DESIGN_BUILD_CAST_LIMITED - Accounts


Company Registration No. 07064338 (England and Wales)
DESIGN BUILD CAST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
PAGES FOR FILING WITH REGISTRAR
DESIGN BUILD CAST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DESIGN BUILD CAST LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2019
30 November 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
5
56,677
74,736
Current assets
Stocks
50,645
30,004
Debtors
6
301,928
317,363
Cash at bank and in hand
34,222
56,182
386,795
403,549
Creditors: amounts falling due within one year
7
(74,829)
(162,475)
Net current assets
311,966
241,074
Total assets less current liabilities
368,643
315,810
Creditors: amounts falling due after more than one year
8
(21,230)
(32,385)
Net assets
347,413
283,425
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
347,313
283,325
Total equity
347,413
283,425

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

DESIGN BUILD CAST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2019
30 November 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 7 May 2020
D A Marshall
Director
Company Registration No. 07064338
DESIGN BUILD CAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 3 -
1
Accounting policies
Company information

Design Build Cast Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

The financial statements have been prepared on the going concern basis as the director trueexpects the company to be profit making in the ensuing accounting period with sufficient requirement to meet its cash flow requirements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT for the manufacture of jewellery.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
over the life of the lease
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

DESIGN BUILD CAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments'.

 

Financial instruments are recognised in the company's balance sheet 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 basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, loans to entities under common control, and cash at bank and in hand balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from entities under common control are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

DESIGN BUILD CAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

 

The rate of depreciation of fixed assets, and determining when a provision is required for an outstanding debt.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2019
2018
Number
Number
Total
7
6
DESIGN BUILD CAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 6 -
4
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
-
25,497
Adjustments in respect of prior periods relating to R&D tax credit
(57,315)
(40,029)
Total current tax
(57,315)
(14,532)
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2018
32,754
109,621
142,375
Additions
-
652
652
At 30 November 2019
32,754
110,273
143,027
Depreciation and impairment
At 1 December 2018
26,277
41,362
67,639
Depreciation charged in the year
1,455
17,256
18,711
At 30 November 2019
27,732
58,618
86,350
Carrying amount
At 30 November 2019
5,022
51,655
56,677
At 30 November 2018
6,477
68,259
74,736
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
236,234
304,050
Amounts owed by related parties
59,511
7,130
Other debtors
6,183
6,183
301,928
317,363
DESIGN BUILD CAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 7 -
7
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
9,736
26,874
Amounts owed to related parties
-
25,755
Corporation tax
-
25,497
Other taxation and social security
45,054
58,255
Other creditors
20,039
26,094
74,829
162,475
8
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
21,230
32,385
9
Financial commitments, guarantees and contingent liabilities

A charge was created on 5th November 2015 to secure all the Companies liabilities to Coutts & Company. This charge contains both fixed and floating charges, The floating charges cover all the property or undertaking of the company.

10
Related party transactions

At the balance sheet date the company was owed £58,820 (2018: £25,755 owed to) by The London Art Works Limited and was owed £5,690 (2018: £7,130) by David Marshall London (Jeweller) Limited.

 

During the year, the company made sales to, totalling £247,092 (2018: £266,301), and purchases from, totalling £2,350 (2018: £1,791), The London Artworks Limited.

 

During the year, the company made sales totalling £5,035 (2018: £3,998) to David Marshall London (Jeweller) Limited.

 

The London Art Works Limited and David Marshall London (Jeweller) Limited are related to the company by virtue of common control and are incorporated in England and Wales.

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