REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
DE FREITAS & CO. ACCOUNTANTS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
DE FREITAS & CO. ACCOUNTANTS LIMITED |
DE FREITAS & CO. ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07182185) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
DE FREITAS & CO. ACCOUNTANTS LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
DE FREITAS & CO. ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07182185) |
STATEMENT OF FINANCIAL POSITION |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Investments | 8 |
Cash at bank |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her 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. |
DE FREITAS & CO. ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07182185) |
STATEMENT OF FINANCIAL POSITION - continued |
31 March 2023 |
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 |
DE FREITAS & CO. ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07182185) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
1. | Statutory information |
de Freitas & Co. Accountants Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Significant judgements and estimates |
The director has not been required to make any material critical judgements in the process of applying the company's accounting policies. |
Turnover |
Turnover arises from the provision of Chartered Accountancy services. Revenue is recognised when the outcome of a transaction can be estimated reliably, by reference to the stage of completion of the transaction at the end of the reporting period. |
Goodwill |
Goodwill has been amortised over its estimated useful life. Goodwill acquired in 2010 was amortised over 10 years and goodwill acquired in 2019 was amortised over 3 years. |
Tangible fixed assets |
Fixtures and fittings | - |
Work-in-progress |
Work-in-progress is valued at the lower of selling price and net realisable value. |
DE FREITAS & CO. ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07182185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments which comprise current asset investments, cash and cash equivalents, trade debtors, trade creditors and borrowings. |
Cash and cash equivalents - these include cash in hand and deposits held with banks. |
Current asset investments - these represent investments in non-puttable ordinary shares and are measured at fair value with changes recognised in profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. |
Trade debtors - these are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable, net of any impairment. |
Trade creditors and borrowings - these are initially measured at the transaction price and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement. |
Current taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Company contributions payable to the director's and employee's personal pension schemes 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 |
DE FREITAS & CO. ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07182185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Amortisation |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
Goodwill arose on the purchase of an unincorporated business in 2010 and is now fully amortised. The goodwill on the purchase of another business in 2019 is also fully amortised. In the opinion of the director this represented a prudent estimate of the periods over which the company would derive economic benefits from these assets. |
5. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Depreciation |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
6. | Stocks |
2023 | 2022 |
£ | £ |
Work-in-progress |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
DE FREITAS & CO. ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07182185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
8. | Current asset investments |
2023 | 2022 |
£ | £ |
Listed investments | 206,149 | 230,758 |
Market value of listed investments at 31 March 2023 - £ 206,149 (2022 - £ 230,758 ). |
9. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Corporation tax |
Social security and other taxes |
Director's loan |
Accruals and deferred income |
10. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax |
Other timing differences | 1,258 | 5,814 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 31 March 2023 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | Related party disclosures |
During the year, total dividends of £40,090 (2022 - £45,540) were paid to the director . |