REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 February 2023 |
for |
Danlet Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 February 2023 |
for |
Danlet Limited |
Danlet Limited (Registered number: 11823523) |
Contents of the Financial Statements |
for the Year Ended 28 February 2023 |
Page |
Chartered Accountants' Report | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Danlet Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Director's Report are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Danlet Limited for the year ended 28 February 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Danlet Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Danlet Limited and state those matters that we have agreed to state to the director of Danlet Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Danlet Limited and its director for our work or for this report. |
It is your duty to ensure that Danlet Limited 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 Danlet Limited. You consider that Danlet Limited 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 Danlet Limited. 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. |
Chartered Accountants |
22-26 King Street |
King's Lynn |
Norfolk |
PE30 1HJ |
Date: ............................................. |
Danlet Limited (Registered number: 11823523) |
Balance Sheet |
28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investment property | 6 |
Current assets |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Fair value reserve | 11 | ( |
) | ( |
) |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
Danlet Limited (Registered number: 11823523) |
Balance Sheet - continued |
28 February 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Danlet Limited (Registered number: 11823523) |
Notes to the Financial Statements |
for the Year Ended 28 February 2023 |
1. | Statutory information |
Danlet Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
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. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Danlet Limited (Registered number: 11823523) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
3. | Accounting policies - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity 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. |
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 are 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. 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Danlet Limited (Registered number: 11823523) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
3. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 March 2022 |
and 28 February 2023 |
Depreciation |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
Net book value |
At 28 February 2023 |
At 28 February 2022 |
Danlet Limited (Registered number: 11823523) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
6. | Investment property |
Total |
£ |
Fair value |
At 1 March 2022 |
Additions |
Revaluations | 2,256 |
At 28 February 2023 |
Net book value |
At 28 February 2023 |
At 28 February 2022 |
Fair value at 28 February 2023 is represented by: |
£ |
Valuation in 2022 | 130,000 |
Valuation in 2023 | 8,000 |
138,000 |
7. | Debtors: amounts falling due within one year |
28.2.23 | 28.2.22 |
£ | £ |
Other debtors |
8. | Creditors: amounts falling due within one year |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans and overdrafts |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans |
Danlet Limited (Registered number: 11823523) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
10. | Secured debts |
The following secured debts are included within creditors: |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans |
Bank loans and overdrafts are secured on the investment property. |
11. | Reserves |
Fair value |
reserve |
£ |
At 1 March 2022 | ( |
) |
Transfer to fair value reserve | 1,692 |
At 28 February 2023 | ( |
) |
Profit and loss account - This reserve records distributable retained earnings and accumulated losses. |
12. | Related party disclosures |
During the year the net transactions with Dan Fab UK Ltd were £1,016. Dan Fab UK Ltd is a company controlled by the director. At the balance sheet date the outstanding balance owed to Dan Fab UK Ltd was £59,577 (2022: £58,561). |
During the year there were net transactions with the director of £1,515. At the balance sheet date, the company owed the director £Nil (2022: £1,515). |
No further transactions are required to be disclosed under FRS 102 Section 1A. |