Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false502022-04-0147truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04717408 2022-04-01 2023-03-31 04717408 2021-04-01 2022-03-31 04717408 2023-03-31 04717408 2022-03-31 04717408 c:Director5 2022-04-01 2023-03-31 04717408 d:Buildings d:ShortLeaseholdAssets 2022-04-01 2023-03-31 04717408 d:Buildings d:ShortLeaseholdAssets 2023-03-31 04717408 d:Buildings d:ShortLeaseholdAssets 2022-03-31 04717408 d:MotorVehicles 2022-04-01 2023-03-31 04717408 d:MotorVehicles 2023-03-31 04717408 d:MotorVehicles 2022-03-31 04717408 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04717408 d:FurnitureFittings 2022-04-01 2023-03-31 04717408 d:FurnitureFittings 2023-03-31 04717408 d:FurnitureFittings 2022-03-31 04717408 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04717408 d:OfficeEquipment 2022-04-01 2023-03-31 04717408 d:OfficeEquipment 2023-03-31 04717408 d:OfficeEquipment 2022-03-31 04717408 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04717408 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04717408 d:CurrentFinancialInstruments 2023-03-31 04717408 d:CurrentFinancialInstruments 2022-03-31 04717408 d:Non-currentFinancialInstruments 2023-03-31 04717408 d:Non-currentFinancialInstruments 2022-03-31 04717408 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04717408 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04717408 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04717408 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 04717408 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 04717408 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 04717408 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 04717408 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 04717408 d:ShareCapital 2023-03-31 04717408 d:ShareCapital 2022-03-31 04717408 d:CapitalRedemptionReserve 2023-03-31 04717408 d:CapitalRedemptionReserve 2022-03-31 04717408 d:RetainedEarningsAccumulatedLosses 2023-03-31 04717408 d:RetainedEarningsAccumulatedLosses 2022-03-31 04717408 c:OrdinaryShareClass1 2022-04-01 2023-03-31 04717408 c:OrdinaryShareClass1 2023-03-31 04717408 c:OrdinaryShareClass1 2022-03-31 04717408 c:OrdinaryShareClass2 2022-04-01 2023-03-31 04717408 c:OrdinaryShareClass3 2022-04-01 2023-03-31 04717408 c:OrdinaryShareClass3 2023-03-31 04717408 c:OrdinaryShareClass3 2022-03-31 04717408 c:OrdinaryShareClass4 2022-04-01 2023-03-31 04717408 c:OrdinaryShareClass4 2023-03-31 04717408 c:OrdinaryShareClass4 2022-03-31 04717408 c:FRS102 2022-04-01 2023-03-31 04717408 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04717408 c:FullAccounts 2022-04-01 2023-03-31 04717408 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04717408 d:Subsidiary1 2022-04-01 2023-03-31 04717408 d:Subsidiary1 1 2022-04-01 2023-03-31 04717408 d:Subsidiary2 2022-04-01 2023-03-31 04717408 d:Subsidiary2 1 2022-04-01 2023-03-31 04717408 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 04717408 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 04717408 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 04717408 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 04717408 d:HirePurchaseContracts d:MoreThanFiveYears 2023-03-31 04717408 d:HirePurchaseContracts d:MoreThanFiveYears 2022-03-31 04717408 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 04717408









DARLING ASSOCIATES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
DARLING ASSOCIATES LIMITED
REGISTERED NUMBER: 04717408

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
177,100
179,599

Investments
 5 
200
200

  
177,300
179,799

Current assets
  

Debtors: amounts falling due within one year
 6 
2,088,076
1,671,546

Cash at bank and in hand
  
66,644
128,608

  
2,154,720
1,800,154

Creditors: amounts falling due within one year
 7 
(1,399,886)
(1,185,872)

Net current assets
  
 
 
754,834
 
 
614,282

Total assets less current liabilities
  
932,134
794,081

Creditors: amounts falling due after more than one year
 8 
(228,642)
(298,174)

Provisions for liabilities
  

Deferred tax
  
(17,177)
-

  
 
 
(17,177)
 
 
-

Net assets
  
686,315
495,907


Capital and reserves
  

Called up share capital 
 11 
9,911
9,675

Capital redemption reserve
  
1,089
825

Profit and loss account
  
675,315
485,407

  
686,315
495,907


Page 1

 
DARLING ASSOCIATES LIMITED
REGISTERED NUMBER: 04717408

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 comprehensive income 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 on 1 November 2023.




Mr A Roberts
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
DARLING ASSOCIATES LIMITED
 

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

1.


General information

Darling Associates is a private company limited by shares, registered in the United Kingdom and incorporated in England and Wales. The registered office is 1 Greencoat Row, London, SW1P 1PQ. The company is 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 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

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.

