0 false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2021 - FRS102_2021 480,000 480,000 480,000 xbrli:pure xbrli:shares iso4217:GBP 02004059 2022-08-01 2023-07-31 02004059 2023-07-31 02004059 2021-08-01 2022-07-31 02004059 2022-07-31 02004059 bus:Director1 2022-08-01 2023-07-31 02004059 core:WithinOneYear 2023-07-31 02004059 core:WithinOneYear 2022-07-31 02004059 core:AfterOneYear 2023-07-31 02004059 core:AfterOneYear 2022-07-31 02004059 core:UKTax 2022-08-01 2023-07-31 02004059 core:UKTax 2021-08-01 2022-07-31 02004059 core:ShareCapital 2023-07-31 02004059 core:ShareCapital 2022-07-31 02004059 core:RevaluationReserve 2023-07-31 02004059 core:RevaluationReserve 2022-07-31 02004059 core:RetainedEarningsAccumulatedLosses 2023-07-31 02004059 core:RetainedEarningsAccumulatedLosses 2022-07-31 02004059 core:LandBuildings 2023-07-31 02004059 core:LandBuildings 2022-07-31 02004059 bus:SmallEntities 2022-08-01 2023-07-31 02004059 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 02004059 bus:FullAccounts 2022-08-01 2023-07-31 02004059 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 02004059 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31
COMPANY REGISTRATION NUMBER: 02004059
Duskyworld Limited
Filleted Unaudited Financial Statements
31 July 2023
Duskyworld Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Investment property
6
480,000
480,000
Current assets
Debtors
7
1,856
1,298
Cash at bank and in hand
17,972
28,492
-------
-------
19,828
29,790
Creditors: amounts falling due within one year
8
22,341
30,364
-------
-------
Net current liabilities
2,513
574
---------
---------
Total assets less current liabilities
477,487
479,426
Creditors: amounts falling due after more than one year
9
14,512
17,884
Provisions
Taxation including deferred tax
49,714
49,714
---------
---------
Net assets
413,261
411,828
---------
---------
Duskyworld Limited
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Revaluation reserve
360,818
360,818
Profit and loss account
52,343
50,910
---------
---------
Shareholders funds
413,261
411,828
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
K Joshi
Director
Company registration number: 02004059
Duskyworld Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Zone G, Salamander Quay, Park Lane, Harefield, Middlesex UB9 6NZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rent receivable on investment property.
Taxation
Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from 'profit before tax' as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The gain or loss on valuation is recognised in profit or loss and is subsequently transferred within equity to the revaluation reserve together with the associated deferred tax.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable/payable and loans from third parties.
4. Employees
There were no employees during the year.
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
1,509
1,653
------
------
Tax on profit
1,509
1,653
------
------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is the same as (2022: the same as) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
7,942
8,699
------
------
Profit on ordinary activities by rate of tax
1,509
1,653
------
------
6. Investment property
Land and buildings
£
Cost
At 1 August 2022 and 31 July 2023
480,000
---------
Depreciation
At 1 August 2022 and 31 July 2023
---------
Carrying amount
At 31 July 2023
480,000
---------
At 31 July 2022
480,000
---------
Investment property held at valuation
The fair value of the investment property is measured by the directors based on the current market valuation. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The net historical cost of the investment property was £83,566 (2022 - £83,566).
7. Debtors
2023
2022
£
£
Other debtors
1,856
1,298
------
------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,018
4,714
Corporation tax
1,497
4,266
Other creditors
16,826
21,384
-------
-------
22,341
30,364
-------
-------
The bank loan is secured by a fixed legal charge on the property situated at 6 Bideford Close, Edgware, Middlesex. Interest is charged at 6.24% per annum (2022 - 2.49% per annum).
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,512
17,884
-------
-------
The bank loan is secured by a fixed legal charge on the property situated at 6 Bideford Close, Edgware, Middlesex. Interest is charged at 6.24% per annum (2022 - 2.49% per annum).
10. Directors' advances, credits and guarantees
K and L Joshi are the directors and the principal shareholders and the company was under their control throughout the current and previous year. The company paid dividends of £5,000 (2022 - £4,000) during the year. The balance due to the directors at the end of year was £14,942 (2022 - £19,942).