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Registration number: SC462208

DX2 Consulting Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2021

 

DX2 Consulting Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

Accountants' Report

7

 

DX2 Consulting Ltd

Company Information

Directors

Mr David Duffy

Mrs Jennifer Helen Duffy

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

DX2 Consulting Ltd

(Registration number: SC462208)
Balance Sheet as at 31 October 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

5

377

818

Current assets

 

Debtors

7

155

6,120

Cash at bank and in hand

 

49,667

85,650

 

49,822

91,770

Creditors: Amounts falling due within one year

8

(49,657)

(60,614)

Net current assets

 

165

31,156

Net assets

 

542

31,974

Capital and reserves

 

Called up share capital

5

5

Retained earnings

537

31,969

Shareholders' funds

 

542

31,974

For the financial year ending 31 October 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 26 July 2022 and signed on its behalf by:
 

.........................................
Mr David Duffy
Director

 

DX2 Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 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.

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

Office equipment

Straight line at 33%

 

DX2 Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

Directors' remuneration

The directors' remuneration for the year was as follows:

2021
£

2020
£

Remuneration

9,539

9,137

Contributions paid to money purchase schemes

12,000

82,000

21,539

91,137

4

Taxation

The tax charge on the profit for the year was as follows:
 

2021
 £

2020
 £

UK corporation tax

(233)

17,178

Tax on profit

(233)

17,178

 

DX2 Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 November 2020

4,914

4,914

At 31 October 2021

4,914

4,914

Depreciation

At 1 November 2020

4,096

4,096

Charge for the year

441

441

At 31 October 2021

4,537

4,537

Carrying amount

At 31 October 2021

377

377

At 31 October 2020

818

818

6

Stocks

2021
£

2020
£

7

Debtors

Current

2021
£

2020
£

Trade debtors

-

6,120

Other debtors

155

-

 

155

6,120

8

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Taxation and social security

17,161

36,070

Other creditors

32,496

24,544

49,657

60,614

 

DX2 Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

9

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

2021
 £

2020
 £

Within one year

2,819

5,050

Between one and five years

-

421

2,819

5,471

10

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2021
 £

2020
 £

Mr David Duffy

16,223

12,248

Mrs Jennifer Helen Duffy

16,223

12,246

 

32,446

24,494

The maximum balance outstanding during the year amounted to £32,446.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
DX2 Consulting Ltd
for the Year Ended 31 October 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of DX2 Consulting Ltd for the year ended 31 October 2021 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of DX2 Consulting Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of DX2 Consulting Ltd and state those matters that we have agreed to state to the Board of Directors of DX2 Consulting Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DX2 Consulting Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that DX2 Consulting Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of DX2 Consulting Ltd. You consider that DX2 Consulting Ltd 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 accounts of DX2 Consulting Ltd. 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 accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

26 July 2022