Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30falseProvision of derivative brokerage services2022-07-01false11false 10778261 2022-07-01 2023-06-30 10778261 2021-07-01 2022-06-30 10778261 2023-06-30 10778261 2022-06-30 10778261 2021-07-01 10778261 1 2021-07-01 2022-06-30 10778261 3 2022-07-01 2023-06-30 10778261 3 2021-07-01 2022-06-30 10778261 4 2022-07-01 2023-06-30 10778261 4 2021-07-01 2022-06-30 10778261 5 2022-07-01 2023-06-30 10778261 5 2021-07-01 2022-06-30 10778261 d:Director1 2022-07-01 2023-06-30 10778261 d:Director2 2022-07-01 2023-06-30 10778261 d:RegisteredOffice 2022-07-01 2023-06-30 10778261 d:Agent1 2022-07-01 2023-06-30 10778261 e:CurrentFinancialInstruments 2023-06-30 10778261 e:CurrentFinancialInstruments 2022-06-30 10778261 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 10778261 e:CurrentFinancialInstruments e:WithinOneYear 2022-06-30 10778261 e:ReportableOperatingSegment1 2022-07-01 2023-06-30 10778261 e:ReportableOperatingSegment1 2021-07-01 2022-06-30 10778261 f:UnitedKingdom 2022-07-01 2023-06-30 10778261 f:UnitedKingdom 2021-07-01 2022-06-30 10778261 e:UKTax 2022-07-01 2023-06-30 10778261 e:UKTax 2021-07-01 2022-06-30 10778261 e:ShareCapital 2022-07-01 2023-06-30 10778261 e:ShareCapital 2023-06-30 10778261 e:ShareCapital 2021-07-01 2022-06-30 10778261 e:ShareCapital 2022-06-30 10778261 e:ShareCapital 2021-07-01 10778261 e:CapitalRedemptionReserve 2022-07-01 2023-06-30 10778261 e:CapitalRedemptionReserve 2023-06-30 10778261 e:CapitalRedemptionReserve 2021-07-01 2022-06-30 10778261 e:CapitalRedemptionReserve 2022-06-30 10778261 e:CapitalRedemptionReserve 2021-07-01 10778261 e:CapitalRedemptionReserve 1 2021-07-01 2022-06-30 10778261 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 10778261 e:RetainedEarningsAccumulatedLosses 2023-06-30 10778261 e:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 10778261 e:RetainedEarningsAccumulatedLosses 2022-06-30 10778261 e:RetainedEarningsAccumulatedLosses 2021-07-01 10778261 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 10778261 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-06-30 10778261 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2023-06-30 10778261 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2022-06-30 10778261 d:OrdinaryShareClass1 2022-07-01 2023-06-30 10778261 d:OrdinaryShareClass1 2023-06-30 10778261 d:OrdinaryShareClass1 2022-06-30 10778261 d:FRS102 2022-07-01 2023-06-30 10778261 d:Audited 2022-07-01 2023-06-30 10778261 d:FullAccounts 2022-07-01 2023-06-30 10778261 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10778261










DURA CAPITAL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
DURA CAPITAL LIMITED
 
 
COMPANY INFORMATION


Directors
Z V De Mariveles 
M R Aldous 




Registered number
10778261



Registered office
6th Floor
2 London Wall Place

London

EC2Y 5AU




Independent auditors
MHA
Statutory Auditors & Chartered Accountants

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
DURA CAPITAL LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11 - 12
Statement of Cash Flows
13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 23


 
DURA CAPITAL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Introduction
 
The directors present their Strategic Report for Dura Capital Limited (the "Company") for the year ended 30 June
2023

Business review
 
The Company was incorporated on 18 May 2017. The Company is a retail product manufacturer and distribution
business and was sold in October 2021 to Zak de Mariveles.
The directors believe there is a significant opportunity to develop the market with innovative products and a streamlined digital product offering.  
Having signed distribution agreements with a significant numbers of investment banks and having signed up it’s first Appointed Representative the Company is well placed to increase it’s market share.

