Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01false119truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06490484 2022-04-01 2023-03-31 06490484 2021-04-01 2022-03-31 06490484 2023-03-31 06490484 2022-03-31 06490484 c:Director1 2022-04-01 2023-03-31 06490484 c:Director2 2022-04-01 2023-03-31 06490484 d:FurnitureFittings 2022-04-01 2023-03-31 06490484 d:FurnitureFittings 2023-03-31 06490484 d:FurnitureFittings 2022-03-31 06490484 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06490484 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 06490484 d:OtherPropertyPlantEquipment 2023-03-31 06490484 d:OtherPropertyPlantEquipment 2022-03-31 06490484 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06490484 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06490484 d:CurrentFinancialInstruments 2023-03-31 06490484 d:CurrentFinancialInstruments 2022-03-31 06490484 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06490484 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 06490484 d:ShareCapital 2023-03-31 06490484 d:ShareCapital 2022-03-31 06490484 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 06490484 d:RetainedEarningsAccumulatedLosses 2023-03-31 06490484 d:RetainedEarningsAccumulatedLosses 2022-03-31 06490484 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06490484 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 06490484 c:OrdinaryShareClass1 2022-04-01 2023-03-31 06490484 c:OrdinaryShareClass1 2023-03-31 06490484 c:OrdinaryShareClass1 2022-03-31 06490484 c:FRS102 2022-04-01 2023-03-31 06490484 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06490484 c:FullAccounts 2022-04-01 2023-03-31 06490484 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06490484 d:WithinOneYear 2023-03-31 06490484 d:WithinOneYear 2022-03-31 06490484 d:BetweenOneFiveYears 2023-03-31 06490484 d:BetweenOneFiveYears 2022-03-31 06490484 2 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06490484









DIVERCITY LONDON LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
DIVERCITY LONDON LIMITED
REGISTERED NUMBER: 06490484

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,605
5,821

Current assets
  

Debtors: amounts falling due within one year
 5 
176,180
168,822

Bank and cash balances
  
162,100
125,381

  
338,280
294,203

Creditors: amounts falling due within one year
 6 
(110,658)
(70,663)

Net current assets
  
 
 
227,622
 
 
223,540

Total assets less current liabilities
  
233,227
229,361

Provisions for liabilities
  

Deferred tax
 7 
(1,259)
(964)

Net assets
  
231,968
228,397


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
 9 
231,868
228,297

  
231,968
228,397

Page 1

 
DIVERCITY LONDON LIMITED
REGISTERED NUMBER: 06490484

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 directors acknowledge their 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 profit and loss account 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: 




Mr N Travasaros
Ms C Achtypi
Director
Director


Date: 2 November 2023

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
DIVERCITY LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Divercity London Limited is a private limited company incorporated in the United Kingdom and it's registered office address is Unit 7 Colour House, Bentley Road, London, N1 4FG. This company is not part of a group.

2.Accounting policies

 
2.1

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:

 
2.2

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

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

 
DIVERCITY LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

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.

Page 4

 
DIVERCITY LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.13

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.

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,
Page 5

 
DIVERCITY LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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.

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.

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 instruments

Derecognition of financial assets

Page 6

 
DIVERCITY LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 9).

Page 7

 
DIVERCITY LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Fixtures and fittings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 April 2022
64,577
12,160
76,737


Additions
3,652
-
3,652


Disposals
(173)
-
(173)



At 31 March 2023

68,056
12,160
80,216



Depreciation


At 1 April 2022
58,756
12,160
70,916


Charge for the year on owned assets
3,796
-
3,796


Disposals
(101)
-
(101)



At 31 March 2023

62,451
12,160
74,611



Net book value



At 31 March 2023
5,605
-
5,605



At 31 March 2022
5,821
-
5,821


5.


Debtors

2023
2022
£
£


Trade debtors
79,716
60,943

Other debtors
3,793
12,660

Prepayments and accrued income
92,671
95,219

176,180
168,822


Page 8

 
DIVERCITY LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
13,754
7,800

Corporation tax
31,792
30,335

Other taxation and social security
5,037
7,595

Other creditors
53,359
22,185

Accruals and deferred income
6,716
2,748

110,658
70,663



7.


Deferred taxation




2023


£






At beginning of year
(964)


Charged to profit or loss
(295)



At end of year
(1,259)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,259)
(964)

(1,259)
(964)

Page 9

 
DIVERCITY LONDON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



9.


Reserves

Profit and loss account

The profit and loss account is made up of accumulated profits and losses net of dividends and other adjustments.


10.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
33,588
33,588

Later than 1 year and not later than 5 years
33,588
67,176

67,176
100,764


11.


Related party transactions

During the year the company purchased consultancy services of £50,847 (2021 - £32,900) from Carole Topin Ltd, which is related due to the beneficial owner being a relation of a director.

Page 10