McDaid Designs Limited - Period Ending 2017-12-31

Registration number: 09340014

McDaid Designs Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Howard Smith & Co Limited
Chartered Accountants
1 & 2 Hillbrow House
Linden Drive
Liss
Hampshire
GU33 7RJ

McDaid Designs Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

McDaid Designs Limited

Company Information

Director

Mr Thomas Matthew McDaid

Registered office

Flat 26 Franklin House Carlton Vale London NW6 5BZ

Accountants

Howard Smith & Co Limited Chartered Accountants 1 & 2 Hillbrow House Linden Drive Liss Hampshire GU33 7RJ

Page 1

McDaid Designs Limited

(Registration number: 09340014)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	3,714	4,560
Current assets
Debtors	5	-	3,615
Cash at bank and in hand		23,380	1,943
		23,380	5,558
Creditors: Amounts falling due within one year	6	(14,861)	(9,220)
Net current assets/(liabilities)		8,519	(3,662)
Total assets less current liabilities		12,233	898
Provisions for liabilities		(539)	(672)
Net assets		11,694	226
Capital and reserves
Called up share capital		10	10
Profit and loss account		11,684	216
Total equity		11,694	226

For the financial year ending 31 December 2017 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 September 2018
 

.........................................

Mr Thomas Matthew McDaid
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

McDaid Designs Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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:
Flat 26 Franklin House
Carlton Vale
London
NW6 5BZ

The principal place of business is:
Flat 26 Franklin House
Carlton Vale
London
NW6 5BZ

These financial statements were authorised for issue by the director on 21 September 2018.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 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.

Page 3

McDaid Designs Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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 statement of financial position 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
Furniture, fittings and equipment	20% on reducing balance

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

Page 4

McDaid Designs Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2017	7,063	7,063
Additions	675	675
Disposals	(925)	(925)
At 31 December 2017	6,813	6,813
Depreciation
At 1 January 2017	2,503	2,503
Charge for the year	929	929
Eliminated on disposal	(333)	(333)
At 31 December 2017	3,099	3,099
Carrying amount
At 31 December 2017	3,714	3,714
At 31 December 2016	4,560	4,560

5

Debtors

	2017 £	2016 £
Trade debtors	-	1,470
Other debtors	-	2,145
	-	3,615

6

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Accruals and deferred income	960	750
Other creditors	13,901	8,470
	14,861	9,220

Page 5

McDaid Designs Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

7	Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	8,130	7,960

Dividends paid to directors

	2017 £	2016 £
Interim dividends	33,150	37,500

Other transactions with directors

The balance due from the director to the company as at 31 December 2016 was covered by a dividend voted during the year. As at 31 December 2017 the company owed £3,012 to the director. (2016: owed to the company £2,145).

Page 6