Appointed Representative appointment

The Companies strategic goal is to broaden the range of products offered by partnering with distribution firms who specialise in UK IFA distribution of structured products.
During the period the Company developed and implemented its Appointed Representative business line and appointed its first distribution partner Arcus Partners (AR) Ltd.  This has resulted in additional and diversified sales volumes and revenue for the Company.
Interest Rate Environment 
The interest rate environment saw an appetite for more deposit based defined propositions which has shown good growth in sales numbers as the year has progressed. The Company will continue to offer investment based and deposit based products to cater for the differing needs of consumers.

Financial key performance indicators
 
The directors use a number of key performance measures to monitor and manage performance within the
business. The key performance indicator used is turnover. The directors monitor this key performance indicator
on a regular basis throughout the year to ensure the Company's strategy is achieved.

Other key performance indicators

The directors also use a number of non-financial performance indicators including the number of complaints,
terms of business signed, number of bank relationships and market share.

Directors' section 172(1) statement
 
The directors assessment of section 172(1) matters are as follows:

Long Term Considerations

All major decisions that could impact the long-term outlook of the business are taken with reference to the Board
(which contains the Company's shareholders) and are considered within the overall risk management
process of the business. The Board is continuously monitoring the future of the business and is responsible for
examining all strategic options with a commitment to servicing our clients.

Page 1

 
DURA CAPITAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Company Employees Interest
 
The interest of the Company's employees are aligned with the interest of the Board. Staff are paid competitive
market rates to the broader market. 

Business Relationships with Suppliers, Customers and Others

The Company's relationships with its customers is important and has always been a strength. The business
operates in relatively specialist sector of the investment markets, so client communication is regular, detailed
and two-way. A similar situation exists with suppliers, both in terms of the Company's business and professional
operations

Impact of the Company's Operations on the Community and Environment
 
The Company, given its area of operation and structure, has little effect on the enviroment and limited impact on the community

High Standards of Business Conduct

The Company has been built on operating at the very highest standards, as is evident by its governance
structure and control environment within its specific sector of the market.

Company Shareholders
 
The Company is wholly owned by Zak de Mariveles who a member of the Board and instrumental in the strategic
direction and decision making of the company.

Pillar 3 disclosure

Copies of the Company's Pillar 3 disclosures as required by the IFPRU Rules of the FCA Handbook will be
available from the Company's website at http://www.duracapital .co.uk


This report was approved by the board on 23 October 2023 and signed on its behalf.



Z V De Mariveles
Director

Page 2

 
DURA CAPITAL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £109,371 (2022 - £147,593).

No dividends have been paid on the year (2022: £nil).

Directors

The directors who served during the year were:

Z V De Mariveles 
M R Aldous 

Engagement with suppliers, customers and others

Consideration of the Company's engagement with suppliers, customers and others is discussed in the "Directors'
Section 172(1) Statement" section of the Stratgeic Report on page 2 of the financial statements.

Enviromental reporting Statement

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and
energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower

Page 3

 
DURA CAPITAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Following a rebranding exercise on 15 May 2023 the trading name of the company's independent auditor changed from MHA MacIntyre Hudson to MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.

This report was approved by the board on 23 October 2023 and signed on its behalf.
 





Z V De Mariveles
Director

Page 4

 
DURA CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURA CAPITAL LIMITED
 

Opinion


We have audited the financial statements of Dura Capital Limited (the 'Company') for the year ended 30 June 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
DURA CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURA CAPITAL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
DURA CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURA CAPITAL LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations with particular regard to compliance with the FCA regulations applied to the company including its permission to hold client monies;
Performing audit work over the risk of management override of controls, including the testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
Performing testing of revenue transactions to underlying documentation;
Reviewing minutes of meetings of those charged with governance and;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 7

 
DURA CAPITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURA CAPITAL LIMITED (CONTINUED)





John Coverdale Bsc FCA (Senior Statutory Auditor)
  
For and on behalf of MHA, Statutory Auditor
London, United Kindom
Date:
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)

23 October 2023
Page 8

 
DURA CAPITAL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 4 
395,603
28,377

Cost of sales
  
(93,423)
-

Gross profit
  
302,180
28,377

Administrative expenses
  
(298,047)
(536,163)

Other operating income
 5 
140,000
690,000

Operating profit
  
144,133
182,214

Tax on profit
 9 
(34,762)
(34,621)

Profit for the financial year
  
109,371
147,593

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 23 form part of these financial statements.

