Company registration number 07488112 (England and Wales)
DANCING BADGER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
DANCING BADGER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DANCING BADGER LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,366
15,766
Tangible assets
4
11,309
9,898
22,675
25,664
Current assets
Debtors
5
103,381
103,121
Cash at bank and in hand
41,808
33,598
145,189
136,719
Creditors: amounts falling due within one year
6
(70,482)
(54,196)
Net current assets
74,707
82,523
Total assets less current liabilities
97,382
108,187
Creditors: amounts falling due after more than one year
7
(24,117)
(34,028)
Provisions for liabilities
(946)
(1,881)
Net assets
72,319
72,278
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
72,219
72,178
Total equity
72,319
72,278
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
DANCING BADGER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
Mr M Russell
Mr D Warley
Director
Director
Company registration number 07488112 (England and Wales)
DANCING BADGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Dancing Badger Limited is a private company limited by shares incorporated in England and Wales. The registered office is Michael House, Castle Street, Exeter, Devon, EX4 3LQ.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Intangible assets comprise of a customer list purchased for the use of contacting potential new clients. An asset such as this is defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 5 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.
Amortisation 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:
Other intangible assets
20% straight line basis
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
DANCING BADGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% straight line basis
Computer equipment
20% straight line basis
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
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
DANCING BADGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
3
Intangible fixed assets
Other intangible assets
£
Cost
At 1 February 2022 and 31 January 2023
22,000
Amortisation and impairment
At 1 February 2022
6,234
Amortisation charged for the year
4,400
At 31 January 2023
10,634
Carrying amount
At 31 January 2023
11,366
At 31 January 2022
15,766
DANCING BADGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022
12,786
Additions
4,924
Disposals
(1,873)
At 31 January 2023
15,837
Depreciation and impairment
At 1 February 2022
2,888
Depreciation charged in the year
2,516
Eliminated in respect of disposals
(876)
At 31 January 2023
4,528
Carrying amount
At 31 January 2023
11,309
At 31 January 2022
9,898
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
34,212
35,090
Other debtors
69,169
68,031
103,381
103,121
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,911
9,752
Trade creditors
2,705
1,259
Taxation and social security
38,361
30,997
Other creditors
19,505
12,188
70,482
54,196
DANCING BADGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,117
34,028
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,245
713
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two directors
2.00
65,653
67,267
799
(66,000)
67,719
65,653
67,267
799
(66,000)
67,719