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Registration number: 05329327

Darwin Capital Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Darwin Capital Limited

Company Information

Director

Mr Nigel Beynon

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
9 Berners Place
London
W1T 3AD

 

Darwin Capital Limited

(Registration number: 05329327)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,677

3,039

Current assets

 

Debtors

6

-

2,392

Cash at bank and in hand

 

4,017

2,780

 

4,017

5,172

Creditors: Amounts falling due within one year

7

(14,757)

(18,257)

Net current liabilities

 

(10,740)

(13,085)

Total assets less current liabilities

 

(8,063)

(10,046)

Provisions for liabilities

(669)

(747)

Net liabilities

 

(8,732)

(10,793)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(8,832)

(10,893)

Shareholders' deficit

 

(8,732)

(10,793)

For the financial year ending 31 January 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Darwin Capital Limited

(Registration number: 05329327)
Balance Sheet as at 31 January 2023

Approved and authorised by the director on 17 October 2023
 

.........................................
Mr Nigel Beynon
Director

 

Darwin Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the director on 17 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Darwin Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fittings

15% per annum - straight line

Office equipment

10% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Darwin Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Defined contribution pension obligation

A defined contribution plan (auto entrolment) is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax adjustment to prior periods

(72)

(2,631)

Deferred taxation

Arising from changes in tax rates and laws

(78)

535

Tax receipt in the income statement

(150)

(2,096)

Deferred tax

 

Darwin Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2022

1,084

9,453

10,537

Additions

107

-

107

At 31 January 2023

1,191

9,453

10,644

Depreciation

At 1 February 2022

947

6,551

7,498

Charge for the year

179

290

469

At 31 January 2023

1,126

6,841

7,967

Carrying amount

At 31 January 2023

65

2,612

2,677

At 31 January 2022

137

2,902

3,039

6

Debtors

2023
£

2022
£

Other debtors

-

2,392

-

2,392

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

450

390

Directors loan account

14,307

17,867

14,757

18,257

 

Darwin Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

2,795

Contributions paid to money purchase schemes

-

8

-

2,803

10

Going Concern

The accounts has been prepared on the going concern basis, as the shareholder has agreed to support the company for at least the next twelve months from the date the balance sheet was signed.