Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-316truefalseNo description of principal activity2022-01-016trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03610982 2022-01-01 2022-12-31 03610982 2021-01-01 2021-12-31 03610982 2022-12-31 03610982 2021-12-31 03610982 c:Director1 2022-01-01 2022-12-31 03610982 d:FurnitureFittings 2022-01-01 2022-12-31 03610982 d:FurnitureFittings 2022-12-31 03610982 d:FurnitureFittings 2021-12-31 03610982 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 03610982 d:ComputerEquipment 2022-01-01 2022-12-31 03610982 d:ComputerEquipment 2022-12-31 03610982 d:ComputerEquipment 2021-12-31 03610982 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 03610982 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 03610982 d:CurrentFinancialInstruments 2022-12-31 03610982 d:CurrentFinancialInstruments 2021-12-31 03610982 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03610982 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03610982 d:ShareCapital 2022-12-31 03610982 d:ShareCapital 2021-12-31 03610982 d:RetainedEarningsAccumulatedLosses 2022-12-31 03610982 d:RetainedEarningsAccumulatedLosses 2021-12-31 03610982 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 03610982 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-12-31 03610982 c:OrdinaryShareClass1 2022-01-01 2022-12-31 03610982 c:OrdinaryShareClass1 2022-12-31 03610982 c:OrdinaryShareClass1 2021-12-31 03610982 c:FRS102 2022-01-01 2022-12-31 03610982 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 03610982 c:FullAccounts 2022-01-01 2022-12-31 03610982 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03610982










DAMAZEIN FAMILY OFFICE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022



 
DAMAZEIN FAMILY OFFICE LIMITED
REGISTERED NUMBER: 03610982

BALANCE SHEET
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,271
7,100

Current assets
  

Debtors: amounts falling due within one year
 5 
2,902,472
2,262,958

Cash at bank and in hand
 6 
125,941
218,732

  
3,028,413
2,481,690

Creditors: amounts falling due within one year
 7 
(4,689,576)
(4,048,023)

Net current liabilities
  
 
 
(1,661,163)
 
 
(1,566,333)

Total assets less current liabilities
  
(1,654,892)
(1,559,233)

  

Net liabilities
  
(1,654,892)
(1,559,233)


Capital and reserves
  

Called up share capital 
 10 
10,000
10,000

Profit and loss account
  
(1,664,892)
(1,569,233)

  
(1,654,892)
(1,559,233)


Page 1

 
DAMAZEIN FAMILY OFFICE LIMITED
REGISTERED NUMBER: 03610982

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M D Perl
Director

Date: 24 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
DAMAZEIN FAMILY OFFICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Going concern

The financial statements have been prepared on the going concern basis on the understanding that the director and shareholders will continue to provide assurances that they will provide the financial support necessary for the Company to meet its liabilities for a period of at least 12 months from the date of approval of the financial statements.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
1.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
DAMAZEIN FAMILY OFFICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

 
1.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
1.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Straight line
Computer equipment
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
DAMAZEIN FAMILY OFFICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

 
1.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 5

 
DAMAZEIN FAMILY OFFICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)


1.11
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


2.


General information

Damazein Family Office Ltd is a limited company incorporated in England and Wales. The Company’s registered office address is 27 Old Gloucester Street, London, WC1N 3AX.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2021 - 6).

Page 6

 
DAMAZEIN FAMILY OFFICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2022
2,141
12,214
14,355


Additions
160
1,934
2,094



At 31 December 2022

2,301
14,148
16,449



Depreciation


At 1 January 2022
408
6,848
7,256


Charge for the year on owned assets
562
2,360
2,922



At 31 December 2022

970
9,208
10,178



Net book value



At 31 December 2022
1,331
4,940
6,271



At 31 December 2021
1,733
5,367
7,100


5.


Debtors

As restated
2022
2021
£
£


Trade debtors
70,679
29,057

Amounts owed by group undertakings
1,892,398
1,662,337

Amounts due from other connected entities
928,182
560,631

Other debtors
1,674
627

Prepayments and accrued income
9,539
10,306

2,902,472
2,262,958



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
125,941
218,732


Page 7

 
DAMAZEIN FAMILY OFFICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

As restated
2022
2021
£
£

Other loans
4,636,921
3,995,695

Trade creditors
38,187
36,894

Other taxation and social security
11,143
10,340

Other creditors
-
1,204

Accruals and deferred income
3,325
3,890

4,689,576
4,048,023



8.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
125,941
218,732




Financial assets measured at fair value through profit or loss comprise cash held.


9.


Deferred taxation


Deferred tax has not been provided for on the trading losses of the Company on the basis that they are not expected to be relieved for the foreseeable future.


10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



10,000 (2021 - 10,000) Ordinary shares of £1.00 each
10,000
10,000



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,451 (2021 - £4,361). No contributions (2021 - £1,203) were payable to the fund at the balance sheet date and are included in creditors.

Page 8

 
DAMAZEIN FAMILY OFFICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Related party transactions

During the year, sales amounting to 586,361 (2021 - £440,498) were made to relating parties.
During the year, rechargeable expenses amounting to £26,558 (2021 - £36,723) were levied by related parties to the company.
Included in debtors due within one year are amounts totalling £2,820,580 (2021 - £2,222,968) due from Companies which are under common control. The amounts are unsecured, interest free and have no fixed terms of repayments.
Included in creditors due within one year is a loan from the ultimate beneficial owner of £4,636,921 (2021 - £3,995,695). The loan is unsecured, interest free and has no fixed terms of repayment.


13.


Controlling party

The Company is a wholly owned subsidiary of Maralou International Holdings Ltd, which is the ultimate controlling party, a company incorporated and domiciled in the British Virgin Islands. The financial statements cover the individual entity.


Page 9