Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-2822022-03-01falseNo description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03507766 2022-03-01 2023-02-28 03507766 2021-03-01 2022-02-28 03507766 2023-02-28 03507766 2022-02-28 03507766 c:CompanySecretary1 2022-03-01 2023-02-28 03507766 c:Director1 2022-03-01 2023-02-28 03507766 c:Director2 2022-03-01 2023-02-28 03507766 c:RegisteredOffice 2022-03-01 2023-02-28 03507766 d:Buildings d:LongLeaseholdAssets 2022-03-01 2023-02-28 03507766 d:Buildings d:LongLeaseholdAssets 2023-02-28 03507766 d:Buildings d:LongLeaseholdAssets 2022-02-28 03507766 d:FurnitureFittings 2022-03-01 2023-02-28 03507766 d:FurnitureFittings 2023-02-28 03507766 d:FurnitureFittings 2022-02-28 03507766 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03507766 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03507766 d:CurrentFinancialInstruments 2023-02-28 03507766 d:CurrentFinancialInstruments 2022-02-28 03507766 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 03507766 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 03507766 d:ShareCapital 2023-02-28 03507766 d:ShareCapital 2022-02-28 03507766 d:CapitalRedemptionReserve 2023-02-28 03507766 d:CapitalRedemptionReserve 2022-02-28 03507766 d:RetainedEarningsAccumulatedLosses 2023-02-28 03507766 d:RetainedEarningsAccumulatedLosses 2022-02-28 03507766 c:OrdinaryShareClass1 2022-03-01 2023-02-28 03507766 c:OrdinaryShareClass1 2023-02-28 03507766 c:FRS102 2022-03-01 2023-02-28 03507766 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 03507766 c:FullAccounts 2022-03-01 2023-02-28 03507766 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 03507766












DAISYCREST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

 

DAISYCREST LIMITED
 
COMPANY INFORMATION


Directors
P Edwards 
N Yoshikawa 




Company secretary
G D Davis



Registered number
03507766



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:03507766
DAISYCREST LIMITED

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,047
13,904

  
5,047
13,904

Current assets
  

Stocks
 5 
207,348
246,560

Debtors: amounts falling due within one year
 6 
152,680
114,504

Cash at bank and in hand
  
59
59

  
360,087
361,123

Creditors: amounts falling due within one year
 7 
(238,630)
(234,878)

Net current assets
  
 
 
121,457
 
 
126,245

Net assets
  
126,504
140,149


Capital and reserves
  

Called up share capital 
 8 
14
14

Capital redemption reserve
  
86
86

Profit and loss account
  
126,404
140,049

Total equity
  
126,504
140,149


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 profit and loss account 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 by: 




P Edwards
N Yoshikawa
Director
Director


Page 2


 
REGISTERED NUMBER:03507766
DAISYCREST LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

Date: 14 November 2023

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 

DAISYCREST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Daisycrest Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for theforeseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases

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.

Page 4

 

DAISYCREST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

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 profit and loss account in the same period as the related expenditure.

 
2.6

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
straight line over the term of the lease
Fixtures and fittings
-
25%
reducing balance

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.

 
2.7

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

Page 5

 

DAISYCREST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including other debtors, cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including other creditors, loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
 
Page 6

 

DAISYCREST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)



2.9
Financial instruments (continued)

Derecognition of financial assets and financial liabilities 
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.10

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 directors, during the year was 2 (2022 -2).

Page 7

 

DAISYCREST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost


At 1 March 2022
47,834
26,579
74,413



At 28 February 2023

47,834
26,579
74,413



Depreciation


At 1 March 2022
40,659
19,850
60,509


Charge for the year
7,175
1,682
8,857



At 28 February 2023

47,834
21,532
69,366



Net book value



At 28 February 2023
-
5,047
5,047



At 28 February 2022
7,175
6,729
13,904


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
207,348
246,560



6.


Debtors

2023
2022
£
£


Trade debtors
54,390
7,858

Other debtors
98,290
98,290

Prepayments and accrued income
-
8,356

152,680
114,504


Page 8

 

DAISYCREST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank overdrafts
131,398
206,786

Trade creditors
1,562
12,899

Other taxation and social security
4,319
868

Other creditors
101,351
14,325

238,630
234,878



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



14 Ordinary shares of £1.00 each
14
14


 
Page 9