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COMPANY REGISTRATION NUMBER: 00685899
Duaris Limited
Filleted Unaudited Financial Statements
31 December 2022
Duaris Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
108,719
70,055
Investments
6
200
200
---------
--------
108,919
70,255
Current assets
Stocks
1,883,146
1,568,316
Debtors
7
16,451
139,613
Cash at bank and in hand
212,343
352,947
------------
------------
2,111,940
2,060,876
Creditors: amounts falling due within one year
8
1,418,387
1,341,725
------------
------------
Net current assets
693,553
719,151
---------
---------
Total assets less current liabilities
802,472
789,406
Creditors: amounts falling due after more than one year
9
1,501,355
1,455,000
------------
------------
Net liabilities
( 698,883)
( 665,594)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 698,983)
( 665,694)
---------
---------
Shareholders deficit
( 698,883)
( 665,594)
---------
---------
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 income and retained earnings has not been delivered.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Duaris Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 30 September 2023 , and are signed on behalf of the board by:
Mr W Varney
Director
Company registration number: 00685899
Duaris Limited
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 and Wales. The address of the registered office is Unit 32 Hobbs Industrial Estate, Newchapel, Surrey, RH7 6HN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Freehold Property
-
2% straight line
Short Leasehold Property
-
15% straight line
Plant and Machinery
-
25% reducing balance
Fixtures and Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2022
102,006
6,500
108,506
Additions
14,995
45,678
60,673
---------
-------
--------
---------
At 31 December 2022
117,001
6,500
45,678
169,179
---------
-------
--------
---------
Depreciation
At 1 January 2022
33,108
5,343
38,451
Charge for the year
12,584
289
9,136
22,009
---------
-------
--------
---------
At 31 December 2022
45,692
5,632
9,136
60,460
---------
-------
--------
---------
Carrying amount
At 31 December 2022
71,309
868
36,542
108,719
---------
-------
--------
---------
At 31 December 2021
68,898
1,157
70,055
---------
-------
--------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2022 and 31 December 2022
200
----
Impairment
At 1 January 2022 and 31 December 2022
----
Carrying amount
At 31 December 2022
200
----
At 31 December 2021
200
----
7. Debtors
2022
2021
£
£
Trade debtors
7,692
83,311
Other debtors
8,759
56,302
--------
---------
16,451
139,613
--------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
88,436
95,980
Trade creditors
46,712
111,376
Amounts owed to group undertakings and undertakings in which the company has a participating interest
67,907
70,907
Social security and other taxes
95,943
91,415
Other creditors
1,119,389
972,047
------------
------------
1,418,387
1,341,725
------------
------------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
1,501,355
1,455,000
------------
------------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr W Varney
( 931,125)
( 140,483)
( 1,071,608)
---------
---------
------------
2021
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr W Varney
( 1,422,914)
491,789
( 931,125)
------------
---------
---------
11. Related party transactions
The company was under the control of Mr W Varney throughout the current and previous year. Mr Varney is the managing director and majority shareholder. No other transactions with related parties were undertaken such as are required to be disclosed under FRS102.