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REGISTERED NUMBER: 12187080 (England and Wales)






























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

DUOLAB UK LIMITED

DUOLAB UK LIMITED (REGISTERED NUMBER: 12187080)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


DUOLAB UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mr A Harfouche



REGISTERED OFFICE: Capital House
25 Chapel Street
London
NW1 5DH



REGISTERED NUMBER: 12187080 (England and Wales)



SENIOR STATUTORY AUDITOR: Mark Harrison BA FCA



AUDITORS: Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

DUOLAB UK LIMITED (REGISTERED NUMBER: 12187080)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 1,315

CURRENT ASSETS
Stocks - 859,450
Debtors 5 838,973 14,518
Cash at bank 7,705 200,713
846,678 1,074,681
CREDITORS
Amounts falling due within one year 6 3,090,284 3,053,865
NET CURRENT LIABILITIES (2,243,606 ) (1,979,184 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,243,606

)

(1,977,869

)

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings (2,293,606 ) (2,027,869 )
(2,243,606 ) (1,977,869 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 November 2023 and were signed by:





Mr A Harfouche - Director


DUOLAB UK LIMITED (REGISTERED NUMBER: 12187080)

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


1. STATUTORY INFORMATION

Duolab UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for good 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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.


DUOLAB UK LIMITED (REGISTERED NUMBER: 12187080)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
During the year ended 31 March 2023, the company incurred a loss for the year of £265,737 and had net current liabilities at that date of £2,243,606.

The director considers the going concern basis to be appropriate due to the availability of support from the company's parent undertaking (including that undertaking not requesting repayment of any amounts owed to them by the company whilst any other creditors of the company remain unpaid, except to the extent that the company is able to discharge all its debts and liabilities as they fall due) and other mitigating actions that can be taken during that period.

The above assessment has in addition given due consideration to the impact of Covid 19 pandemic on the company's and its ultimate parent undertaking's businesses.

The company has a material uncertainty in relation to its going concern status as a result of its reliance on the support of its parent undertaking. Whilst a letter of support has been received from the company's parent undertaking, there can be no certainty that the support will continue to be available for the foreseeable future.

The financial statements do not reflect any adjustments that would be necessary should the going concern basis not be appropriate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

DUOLAB UK LIMITED (REGISTERED NUMBER: 12187080)

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


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2022 3,844
Disposals (3,844 )
At 31 March 2023 -
DEPRECIATION
At 1 April 2022 2,529
Charge for year 1,315
Eliminated on disposal (3,844 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 1,315

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,213 -
Amounts owed by group undertakings 805,334 -
Other debtors 25,426 14,518
838,973 14,518

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,287 4,736
Amounts owed to group undertakings 3,075,547 3,039,729
Other creditors 10,450 9,400
3,090,284 3,053,865

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The auditor's report on the financial statements for the year ended 31 March 2023 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

The report included a material uncertainty relating to going concern paragraph, that drew the reader's attention to note 2 in the financial statements.

The audit report was signed on 6 November 2023 by Mr Mark Harrison BA FCA (Senior statutory auditor) on behalf of Mark J Rees LLP Chartered Accountants.

DUOLAB UK LIMITED (REGISTERED NUMBER: 12187080)

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


8. PARENT UNDERTAKINGS

From 1 April 2023, the ultimate parent undertaking was Duolab International Sarl, a company incorporated in Switzerland.