DESIGN SILVER FISH UK LTD

DESIGN SILVER FISH UK LTD

DESIGN SILVER FISH UK LTD - Company Information

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Company Registration No. 11506215 (England and Wales)
DESIGN SILVER FISH UK LTD Unaudited accounts for the year ended 31 August 2023
DESIGN SILVER FISH UK LTD Unaudited accounts Contents
Page
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DESIGN SILVER FISH UK LTD Company Information for the year ended 31 August 2023
Director
Mrs YOUNSOOK IM
Company Number
11506215 (England and Wales)
Registered Office
Flat 64 Marquis House 45 Beadon Road London W6 0BT United Kingdom
Accountants
FURUICHOI & CO Chartered Accountants 69 Station Road Hampton Greater London TW12 2BT
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DESIGN SILVER FISH UK LTD Accountants' report
Accountants' report to the director of DESIGN SILVER FISH UK LTD on the preparation of the unaudited statutory accounts for the year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of DESIGN SILVER FISH UK LTD for the year ended 31 August 2023 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of DESIGN SILVER FISH UK LTD, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of DESIGN SILVER FISH UK LTD and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DESIGN SILVER FISH UK LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that DESIGN SILVER FISH UK LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of DESIGN SILVER FISH UK LTD. You consider that DESIGN SILVER FISH UK LTD 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 accounts of DESIGN SILVER FISH UK LTD. 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 accounts.
FURUICHOI & CO Chartered Accountants 69 Station Road Hampton Greater London TW12 2BT 19 January 2024
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DESIGN SILVER FISH UK LTD Statement of financial position as at 31 August 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
531,343 
6,290 
Current assets
Debtors
5
123,012 
11,394 
Cash at bank and in hand
11,785 
12,932 
134,797 
24,326 
Creditors: amounts falling due within one year
6
(16,007)
(12,548)
Net current assets
118,790 
11,778 
Total assets less current liabilities
650,133 
18,068 
Creditors: amounts falling due after more than one year
7
(730,769)
(37,951)
Net liabilities
(80,636)
(19,883)
Capital and reserves
Called up share capital
100,000 
100,000 
Profit and loss account
(180,636)
(119,883)
Shareholders' funds
(80,636)
(19,883)
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 January 2024 and were signed on its behalf by
Mrs YOUNSOOK IM Director Company Registration No. 11506215
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DESIGN SILVER FISH UK LTD Notes to the Accounts for the year ended 31 August 2023
1
Statutory information
DESIGN SILVER FISH UK LTD is a private company, limited by shares, registered in England and Wales, registration number 11506215. The registered office is Flat 64 Marquis House, 45 Beadon Road, London, W6 0BT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Straight line
Fixtures & fittings
20% on reducing balance
Computer equipment
25% on reducing balance
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Going concern
At the time of approving the financial statements, the director has reasonable expectation that the company as an overseas subsidiary has adequate resources to continue in operational existence for the foreseeable future. Thus the director as a overseas representative of the parent entity in South Korea continues to adopt the going concern basis of accounting in preparing the financial statements.
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DESIGN SILVER FISH UK LTD Notes to the Accounts for the year ended 31 August 2023
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 September 2022
- 
11,031 
5,595 
16,626 
Additions
564,000 
- 
- 
564,000 
At 31 August 2023
564,000 
11,031 
5,595 
580,626 
Depreciation
At 1 September 2022
- 
6,512 
3,824 
10,336 
Charge for the year
37,600 
904 
443 
38,947 
At 31 August 2023
37,600 
7,416 
4,267 
49,283 
Net book value
At 31 August 2023
526,400 
3,615 
1,328 
531,343 
At 31 August 2022
- 
4,519 
1,771 
6,290 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
113,012 
- 
Accrued income and prepayments
- 
1,394 
Other debtors
10,000 
10,000 
123,012 
11,394 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Taxes and social security
2,900 
- 
Accruals
13,107 
12,548 
16,007 
12,548 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
27,086 
37,951 
Other creditors
703,683 
- 
730,769 
37,951 
The parent entity in South Korea has funded GBP 100,000 as a shareholder's capital contribution and GBP 730,769 for the year ended 31 August 2023 for an active operation of its UK subsidiary.
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DESIGN SILVER FISH UK LTD Notes to the Accounts for the year ended 31 August 2023
8
Controlling party
The ultimate controlling parties are as follows: By virtue of its relevant legal entity's 100% shareholding; DESIGN SILVERFISH CO., LTD (Registration No. 105 - 81- 96310) 28, Jahamun-ro, 10-gil, Jongno-gu Seoul South Korea and By virtue of its director's significant influence or control; Mrs YOUNSOOK IM Flat 64 Marquis House 45 Beadon Road London W6 0BT United Kingdom.
9
Post balance sheet events
The company will hold an innovative media art exhitition 'DELIGHT' at Borough Yards, London to a new stream of revenue from 15 October 2023 to 15/01/2025.
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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