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COMPANY REGISTRATION NUMBER: 00671634
Deimos Limited
Filleted Unaudited Financial Statements
28 February 2023
Deimos Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Deimos Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
10,902
10,917
Current assets
Stocks
24,883
30,000
Debtors
6
9,273
14,411
Cash at bank and in hand
50,016
41,878
--------
--------
84,172
86,289
Creditors: amounts falling due within one year
7
136,136
122,281
---------
---------
Net current liabilities
51,964
35,992
--------
--------
Total assets less current liabilities
( 41,062)
( 25,075)
Provisions
Taxation including deferred tax
2,071
2,077
--------
--------
Net liabilities
( 43,133)
( 27,152)
--------
--------
Capital and reserves
Called up share capital
22
22
Profit and loss account
( 43,155)
( 27,174)
--------
--------
Shareholders deficit
( 43,133)
( 27,152)
--------
--------
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 .
Deimos Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 13 April 2024 , and are signed on behalf of the board by:
Mr M D Latham
Mr A H Latham
Director
Director
Company registration number: 00671634
Deimos 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 Camburgh House, 27 New Dover Road, Canterbury, CT1 3DN, Kent.
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.
Going concern
The company will cease trading shortly due to the having passed away. The financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income 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. 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: Freehold Property - No depreciation Plant & Machinery - 4 years straight line Fixtures & Fittings - 10 years straight line Equipment - 3 years straight line
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.
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2022 and 28 February 2023
10,884
4,580
15,712
494
31,670
--------
-------
--------
----
--------
Depreciation
At 1 March 2022
4,580
15,679
494
20,753
Charge for the year
15
15
--------
-------
--------
----
--------
At 28 February 2023
4,580
15,694
494
20,768
--------
-------
--------
----
--------
Carrying amount
At 28 February 2023
10,884
18
10,902
--------
-------
--------
----
--------
At 28 February 2022
10,884
33
10,917
--------
-------
--------
----
--------
The directors believe the value of the Freehold property is equal to the residual value therefore the asset has not been depreciated.
6. Debtors
2023
2022
£
£
Trade debtors
8,382
14,104
Other debtors
891
307
-------
--------
9,273
14,411
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,081
2,081
Other creditors
134,055
120,200
---------
---------
136,136
122,281
---------
---------
8. Directors' advances, credits and guarantees
At the year end, the company owed the directors £130,452 (2022: £117,081).