REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
FOR |
DIBS TOY COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
FOR |
DIBS TOY COMPANY LIMITED |
DIBS TOY COMPANY LIMITED (REGISTERED NUMBER: 04198374) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
DIBS TOY COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
25, Grosvenor Road |
Wrexham |
LL11 1BT |
BANKERS: |
51-52 Hope Street |
Wrexham |
LL11 1BB |
DIBS TOY COMPANY LIMITED (REGISTERED NUMBER: 04198374) |
BALANCE SHEET |
28TH FEBRUARY 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DIBS TOY COMPANY LIMITED (REGISTERED NUMBER: 04198374) |
BALANCE SHEET - continued |
28TH FEBRUARY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DIBS TOY COMPANY LIMITED (REGISTERED NUMBER: 04198374) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
Dibs Toy Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis on the assumption that the support of the providers of finance will be continued. If this support is withdrawn, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and current liabilities. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Franchise fee |
The amount paid in connection with the purchase of a franchise fee in 2015 is being amortised over the period of the agreement, being five years. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DIBS TOY COMPANY LIMITED (REGISTERED NUMBER: 04198374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1st March 2022 |
and 28th February 2023 |
AMORTISATION |
At 1st March 2022 |
Charge for year |
At 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 28th February 2022 |
DIBS TOY COMPANY LIMITED (REGISTERED NUMBER: 04198374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st March 2022 |
Additions |
At 28th February 2023 |
DEPRECIATION |
At 1st March 2022 |
Charge for year |
At 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 28th February 2022 |
6. | STOCKS |
28.2.23 | 28.2.22 |
£ | £ |
Finished goods |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 90,553 | 44,187 |
Tax recoverable | 2,196 | 2,196 |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans and overdrafts |
AF Blakemore development loan | 6,000 | - |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 6,433 | 1,213 |
Other creditors |
Accrued expenses |
DIBS TOY COMPANY LIMITED (REGISTERED NUMBER: 04198374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Other loans - 1-2 years | 6,000 | - |
Other loans - 2-5 years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans |
11. | PROVISIONS FOR LIABILITIES |
28.2.23 | 28.2.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Tax losses carried forward | ( |
) |
7,582 | 1,317 |
Deferred |
tax |
£ |
Balance at 1st March 2022 |
Movement in the year due to:- |
Changes in tax allowances | 4,811 |
Changes in tax rates |
Movement in losses available | 1,454 |
Balance at 28th February 2023 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.23 | 28.2.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
13. | CAPITAL COMMITMENTS |
28.2.23 | 28.2.22 |
£ | £ |
Contracted but not provided for in the |
financial statements |
DIBS TOY COMPANY LIMITED (REGISTERED NUMBER: 04198374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28TH FEBRUARY 2023 |
14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 28th February 2023 and 28th February 2022: |
28.2.23 | 28.2.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
There were no advances during the year exceeding £1,500. Interest is charged on the overdrawn directors loan account at a rate of 2.% (2022: 2%). The interest charge for the year was £1,334 (2022: £1,027). No special conditions are attached. |
R A Brooks, a director of the company has secured the company's bank loan and overdraft up to the amount of £75,000. |