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Registration number: 04570578

Demora Associates Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Demora Associates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Demora Associates Limited

Company Information

Director

A De Mora

Registered office

36 West Park
Minehead
Somerset
TA24 8AN

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Demora Associates Limited

(Registration number: 04570578)
Balance Sheet
31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

7,000

8,750

Tangible assets

5

9,360

8,349

 

16,360

17,099

Current assets

 

Debtors

6

-

4,224

Cash at bank and in hand

 

94,749

138,386

 

94,749

142,610

Creditors: Amounts falling due within one year

7

(1,056)

(29,551)

Net current assets

 

93,693

113,059

Total assets less current liabilities

 

110,053

130,158

Provisions for liabilities

(1,586)

(1,586)

Net assets

 

108,467

128,572

Capital and reserves

 

Called up share capital

180

180

Other reserves

20

20

Retained earnings

108,267

128,372

Shareholders' funds

 

108,467

128,572

 

Demora Associates Limited

(Registration number: 04570578)
Balance Sheet
31 October 2023

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

Director's responsibilities:

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 director acknowledges his 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.

Approved and authorised by the director on 2 November 2023
 

.........................................
A De Mora
Director

 

Demora Associates Limited

Notes to the Unaudited Financial Statements
Year Ended 31 October 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:
36 West Park
Minehead
Somerset
TA24 8AN

These financial statements were authorised for issue by the director on 2 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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 provision of services in the ordinary course of the company’s activities and is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured, and
it is probable that future economic benefits will flow to the entity;

Tax

The tax expense for the period comprises 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.

 

Demora Associates Limited

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

The current corporation 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Equipment

25% per annum reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

 

Demora Associates Limited

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are recognised at transaction price. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 2).

 

Demora Associates Limited

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

34,000

34,000

At 31 October 2023

34,000

34,000

Amortisation

At 1 November 2022

25,250

25,250

Amortisation charge

1,750

1,750

At 31 October 2023

27,000

27,000

Carrying amount

At 31 October 2023

7,000

7,000

At 31 October 2022

8,750

8,750

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

101,843

101,843

Additions

4,136

4,136

At 31 October 2023

105,979

105,979

Depreciation

At 1 November 2022

93,494

93,494

Charge for the year

3,125

3,125

At 31 October 2023

96,619

96,619

Carrying amount

At 31 October 2023

9,360

9,360

At 31 October 2022

8,349

8,349

 

Demora Associates Limited

Notes to the Unaudited Financial Statements
Year Ended 31 October 2023

6

Debtors

2023
£

2022
£

Other debtors

-

4,224

-

4,224

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

1,084

Taxation and social security

-

3,315

Other creditors

1,056

25,152

1,056

29,551