Page 9

 
DURA CAPITAL LIMITED
REGISTERED NUMBER: 10778261

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 10 
84,560
-

Current asset investments
 11 
4,549
5,201

Cash at bank and in hand
 12 
313,266
289,021

  
402,375
294,222

Creditors: amounts falling due within one year
 13 
(112,466)
(113,684)

Net current assets
  
 
 
289,909
 
 
180,538

Total assets less current liabilities
  
289,909
180,538

  

Net assets
  
289,909
180,538


Capital and reserves
  

Called up share capital 
 16 
125,000
125,000

Capital contribution reserve
 17 
263,389
263,389

Profit and loss account
 17 
(98,480)
(207,851)

  
289,909
180,538


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 October 2023.




Z V De Mariveles
Director

The notes on pages 15 to 23 form part of these financial statements.

Page 10

 
DURA CAPITAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022
125,000
263,389
(207,851)
180,538


Comprehensive income for the year

Profit for the year
-
-
109,371
109,371


Total transactions with owners
-
-
-
-


At 30 June 2023
125,000
263,389
(98,480)
289,909


The notes on pages 15 to 23 form part of these financial statements.

Page 11

 
DURA CAPITAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2021
125,000
441,437
(355,444)
210,993


Comprehensive income for the year

Profit for the year
-
-
147,593
147,593


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
36,000
-
36,000

Transfer between other reserves
-
(214,048)
-
(214,048)


Total transactions with owners
-
(178,048)
-
(178,048)


At 30 June 2022
125,000
263,389
(207,851)
180,538


The notes on pages 15 to 23 form part of these financial statements.

Page 12

 
DURA CAPITAL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
109,371
147,593

Adjustments for:

Taxation charge
34,762
34,621

(Increase)/decrease in debtors
(84,560)
36,121

(Decrease)/increase in creditors
(1,042)
34,747

Corporation tax (paid)/received
(34,938)
-

Net cash generated from operating activities

23,593
253,082


Cash flows from investing activities

Purchase of short-term unlisted investments
(2,648)
-

Sale of short-term unlisted investments
3,300
2,216

Net cash from investing activities

652
2,216

Cash flows from financing activities

Net movement of capital contribution
-
(178,048)

Net cash used in financing activities
-
(178,048)

Net increase in cash and cash equivalents
24,245
77,250

Cash and cash equivalents at beginning of year
289,021
211,771

Cash and cash equivalents at the end of year
313,266
289,021


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
313,266
289,021

313,266
289,021


The notes on pages 15 to 23 form part of these financial statements.

Page 13

 
DURA CAPITAL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2023




At 1 July 2022
Cash flows
At 30 June 2023
£

£

£

Cash at bank and in hand

289,021

24,245

313,266

Debt due within 1 year

-

-

-


289,021
24,245
313,266

The notes on pages 15 to 23 form part of these financial statements.

Page 14

 
DURA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Dura Capital Limited is a private limited company, limited by shares, domiciled and incorporated in
England and Wales (registered number 10778261). The registered office address is 6th Floor, 2 London
Wall Place, London, EC2Y 5AU. The Company is regulated by the FCA.
The financial statements are presented in GBP which is the functional currency of the Company.

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 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Turnover

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:
Turnover for promition of structured products is based on a margin when the product is launched to the market. The company has no on-going commitments to service the structured products and revenue is recognised at the point of the individual product launches.

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

Taxation

Tax is recognised in profit or loss 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 reporting date in the countries where the Company operates and generates income.

Page 15

 
DURA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.7

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.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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.

Investments in derivative funds are measured at fair value with changes recognised in the Statement of Comprehensive income where the fair value can be measured reliably (see note 15)

  
2.9

Capital contribution reserve

The firm has received historic payments to fund expenses incurred in the formation of the Company.
These payments have been recognised as expenses in the Statement of Comprehensive Income. As
these amounts were assessed as non-refundable these were not considered to be a long term and
were accounted for as a capital contribution reserve. Any cash movements relating to the capital
contribution reserve are treated as movements through equity.

 
2.10

Client Money

The Company holds money on behalf of clients in accordance with the Financial Conduct Authority's
Client Money Rules ("Cass"). Client money is held in client bank accounts and is segregated from the
Company's own funds. Such money and the corresponding liabilities are not reflected in the
Company's Statement of Financial Position

Page 16

 
DURA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgement are continually evaluated and are based on historical experience and other
factors, including expectation of future events that are believed to be resonable under the circumstances.
In the opinion of the directors, the financial statements do not include any significant estimates or
judgements. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Turnover on launch of structured products
395,603
28,377

395,603
28,377


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
395,603
28,377

395,603
28,377


All turnover arose within the United Kingdom.

