Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-04-01false22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09498116 2022-04-01 2023-03-31 09498116 2021-04-01 2022-03-31 09498116 2023-03-31 09498116 2022-03-31 09498116 2021-04-01 09498116 c:Director1 2022-04-01 2023-03-31 09498116 d:FurnitureFittings 2022-04-01 2023-03-31 09498116 d:FurnitureFittings 2023-03-31 09498116 d:FurnitureFittings 2022-03-31 09498116 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09498116 d:CurrentFinancialInstruments 2023-03-31 09498116 d:CurrentFinancialInstruments 2022-03-31 09498116 d:Non-currentFinancialInstruments 2023-03-31 09498116 d:Non-currentFinancialInstruments 2022-03-31 09498116 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09498116 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09498116 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09498116 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09498116 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 09498116 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 09498116 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 09498116 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 09498116 d:ShareCapital 2023-03-31 09498116 d:ShareCapital 2022-03-31 09498116 d:RetainedEarningsAccumulatedLosses 2023-03-31 09498116 d:RetainedEarningsAccumulatedLosses 2022-03-31 09498116 c:OrdinaryShareClass1 2022-04-01 2023-03-31 09498116 c:OrdinaryShareClass1 2023-03-31 09498116 c:FRS102 2022-04-01 2023-03-31 09498116 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09498116 c:FullAccounts 2022-04-01 2023-03-31 09498116 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09498116 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 09498116 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 09498116 6 2022-04-01 2023-03-31 09498116 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09498116 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 09498116 2 2023-03-31 09498116 2 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09498116









DARQ STUDIOS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
DARQ STUDIOS LIMITED
REGISTERED NUMBER: 09498116

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,916
4,373

Investments
 5 
-
10,013

  
2,916
14,386

Current assets
  

Debtors: amounts falling due within one year
 6 
42,497
5,813

Cash at bank and in hand
  
130,094
87,827

  
172,591
93,640

Creditors: amounts falling due within one year
 7 
(112,557)
(47,595)

Net current assets
  
 
 
60,034
 
 
46,045

Total assets less current liabilities
  
62,950
60,431

Creditors: amounts falling due after more than one year
 8 
(22,341)
(32,337)

Provisions for liabilities
  

Deferred tax
 10 
(729)
(1,093)

  
 
 
(729)
 
 
(1,093)

Net assets
  
39,880
27,001


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
38,880
26,001

  
39,880
27,001


Page 1

 
DARQ STUDIOS LIMITED
REGISTERED NUMBER: 09498116

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 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: 




Mr L McCart
Director

Date: 13 November 2023

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

Page 2

 
DARQ STUDIOS LIMITED
 

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

1.


General information

DARQ Studios Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 80 High Street, Eton, Windsor, Berkshire, SL4 6AF. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

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.

Page 3

 
DARQ STUDIOS LIMITED
 

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

2.Accounting policies (continued)

 
2.3

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
-
20%
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 the Statement of Income and Retained Earnings.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

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.

 
2.6

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

 
DARQ STUDIOS LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Financial instruments

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.

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

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.

 
2.8

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

 
DARQ STUDIOS LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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 Income and Retained Earnings in the same period as the related expenditure.

 
2.10

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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.

 
2.11

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 the Statement of Income and Retained Earnings 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.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings 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.

Page 6

 
DARQ STUDIOS LIMITED
 

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

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2022
7,289



At 31 March 2023

7,289



Depreciation


At 1 April 2022
2,915


Charge for the year on owned assets
1,458



At 31 March 2023

4,373



Net book value



At 31 March 2023
2,916



At 31 March 2022
4,374

Page 7

 
DARQ STUDIOS LIMITED
 

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

5.


Fixed asset investments





Unlisted investments

£



Cost


At 1 April 2022
10,013



At 31 March 2023

10,013



Impairment


Charge for the period
10,013



At 31 March 2023

10,013



Net book value



At 31 March 2023
-



At 31 March 2022
10,013


6.


Debtors

2023
2022
£
£


Trade debtors
15,960
-

Prepayments and accrued income
26,537
5,813

42,497
5,813



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,996
9,798

Other loans
17,225
17,225

Trade creditors
1,814
176

Corporation tax
6,511
885

Other taxation and social security
15,051
5,747

Other creditors
19,166
10,765

Accruals and deferred income
42,794
2,999

112,557
47,595


Page 8

 
DARQ STUDIOS LIMITED
 

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

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
22,341
32,337

22,341
32,337



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,996
9,798

Other loans
17,225
17,225


27,221
27,023

Amounts falling due 1-2 years

Bank loans
10,198
9,996

Amounts falling due 2-5 years

Bank loans
12,143
22,341


49,562
59,360



10.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,093)
(1,108)


Charged to profit or loss
364
15



At end of year
(729)
(1,093)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(729)
(1,093)

(729)
(1,093)

Page 9

 
DARQ STUDIOS LIMITED
 

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

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 ordinary shares of £1 each
1,000
1,000



12.


Related party transactions

During the year, the company operated loans with the directors of the company. The amount payable to the directors of the company at the year end was £19,166 (2021 - £10,765).
During the year, the company operated loans with a connected entity. The amount owed to the connected entity at the year end was £17,225 (2021 - £17,225). These loans are interest free and repayable on demand.


Page 10