Company registration number 09630313 (England and Wales)
DAUNTLESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
DAUNTLESS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
DAUNTLESS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
610,680
627,975
Tangible assets
6
30,518
40,365
641,198
668,340
Current assets
Stocks
61,128
66,311
Debtors
7
5,053
35,931
Cash at bank and in hand
14,792
389
80,973
102,631
Creditors: amounts falling due within one year
8
(1,540,561)
(1,447,488)
Net current liabilities
(1,459,588)
(1,344,857)
Net liabilities
(818,390)
(676,517)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(818,490)
(676,617)
Total equity
(818,390)
(676,517)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 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.

The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Mr J O Shepherd
Director
Company Registration No. 09630313
DAUNTLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Dauntless Limited is a private company limited by shares incorporated in England and Wales. The registered office is Genesis 5, Church Lane, Heslington, York, YO10 5DQ. The business address is Unit 3, Blackwood Hall Business Park, North Duffield, YO8 5DD.

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.

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

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The validity of this assumption is dependent upon the continuing support of the directors.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure with respect to vehicle design and modification is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
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.

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:

Trademark
10% - straight line
Development costs
0-20% - straight line
1.6
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 improvements
25% - reducing balance
Plant and equipment
25% - reducing balance
Office equipment
25% - reducing balance
DAUNTLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.9
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.10
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.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

DAUNTLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
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.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
2
2
4
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Intangible assets
5
90,649
117,764
Recognised in:
Administrative expenses
90,649
117,764
5
Intangible fixed assets
Trademark
Development costs
Total
£
£
£
Cost
At 1 July 2022
13,115
1,023,130
1,036,245
Additions
-
0
74,665
74,665
At 30 June 2023
13,115
1,097,795
1,110,910
Amortisation
At 1 July 2022
6,052
402,218
408,270
Amortisation charged for the year
1,311
-
0
1,311
Impairment losses
-
0
90,649
90,649
At 30 June 2023
7,363
492,867
500,230
Carrying amount
At 30 June 2023
5,752
604,928
610,680
At 30 June 2022
7,063
620,912
627,975
DAUNTLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
5
Intangible fixed assets
(Continued)
- 5 -

More information on impairment movements in the year is given in note 4.

6
Tangible fixed assets
Leasehold improvements
Plant and equipment
Office equipment
Total
£
£
£
£
Cost
At 1 July 2022
15,740
13,286
30,867
59,893
Additions
-
0
-
0
293
293
At 30 June 2023
15,740
13,286
31,160
60,186
Depreciation
At 1 July 2022
2,667
11,513
5,348
19,528
Depreciation charged in the year
3,268
443
6,429
10,140
At 30 June 2023
5,935
11,956
11,777
29,668
Carrying amount
At 30 June 2023
9,805
1,330
19,383
30,518
At 30 June 2022
13,073
1,773
25,519
40,365
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
30,164
Other debtors
5,053
5,767
5,053
35,931
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
740
2,679
Other creditors
1,539,821
1,444,809
1,540,561
1,447,488

Included in other creditors is a loan from a director amounting to £1,536,719 (2022: £1,442,859). No interest is charged to the company.

DAUNTLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' of £1 each
88
88
88
88
Ordinary 'B' of £1 each
12
12
12
12
100
100
100
100
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
2,662
13,309
2023-06-302022-07-01false22 February 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr J O ShepherdMr O D J Marshall096303132022-07-012023-06-30096303132023-06-30096303132022-06-3009630313core:PatentsTrademarksLicencesConcessionsSimilar2023-06-3009630313core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-06-3009630313core:PatentsTrademarksLicencesConcessionsSimilar2022-06-3009630313core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-06-3009630313core:LeaseholdImprovements2023-06-3009630313core:PlantMachinery2023-06-3009630313core:ComputerEquipment2023-06-3009630313core:LeaseholdImprovements2022-06-3009630313core:PlantMachinery2022-06-3009630313core:ComputerEquipment2022-06-3009630313core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3009630313core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3009630313core:CurrentFinancialInstruments2023-06-3009630313core:CurrentFinancialInstruments2022-06-3009630313core:ShareCapital2023-06-3009630313core:ShareCapital2022-06-3009630313core:RetainedEarningsAccumulatedLosses2023-06-3009630313core:RetainedEarningsAccumulatedLosses2022-06-3009630313core:ShareCapitalOrdinaryShares2023-06-3009630313core:ShareCapitalOrdinaryShares2022-06-3009630313bus:Director12022-07-012023-06-3009630313core:IntangibleAssetsOtherThanGoodwill2022-07-012023-06-3009630313core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-07-012023-06-3009630313core:PlantMachinery2022-07-012023-06-3009630313core:ComputerEquipment2022-07-012023-06-30096303132021-07-012022-06-3009630313core:IntangibleAssetsOtherThanGoodwill2021-07-012022-06-3009630313core:PatentsTrademarksLicencesConcessionsSimilar2022-06-3009630313core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-06-30096303132022-06-3009630313core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssets2022-07-012023-06-3009630313core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssets2022-07-012023-06-3009630313core:ExternallyAcquiredIntangibleAssets2022-07-012023-06-3009630313core:PatentsTrademarksLicencesConcessionsSimilar2022-07-012023-06-3009630313core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-07-012023-06-3009630313core:LeaseholdImprovements2022-06-3009630313core:PlantMachinery2022-06-3009630313core:ComputerEquipment2022-06-3009630313core:LeaseholdImprovements2022-07-012023-06-3009630313core:WithinOneYear2023-06-3009630313core:WithinOneYear2022-06-3009630313bus:PrivateLimitedCompanyLtd2022-07-012023-06-3009630313bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3009630313bus:FRS1022022-07-012023-06-3009630313bus:AuditExemptWithAccountantsReport2022-07-012023-06-3009630313bus:Director22022-07-012023-06-3009630313bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP