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Registration number: 06523883

Darwin Innovation Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Darwin Innovation Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 4

 

Darwin Innovation Limited

(Registration number: 06523883)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

14,717

22,644

Current assets

 

Debtors

28,191

7,592

Cash at bank and in hand

 

15,406

19,479

 

43,597

27,071

Creditors: Amounts falling due within one year

(16,824)

(26,649)

Net current assets

 

26,773

422

Total assets less current liabilities

 

41,490

23,066

Creditors: Amounts falling due after more than one year

(13,465)

(17,953)

Provisions for liabilities

(7,081)

(4,303)

Net assets

 

20,944

810

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

20,942

808

Total equity

 

20,944

810

 

Darwin Innovation Limited

(Registration number: 06523883)
Abridged Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

Mr R Miller-Smith

Director

Mrs S Miller-Smith

Director

 

Darwin Innovation Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

These financial statements were authorised for issue by the Board on 9 November 2023.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

 

Darwin Innovation Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

4

Tangible assets

Total
£

Cost or valuation

At 1 April 2022

68,631

Additions

2,416

Disposals

(2,243)

At 31 March 2023

68,804

Depreciation

At 1 April 2022

45,987

Charge for the year

8,100

At 31 March 2023

54,087

Carrying amount

At 31 March 2023

14,717

At 31 March 2022

22,644

5

Related party transactions

Advances to directors


Mr R Miller-Smith

During the period Mr R Miller-Smith went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £23,371 (2022 - £1,273). At the year end the amount outstanding from Mr R Miller-Smith was £17,645 (2022 - £). Interest has been charged at the commercial rate.