 
2.3

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.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 3

 
DARLING ASSOCIATES LIMITED
 

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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.

 
2.8

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.

 
2.9

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

 
DARLING ASSOCIATES LIMITED
 

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

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following bases:

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the lease term of 10 years
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
25%
straight line
Office 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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 
DARLING ASSOCIATES LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

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
Page 6

 
DARLING ASSOCIATES LIMITED
 

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

2.Accounting policies (continued)


2.14
Financial instruments (continued)

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.

 
2.15

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 the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Total
50
47

Page 7

 
DARLING ASSOCIATES LIMITED
 

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

4.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
349,605
107,959
129,378
243,612
830,554


Additions
-
62,000
-
3,154
65,154



At 31 March 2023

349,605
169,959
129,378
246,766
895,708



Depreciation


At 1 April 2022
229,528
83,509
123,722
214,196
650,955


Charge for the year on owned assets
27,690
23,650
2,601
13,712
67,653



At 31 March 2023

257,218
107,159
126,323
227,908
718,608



Net book value



At 31 March 2023
92,387
62,800
3,055
18,858
177,100



At 31 March 2022
120,077
24,450
5,656
29,416
179,599

Page 8

 
DARLING ASSOCIATES LIMITED
 

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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
200



At 31 March 2023
200





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Darling Monitor Limited
1 Greencoat Row, London, SW1P 1PQ
Ordinary
100%
Studio Luna 2017 Limited
1 Greencoat Row, London, SW1P 1PQ
Ordinary
100%


6.


Debtors

2023
2022
£
£


Trade debtors
1,304,712
1,143,210

Amounts owed by group undertakings
-
1,950

Other debtors
309,749
29,048

Prepayments and accrued income
473,615
442,425

Amounts recoverable on long-term contracts
-
43,500

Deferred taxation
-
11,413

2,088,076
1,671,546


Page 9

 
DARLING ASSOCIATES LIMITED
 

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
100,001
100,005

Trade creditors
356,526
307,460

Amounts owed to group undertakings
26,990
100

Corporation tax
-
58,599

Other taxation and social security
523,921
413,446

Obligations under finance lease and hire purchase contracts
17,056
5,293

Other creditors
73,441
73,782

Accruals and deferred income
301,951
227,187

1,399,886
1,185,872



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
188,887
288,883

Net obligations under finance leases and hire purchase contracts
39,755
9,291

228,642
298,174


Page 10

 
DARLING ASSOCIATES LIMITED
 

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

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
100,001
100,005

Amounts falling due 1-2 years

Bank loans
99,999
100,000

Amounts falling due 2-5 years

Bank loans
88,888
188,883


288,888
388,888


Details of security provided:
Bank loans represents loans under the Coronavirus Business Interruption Loan Scheme, which carries an 80% guarantee from the UK government. The loans are repayable monthly 7 months from the date they were drawn down.  The final repayment will be due 60 months from the drawdown date, being November 2025 and July 2026 for each loan respectively. Interest is applied monthly at 3.5% and 4.7% per annum above the banks' base rate on the two loans. The loans are secured by way of charges over the assets of the company.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
17,056
5,292

Between 1-5 years
16,590
9,291

Over 5 years
23,165
-

56,811
14,583


11.


Share capital

2023
2022
£
£
Allotted, called up and partly paid



81,659 (2022 - 80,798) Ordinary A shares of £0.10 each
8,166
8,080
Nil (2022 - 2,500 ) Ordinary B shares of £0.10 each
-
250
5,000 (2022 - 5,000) Ordinary C shares of £0.10 each
500
500
12,449 (2022 - 8,452) Ordinary D shares of £0.10 each
1,245
845

9,911

9,675
Page 11

 
DARLING ASSOCIATES LIMITED
 

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

11.Share capital (continued)


During the year the company issued 5,000 ordinary D shares for £nil consideration.
Additionally, the company repurchased 2,500 ordinary B and 142 ordinary D (2022: 4,500 ordinary B and 750 Ordinary D) shares for consideration of £25,000 and £5,000 respectively (2022: £45,000 and £30,000). The shares repurchased were subsequently cancelled. This has increased the capital redemption reserve to £1,089 (2022: £825).
 The company also reclassified 861 ordinary D shares to 861 ordinary A shares during the year



12.


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 £89,135 (2022 - £133,917). Contributions totalling £7,319 (2022 - £6,727) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

During the year, the company entered into the following transactions with related parties as well as loan accounts with related parties. The loans are interest free and repayable on demand.


2023
2022
£
£

Transactions with key management personnel
46,079
52,000
Amounts due to/(from) related parties
26,990
(1,850)
73,069
50,150


Page 12