Company registration number 13068893 (England and Wales)
DUHI11 PROMOTIONS LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
DUHI11 PROMOTIONS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
DUHI11 PROMOTIONS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
Notes
£
£
Fixed assets
Tangible assets
3
3,042
Current assets
Debtors
4
13,223
Cash at bank and in hand
26,852
40,075
Creditors: amounts falling due within one year
5
(15,899)
Net current assets
24,176
Net assets
27,218
Capital and reserves
Called up share capital
6
10
Profit and loss reserves
27,208
Total equity
27,218

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 period ended 31 December 2021 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 period 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.

The financial statements were approved and signed by the director and authorised for issue on 5 September 2022
Mr D Van Der Merwe
Director
Company Registration No. 13068893
DUHI11 PROMOTIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 7 December 2020
-
0
-
0
-
0
Period ended 31 December 2021:
Profit and total comprehensive income for the period
-
31,208
31,208
Issue of share capital
6
10
-
10
Dividends
-
(4,000)
(4,000)
Balance at 31 December 2021
10
27,208
27,218
DUHI11 PROMOTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

Duhi11 Promotions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/O UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DW.

1.1
Reporting period

These are the first set of financial statements since incorporation and cover a period of approximately 13 months.

1.2
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. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for promotional services provided. Turnover represents the value of goods and services provided in the normal course of business excluding VAT.

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:

Sports equipment
25% on cost
Computers
33% on cost

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
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

DUHI11 PROMOTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

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

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

2
Employees

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

2021
Number
Total
1
DUHI11 PROMOTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 5 -
3
Tangible fixed assets
Sports equipment
Computers
Total
£
£
£
Cost
At 7 December 2020
-
0
-
0
-
0
Additions
250
3,678
3,928
At 31 December 2021
250
3,678
3,928
Depreciation and impairment
At 7 December 2020
-
0
-
0
-
0
Depreciation charged in the period
63
823
886
At 31 December 2021
63
823
886
Carrying amount
At 31 December 2021
187
2,855
3,042
4
Debtors
2021
Amounts falling due within one year:
£
Trade debtors
11,517
Other debtors
1,706
13,223
5
Creditors: amounts falling due within one year
2021
£
Corporation tax
6,890
Other creditors
9,009
15,899
6
Called up share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
8
8
Ordinary A of £1 each
2
2
10
10
DUHI11 PROMOTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 6 -
7
Directors' transactions

Dividends totalling £2,000 were paid in the period in respect of shares held by the company's director.

The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. The amount outstanding to the director at the period end was £8,109. This amount being included in creditors; amounts falling due within one year.

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