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Registration number: 11704861

D55 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

D55 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

D55 Limited

Company Information

Directors

Mr Rhys Jacob

Mr Jonathan Rothwell

Registered office

The Station House,
Station Road, Whalley
Clitheroe
Lancashire
BB7 9RT

 

D55 Limited

(Registration number: 11704861)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

37,687

-

Other financial assets

5

2,500

2,500

 

40,187

2,500

Current assets

 

Debtors

6

29,668

88,800

Cash at bank and in hand

 

836,499

259,432

 

866,167

348,232

Creditors: Amounts falling due within one year

7

(308,196)

(122,767)

Net current assets

 

557,971

225,465

Total assets less current liabilities

 

598,158

227,965

Provisions for liabilities

(1,862)

-

Net assets

 

596,296

227,965

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

596,196

227,865

Shareholders' funds

 

596,296

227,965

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 11 August 2022 and signed on its behalf by:
 

.........................................
Mr Rhys Jacob
Director

.........................................
Mr Jonathan Rothwell
Director

 
     
 

D55 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Station House,
Station Road, Whalley
Clitheroe
Lancashire
BB7 9RT

These financial statements were authorised for issue by the Board on 11 August 2022.

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 sale of goods and 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.

 

D55 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

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 balance sheet 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

Tennant improvement

10% straight line

Plant and machinery

25% straight line

Computer equipment

Straight line over 3 year

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

D55 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2020 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

Additions

27,926

7,821

3,515

39,262

At 30 November 2021

27,926

7,821

3,515

39,262

Depreciation

Charge for the year

233

1,154

188

1,575

At 30 November 2021

233

1,154

188

1,575

Carrying amount

At 30 November 2021

27,693

6,667

3,327

37,687

Included within the net book value of land and buildings above is £27,693 (2020 - £Nil) in respect of tennant improvements.
 

 

D55 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2020

2,500

2,500

At 30 November 2021

2,500

2,500

Impairment

Carrying amount

At 30 November 2021

2,500

2,500

6

Debtors

2021
£

2020
£

Trade debtors

7,935

88,732

Prepayments

2,795

-

Amounts owed by directors

-

68

Accrued income

18,938

-

29,668

88,800

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

85,162

41,468

Credit card liability

 

1,507

771

Amounts owed to Directors

2,561

-

Taxation and social security

 

216,216

79,404

Pension contributions

 

-

104

Accruals

 

2,750

1,020

 

308,196

122,767