The whole of turnover is attributable to derivative brokerage services.


5.


Other operating income

2023
2022
£
£

Income gain arising from service agreement
140,000
690,000

140,000
690,000



6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements

14,400
12,000
Page 17

 
DURA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
135,417
164,005

Social security costs
17,255
22,186

Cost of defined contribution scheme
6,771
11,667

159,443
197,858


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
1
1


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
135,417
164,005

135,417
164,005



9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
34,445
34,621

Adjustments in respect of previous periods
317
-


34,762
34,621


Total current tax
34,762
34,621
Page 18

 
DURA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
144,133
182,214


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
36,033
34,621

Effects of:


Adjustments to tax charge in respect of prior periods
317
-

Marginal relief
(1,588)
-

Total tax charge for the year
34,762
34,621


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
DURA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Debtors

2023
2022
£
£


Prepayments and accrued income
84,560
-

84,560
-



11.


Current asset investments

2023
2022
£
£

Investments in derivative funds
4,549
5,201

4,549
5,201



12.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
313,266
289,021

313,266
289,021



13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,388
39,642

Corporation tax
34,445
34,621

Other taxation and social security
-
7,935

Other creditors
833
1,667

Accruals and deferred income
71,800
29,819

112,466
113,684


Page 20

 
DURA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
4,549
5,201


Financial Liabilities


Financial liabilities measured at amortised cost
78,021
71,128


Financial assets measured at fair value through profit or loss comprise current asset investments.


Other financial liabilities measured at amortised cost comprises trade creditors, other creditors and
accruals and deferred income.

Page 21

 
DURA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

15.


 Financial assets at fair value through profit or loss

FRS102 requires three-level hierarchy disclosure for categorising financial assets and liabilities at fair value and requires enhanced disclosures about fair value measurement. The fair value hierarchy classifies financial assets and liabilities according to the source of inputs ranked according to availability of observable market prices used in measuring fair value as follows:
Level 1                The unadjusted quoted price in an active market for identical assets or liabilities that the
                          the entity can access at the measurement date.
Level 2                Inputs other than quoted prices included within Level 1 that are observable (i.e 
                          developed using market data) for the asset or liability, either directly or indirectly.
Level 3                Inputs that are unobservable (i.e for which market data is unavaliable) for the asset or  
                          liability.
The level of fair value hierachy within which the fair value measurement categorised in its entirety should be determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. 
The categorisation of the Company's investment within the hierarchy is based upon the pricing transparency of each investments and does not necessarily correspond to the director's perceived risk of the investment. The investments are classified within Level 2 as they have been observed using market prices.
The determination of what consitutes "observable" requires significant judgement by the directors. The directors consider observable data to be that market data which is readily avaliable, regularly distribute or updated, reliable and verifiable, not proprietary, provided by multiple, independent sources that are actively involved in the relevant market. 
The following tables analyse within the fair value hierarchy the Company's investments measured at fair value: 

Level 2
Total
£
£
Financial assets at fair value through profit or loss

4,549

4,549


There were no transfers between levels during the current year. 
Determining the fair value of the Company's investments considers factors specific to the investment. 
There have been no changes to the fair value for which investments are measured at using Level 2 inputs.


16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



125,000 (2022 - 125,000) Ordinary shares of £1 each
125,000
125,000


Page 22

 
DURA CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

17.


Reserves

Capital contribution reserve

Includes all long-term amounts provided by the owners of the Company which were provided without a
repayment obligation

Profit and loss account

Includes all retained profits and accumilated losses, less amounts distributed to shareholders.


18.


Externally imposed capital requirements

The Company is subject to capital and regulatory resources requirements as a result of its FCA
authorisation. 


19.


Related party transactions

Key management personnel are those persons having authority and responsibility for planning, controlling
and directing the activities of the Company. The director is considered to be the key management
personnel of the Company and details of directors' remuneration is disclosed in note 8.


20.


Controlling party

 The controlling party is the director and sole shareholder, Z V De Mariveles.

Page 23