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COMPANY REGISTRATION NUMBER: 11212846
D K HOSPITALITY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2023
D K HOSPITALITY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
D K HOSPITALITY LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
149,619
66,640
CURRENT ASSETS
Stocks
1,215
4,230
Debtors
6
134,753
35,463
Cash at bank and in hand
72,350
176,336
-----------
-----------
208,318
216,029
CREDITORS: amounts falling due within one year
7
156,933
185,375
-----------
-----------
NET CURRENT ASSETS
51,385
30,654
-----------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
201,004
97,294
CREDITORS: amounts falling due after more than one year
8
39,000
60,848
PROVISIONS
9
28,425
12,660
-----------
---------
NET ASSETS
133,579
23,786
-----------
---------
D K HOSPITALITY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
133,479
23,686
-----------
---------
SHAREHOLDERS FUNDS
133,579
23,786
-----------
---------
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 28 February 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 23 October 2023 , and are signed on behalf of the board by:
Mr A Bradoo
Director
Company registration number: 11212846
D K HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wool Merchant Hotel, 5 Mulcture Road, Halifax, HX1 1SP.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Fixtures & equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 14 (2022: 13 ).
5. TANGIBLE ASSETS
Motor vehicles
Fixtures & equipment
Total
£
£
£
Cost
At 1 March 2022
103,877
103,877
Additions
78,874
30,193
109,067
---------
-----------
-----------
At 28 February 2023
78,874
134,070
212,944
---------
-----------
-----------
Depreciation
At 1 March 2022
37,237
37,237
Charge for the year
9,859
16,229
26,088
---------
-----------
-----------
At 28 February 2023
9,859
53,466
63,325
---------
-----------
-----------
Carrying amount
At 28 February 2023
69,015
80,604
149,619
---------
-----------
-----------
At 28 February 2022
66,640
66,640
---------
-----------
-----------
6. DEBTORS
2023
2022
£
£
Trade debtors
18,123
33,665
Other debtors
116,630
1,798
-----------
---------
134,753
35,463
-----------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,000
15,000
Trade creditors
86,591
114,826
Corporation tax
15,869
6,584
Social security and other taxes
30,466
41,727
Other creditors
6,007
7,238
-----------
-----------
156,933
185,375
-----------
-----------
The following liabilities disclosed under creditors falling due within one year are secured by the company :
2023 2022
£ £
Bank loan 18,000 15,000
--------- ---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
39,000
60,848
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £848) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The following liabilities disclosed under creditors falling due after more than one year are secured by the company :
2023 2022
£ £
Bank Loan 39,000 60,848
--------- ---------
9. PROVISIONS
Deferred tax (note 10)
£
At 1 March 2022
12,660
Additions
15,765
---------
At 28 February 2023
28,425
---------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 9)
28,425
12,660
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
28,425
12,660
---------
---------
11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The directors loan account was overdrawn at the year end by £8,050. This was the maximum amount outstanding during the year and has been repaid since the year end.