Company registration number 8562820 (England and Wales)
DESIANOS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
DESIANOS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DESIANOS LTD
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,750
Tangible assets
4
84,339
103,560
84,339
107,310
Current assets
Stocks
9,052
9,078
Debtors
5
27,773
43,528
Cash at bank and in hand
351,040
365,683
387,865
418,289
Creditors: amounts falling due within one year
6
(107,825)
(112,994)
Net current assets
280,040
305,295
Total assets less current liabilities
364,379
412,605
Creditors: amounts falling due after more than one year
7
(75,282)
(95,775)
Provisions for liabilities
(8,339)
(11,215)
Net assets
280,758
305,615
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
280,756
305,613
Total equity
280,758
305,615
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 31 October 2023 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.
DESIANOS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 February 2024 and are signed on its behalf by:
Mrs J A De Siano
Mr L De Siano
Director
Director
Company registration number 8562820 (England and Wales)
DESIANOS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Desianos Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3 The Quay, Sandwich, Kent, England, CT13 9EN.
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 sterling, 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Leasehold land and buildings
straight line over the term of the lease
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
20% reducing balance
Motor vehicles
20% reducing balance
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DESIANOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
25
25
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
50,000
Amortisation and impairment
At 1 November 2022
46,250
Amortisation charged for the year
3,750
At 31 October 2023
50,000
Carrying amount
At 31 October 2023
At 31 October 2022
3,750
DESIANOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2022
20,000
60,478
14,320
4,450
101,399
200,647
Additions
1,575
1,789
3,364
At 31 October 2023
20,000
60,478
15,895
6,239
101,399
204,011
Depreciation and impairment
At 1 November 2022
18,500
40,740
9,515
2,982
25,350
97,087
Depreciation charged in the year
1,500
3,948
1,276
651
15,210
22,585
At 31 October 2023
20,000
44,688
10,791
3,633
40,560
119,672
Carrying amount
At 31 October 2023
15,790
5,104
2,606
60,839
84,339
At 31 October 2022
1,500
19,738
4,805
1,468
76,049
103,560
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by undertakings in which the company has a participating interest
19,579
34,410
Other debtors
5,700
3,000
Prepayments and accrued income
2,494
6,118
27,773
43,528
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Hire purchase contracts
10,494
10,494
Trade creditors
21,003
32,054
Corporation tax
5,256
5,567
Other taxation and social security
40,376
36,090
Other creditors
15,435
15,849
Accruals and deferred income
5,261
2,940
107,825
112,994
DESIANOS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,833
30,833
Hire purchase contracts
54,449
64,942
75,282
95,775