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COMPANY REGISTRATION NUMBER: 11195029
Danprop Limited
Filleted Unaudited Financial Statements
28 February 2023
Danprop Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Danprop Limited
Officers and Professional Advisers
Director
Mr D Zegze
Registered office
215 Bury Old Road
Prestwich
Manchester
M25 1JF
Accountants
Rose, Chartered Accountants
92a Bury Old Road
Whitefield
Manchester
M45 6TQ
Company number 11195029
Danprop Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
2,050
Tangible assets
6
2,750
1,844
-------
-------
2,750
3,894
Current assets
Debtors
7
33,162
11,410
Cash at bank and in hand
5,441
9,806
--------
--------
38,603
21,216
Creditors: amounts falling due within one year
8
14,498
17,841
--------
--------
Net current assets
24,105
3,375
--------
-------
Total assets less current liabilities
26,855
7,269
Creditors: amounts falling due after more than one year
9
4,756
7,150
--------
-------
Net assets
22,099
119
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
21,999
19
--------
----
Shareholder funds
22,099
119
--------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Danprop Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 2 November 2023 , and are signed on behalf of the board by:
Mr D Zegze
Director
Company registration number: 11195029
Danprop Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 215 Bury Old Road, Prestwich, Manchester, M25 1JF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangible assets
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Franchise fees
£
Cost
At 1 March 2022 and 28 February 2023
10,250
--------
Amortisation
At 1 March 2022
8,200
Charge for the year
2,050
--------
At 28 February 2023
10,250
--------
Carrying amount
At 28 February 2023
--------
At 28 February 2022
2,050
--------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 March 2022
4,464
4,464
Additions
1,822
1,822
-------
-------
At 28 February 2023
6,286
6,286
-------
-------
Depreciation
At 1 March 2022
2,620
2,620
Charge for the year
916
916
-------
-------
At 28 February 2023
3,536
3,536
-------
-------
Carrying amount
At 28 February 2023
2,750
2,750
-------
-------
At 28 February 2022
1,844
1,844
-------
-------
7. Debtors
2023
2022
£
£
Trade debtors
1,662
4,326
Other debtors
31,500
7,084
--------
--------
33,162
11,410
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,200
2,200
Social security and other taxes
11,729
15,521
Other creditors
569
120
--------
--------
14,498
17,841
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,756
7,150
-------
-------
10. Director's advances, credits and guarantees
Advances or credits have been granted by the company to its directors as follows:
Opening balance Amounts advanced Amounts repaid Closing balance
£ £ £ £
Loan 4,969 4,969
Included within debtors is £31,000 due from DNZ Properties Ltd, a company which is controlled by the director. The balance is unsecured, interest free and repayable on demand.