Registered Number 06328117

131 DESIGN LIMITED

Abbreviated Accounts

31 July 2014

131 DESIGN LIMITED Registered Number 06328117

Abbreviated Balance Sheet as at 31 July 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 5,597 6,641
5,597 6,641
Current assets
Stocks 200 200
Debtors 2,518 1,737
Cash at bank and in hand 21,169 28,626
23,887 30,563
Creditors: amounts falling due within one year (26,042) (30,418)
Net current assets (liabilities) (2,155) 145
Total assets less current liabilities 3,442 6,786
Provisions for liabilities (925) (1,091)
Total net assets (liabilities) 2,517 5,695
Capital and reserves
Called up share capital 3 2 2
Profit and loss account 2,515 5,693
Shareholders' funds 2,517 5,695
  • For the year ending 31 July 2014 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 12 April 2015

And signed on their behalf by:
G BAIRD, Director

131 DESIGN LIMITED Registered Number 06328117

Notes to the Abbreviated Accounts for the period ended 31 July 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Fixtures, fittings and equipment - 20% p.a on written down value

Other accounting policies
Stock is valued at the lower of cost and net realisable value.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold; Provision is made for deferred tax that would arise on remittance of the retained earnings of overseas subsidiaries, associates and joint ventures only to the extent that, at the balance sheet date, dividends have been accrued as receivable; Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

2Tangible fixed assets
£
Cost
At 1 August 2013 14,576
Additions 1,540
Disposals (3,126)
Revaluations -
Transfers -
At 31 July 2014 12,990
Depreciation
At 1 August 2013 7,935
Charge for the year 1,400
On disposals (1,942)
At 31 July 2014 7,393
Net book values
At 31 July 2014 5,597
At 31 July 2013 6,641
3Called Up Share Capital
Allotted, called up and fully paid:
2014
£
2013
£
2 Ordinary shares of £1 each 2 2