THE_DESIGN_DISTILLERY_LIM - Accounts
THE_DESIGN_DISTILLERY_LIM - Accounts
Company Registration No. 01766118 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2014
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE DESIGN DISTILLERY LIMITED FOR THE YEAR ENDED 31 JANUARY 2014
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Design Distillery Limited for the year ended 31 January 2014 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of The Design Distillery Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Design Distillery Limited and state those matters that we have agreed to state to the Board of Directors of The Design Distillery Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Design Distillery Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that The Design Distillery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Design Distillery Limited. You consider that The Design Distillery Limited 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 financial statements of The Design Distillery Limited. 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 financial statements.
Carpenter Box
Chartered Accountants
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2014
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2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(271,375 )
(298,694 )
Net current assets
Total assets less current liabilities
Provisions for liabilities
(2,034 )
(2,346 )
122,756
135,715
Capital and reserves
Called up share capital
3
Profit and loss account
Shareholders' funds
Director's responsibilities:
-
-
Approved by the Board for issue on 21 August 2014
Director
Company Registration No. 01766118
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2014
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1
Accounting policies
1.1
Accounting convention
1.2
Turnover
Revenue earned under contracts is recognised where a right to consideration has accrued by reference to the fair value of work done, reflecting any uncertainties as to outcome or recoverability. Revenue contingent on events outside the control of the business is recognised when the contingent event occurs.
Amounts recoverable on contracts are included in debtors, less foreseeable losses and amounts received as progress payments on account. Payments on account received in excess of revenue are included in creditors.
Costs attributable to revenue are included in cost of sales. Costs not attributable to revenue are included in work in progress.
1.3
Tangible fixed assets and depreciation
Plant and machinery
Fixtures, fittings & equipment
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2014
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 February 2013
123,734
Additions
2,086
At 31 January 2014
125,820
Depreciation
At 1 February 2013
109,300
Charge for the year
4,130
At 31 January 2014
113,430
Net book value
At 31 January 2014
12,390
At 31 January 2013
14,434
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
4
Ultimate parent company
The company is under the control of Space Holdings Limited, the ultimate parent company.
Mr G Tillyard, was part of the ultimate controlling party of Space Holdings Limited during the year, by virtue of his joint controlling shareholding. The company was therefore under the control of Mr G Tillyard, the director of the company.