Company registration number 08495662 (England and Wales)
DAICAR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
DAICAR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DAICAR LIMITED
BALANCE SHEET
AS AT 30 DECEMBER 2022
30 December 2022
- 1 -
2022
2021
Notes
Fixed assets
Intangible assets
4
125,435
169,277
Current assets
Stocks
850,000
850,000
Debtors
6
164,061
152,226
Cash at bank and in hand
1,628
365
1,015,689
1,002,591
Creditors: amounts falling due within one year
7
(523,978)
(828,883)
Net current assets
491,711
173,708
Total assets less current liabilities
617,146
342,985
Capital and reserves
Called up share capital
161
161
Share premium account
856,112
856,112
Profit and loss reserves
(239,127)
(513,288)
Total equity
617,146
342,985

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
M Daina
Director
Company Registration No. 08495662
DAICAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Daicar Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest receivable

Interest income is recognised in the profit and loss account using the effective interest method.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development costs
10 years straight line
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

1.5
Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of more than 24 hours.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

DAICAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Foreign exchange

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the of the transactions.

 

At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

1.8

Interest payable

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

There were no judgements that had a significant effect on the amounts recognised in the financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
-
0
-
0
DAICAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 4 -
4
Intangible fixed assets
Website development costs
Cost
At 31 December 2021 and 30 December 2022
447,936
Amortisation and impairment
At 31 December 2021
278,659
Amortisation charged for the year
43,842
At 30 December 2022
322,501
Carrying amount
At 30 December 2022
125,435
At 30 December 2021
169,277
5
Subsidiaries

Details of the company's subsidiaries at 30 December 2022 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shares held
Direct
Indirect
Daircar S.R.L.
Italy
Online car comparison, configuration and maintenance webapp based tool providing leads to car manufacturers, dealers and service providers
Ordinary
90.00
-
Daicar Rent S.R.L.
Italy
Car subscription platform
Ordinary
90.00
0
6
Debtors
2022
2021
Amounts falling due within one year:
Trade debtors
33,520
1,800
Amounts owed by group undertakings
89,636
109,521
Other debtors
40,905
40,905
164,061
152,226
DAICAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 5 -
7
Creditors: amounts falling due within one year
2022
2021
Trade creditors
67,619
53,516
Amounts owed to group undertakings
-
0
390,643
Taxation and social security
440,291
377,578
Other creditors
16,068
7,146
523,978
828,883
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