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REGISTERED NUMBER: 02024052 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Darn It Limited

Darn It Limited (Registered number: 02024052)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Darn It Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mr F Darabi





SECRETARY: Mr F Darabi





REGISTERED OFFICE: 15 Carlisle Road
Hunslet
Leeds
LS10 1LB





REGISTERED NUMBER: 02024052 (England and Wales)





ACCOUNTANTS: Aysgarth Chartered Accountants
Pickering House
40A York Place
Leeds
LS1 2ED

Darn It Limited (Registered number: 02024052)

Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 528,953 482,020

CURRENT ASSETS
Stocks 107,770 111,220
Debtors 5 1,870,298 1,928,008
Cash at bank and in hand 2,218,784 1,509,843
4,196,852 3,549,071
CREDITORS
Amounts falling due within one year 6 351,195 223,371
NET CURRENT ASSETS 3,845,657 3,325,700
TOTAL ASSETS LESS CURRENT LIABILITIES 4,374,610 3,807,720

CREDITORS
Amounts falling due after more than one year 7 18,700 -
NET ASSETS 4,355,910 3,807,720

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,355,810 3,807,620
SHAREHOLDERS' FUNDS 4,355,910 3,807,720

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Darn It Limited (Registered number: 02024052)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 October 2023 and were signed by:





Mr F Darabi - Director


Darn It Limited (Registered number: 02024052)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Darn It Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

No amortisation is provided in respect of the freehold property as, in the opinion of the director, its net book value is not materially different to its net realisable value.

All tangible fixed assets are recorded at cost, being purchase price less accumulated depreciation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

Darn It Limited (Registered number: 02024052)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 473,370 23,622 9,898 15,101 521,991
Additions 5,617 11,500 5,995 38,796 61,908
At 31 March 2023 478,987 35,122 15,893 53,897 583,899
DEPRECIATION
At 1 April 2022 - 15,633 9,237 15,101 39,971
Charge for year - 3,513 1,763 9,699 14,975
At 31 March 2023 - 19,146 11,000 24,800 54,946
NET BOOK VALUE
At 31 March 2023 478,987 15,976 4,893 29,097 528,953
At 31 March 2022 473,370 7,989 661 - 482,020

5. DEBTORS
31/3/23 31/3/22
£    £   
Amounts falling due within one year:
Trade debtors 26,203 52,967
Other debtors 107,061 1,875,041
133,264 1,928,008

Amounts falling due after more than one year:
Other debtors 1,737,034 -

Aggregate amounts 1,870,298 1,928,008

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Hire purchase contracts 6,800 -
Trade creditors 99,920 17,007
Taxation and social security 189,903 165,967
Other creditors 54,572 40,397
351,195 223,371

Darn It Limited (Registered number: 02024052)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/23 31/3/22
£    £   
Hire purchase contracts 18,700 -

8. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Hire purchase contracts 25,500 -

9. RELATED PARTY DISCLOSURES

Included in other debtors due after more than one year is a loan to Pardis Investments Limited, a company 100% owned by the director Mr F Darabi. No interest is charged on the loan and there is no repayment term. At the balance sheet date the loan was £1,737,034 (2022: £1,799,867).

During the year the company rented a commercial unit from Pardis Investments Limited and paid rent of £62,833 (2022: £nil).

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr F Darabi.