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Company registration number: 05505368
Delin Capital (UK) Ltd
Unaudited filleted financial statements
31 December 2022
Delin Capital (UK) Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Delin Capital (UK) Ltd
Directors and other information
Directors
Mark Kirkland (Resigned 28 February 2022)
Terrence Currier
Secretary R.P.M. Gillies
Company number 05505368
Registered office 1st Floor
5-6 Argyll Street
London
W1F 7TE
Business address 15 Stukeley Street
London
WC2B 5LT
Accountants BG Partnership
1st Floor
5-6 Argyll Street
London
W1F 7TE
Delin Capital (UK) Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Delin Capital (UK) Ltd
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Delin Capital (UK) Ltd for the year ended 31 December 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Delin Capital (UK) 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 financial statements of Delin Capital (UK) Ltd and state those matters that we have agreed to state to the board of directors of Delin Capital (UK) Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Delin Capital (UK) Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Delin Capital (UK) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Delin Capital (UK) Ltd. You consider that Delin Capital (UK) 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 financial statements of Delin Capital (UK) 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 financial statements.
BG Partnership
Chartered Certified Accountants
1st Floor
5-6 Argyll Street
London
W1F 7TE
28 September 2023
Delin Capital (UK) Ltd
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 8,328 10,111
_______ _______
8,328 10,111
Current assets
Debtors 6 390,499 1,248,027
Cash at bank and in hand 95,982 218,199
_______ _______
486,481 1,466,226
Creditors: amounts falling due
within one year 7 ( 330,944) ( 660,793)
_______ _______
Net current assets 155,537 805,433
_______ _______
Total assets less current liabilities 163,865 815,544
_______ _______
Net assets 163,865 815,544
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 163,864 815,543
_______ _______
Shareholders funds 163,865 815,544
_______ _______
For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Terrence Currier
Director
Company registration number: 05505368
Delin Capital (UK) Ltd
Statement of changes in equity
Year ended 31 December 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2021 1 740,177 740,178
(Loss)/profit for the year 75,366 75,366
_______ _______ _______
Total comprehensive income for the year - 75,366 75,366
_______ _______ _______
At 31 December 2021 and 1 January 2022 1 815,545 815,546
(Loss)/profit for the year ( 651,681) ( 651,681)
_______ _______ _______
Total comprehensive income for the year - ( 651,681) ( 651,681)
_______ _______ _______
At 31 December 2022 1 163,864 163,865
_______ _______ _______
Delin Capital (UK) Ltd
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 1st Floor, 5-6 Argyll Street, London, W1F 7TE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2021: 5 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2022 49,167 49,167
Additions 3,045 3,045
_______ _______
At 31 December 2022 52,212 52,212
_______ _______
Depreciation
At 1 January 2022 39,057 39,057
Charge for the year 4,827 4,827
_______ _______
At 31 December 2022 43,884 43,884
_______ _______
Carrying amount
At 31 December 2022 8,328 8,328
_______ _______
At 31 December 2021 10,110 10,110
_______ _______
6. Debtors
2022 2021
£ £
Trade debtors 348,065 91,123
Other debtors 42,434 1,156,904
_______ _______
390,499 1,248,027
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts - 91
Trade creditors 187,521 606,383
Corporation tax - 16,597
Social security and other taxes 40,145 22,745
Other creditors 103,278 14,977
_______ _______
330,944 660,793
_______ _______
8. Holding Company
The company's holding company is Delin Capital Holdings Limited, a company registered in Jersey.