ACCOUNTS - Final Accounts preparation

FIFTEEN ELEVEN DESIGN LTD - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302022-05-01falseSale of lubricants in the motor trade33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09556290 2022-05-01 2023-04-30 09556290 2021-05-01 2022-04-30 09556290 2023-04-30 09556290 2022-04-30 09556290 c:Director2 2022-05-01 2023-04-30 09556290 d:PlantMachinery 2022-05-01 2023-04-30 09556290 d:PlantMachinery 2023-04-30 09556290 d:PlantMachinery 2022-04-30 09556290 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 09556290 d:OfficeEquipment 2022-05-01 2023-04-30 09556290 d:OfficeEquipment 2023-04-30 09556290 d:OfficeEquipment 2022-04-30 09556290 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 09556290 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 09556290 d:CurrentFinancialInstruments 2023-04-30 09556290 d:CurrentFinancialInstruments 2022-04-30 09556290 d:Non-currentFinancialInstruments 2023-04-30 09556290 d:Non-currentFinancialInstruments 2022-04-30 09556290 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 09556290 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 09556290 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 09556290 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 09556290 d:ShareCapital 2023-04-30 09556290 d:ShareCapital 2022-04-30 09556290 d:RetainedEarningsAccumulatedLosses 2023-04-30 09556290 d:RetainedEarningsAccumulatedLosses 2022-04-30 09556290 c:FRS102 2022-05-01 2023-04-30 09556290 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 09556290 c:FullAccounts 2022-05-01 2023-04-30 09556290 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 09556290

FIFTEEN ELEVEN DESIGN LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FIFTEEN ELEVEN DESIGN LTD

REGISTERED NUMBER: 09556290

BALANCE SHEET

AS AT 30 APRIL 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	4		446		558
Current assets
Stocks		11,025		12,525
Debtors: amounts falling due within one year	5	320		5,209
Creditors: amounts falling due within one year	6	(22,778)		(24,272)
Net current liabilities			(11,433)		(6,538)
Total assets less current liabilities			(10,987)		(5,980)
Creditors: amounts falling due after more than one year	7		(3,875)		(5,735)

Net liabilities			(14,862)		(11,715)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(14,962)	(11,815)
	(14,862)	(11,715)

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FIFTEEN ELEVEN DESIGN LTD

REGISTERED NUMBER: 09556290

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 January 2024.

Christopher John Mellors

Director

The notes on pages 3 to 7 form part of these financial statements.

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FIFTEEN ELEVEN DESIGN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

1.	General information

Fifteen Eleven Design Ltd is a private Company limited by shares, incorporated in England and Wales (registered number: 09556290). Its registered office is Milford Garage, Milford, Bakewell, Derbyshire, United Kingdom, DE45 1DX. The principal activity of the Company throughout the year was that of the sale of lubricants and oils in the motor trade and the promotion of a vehicle rebuilding project.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the forseeable future.
The validity of this assumption depends on the support of the shareholders and the ability of the company to generate profits in the future. The directors believe this to be well founded, based on current and expected future levels of activity. The financial statements do not include any adjustments that woud result if the company did not receive sufficient financial support or if sufficient profits were not generated.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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FIFTEEN ELEVEN DESIGN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

				Plant and machinery	-	20%	reducing balance
				Office equipment	-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

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FIFTEEN ELEVEN DESIGN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.9

Taxation

Tax is recognised in the Statement of Income and Related earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

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FIFTEEN ELEVEN DESIGN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

4.	Tangible fixed assets

	Plant and machinery	Office equipment	Total
	£	£	£
Cost
At 1 May 2022	781	444	1,225
At 30 April 2023	781	444	1,225
Depreciation
At 1 May 2022	525	142	667
Charge for the year on owned assets	52	60	112
At 30 April 2023	577	202	779
Net book value
At 30 April 2023	204	242	446
At 30 April 2022	256	302	558

Debtors

					2023	2022
					£	£


Trade debtors	-	3,323
Other debtors	320	1,886
	320	5,209

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FIFTEEN ELEVEN DESIGN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

6.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Bank overdrafts	4,663	4,570
Other loans	1,860	1,860
Trade creditors	628	150
Other creditors	14,877	16,942
Accruals and deferred income	750	750
	22,778	24,272

7.	Creditors: Amounts falling due after more than one year
		2023	2022
		£	£

	Other loans	3,875	5,735

8.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2022: £178). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

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