

-

166,664

9.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

-

166,664

A bank loan under the Coronavirus Business Interruption Loan Scheme was fully paid in the year. Interest is charged at 3.75% per annum above the Bank of England base rate.

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

151,275

138,818

Between one and five years

351,020

289,809

502,295

428,627

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

2,685,057

Ordinary Shares

£1

2,685,057

2,685,057

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Simonetta Castellano (Senior Statutory Auditor)

for and on behalf of Haines Watts

13.	RELATED PARTY DISCLOSURES