Company registration number 08183909 (England and Wales)
DECERNA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
DECERNA LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
DECERNA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023
31 July 2023
- 1 -
31 July 2023
31 October 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
296,096
50,070
Current assets
Debtors
4
138,969
210,125
Cash at bank and in hand
58,316
143,200
197,285
353,325
Creditors: amounts falling due within one year
5
(328,862)
(135,356)
Net current (liabilities)/assets
(131,577)
217,969
Total assets less current liabilities
164,519
268,039
Provisions for liabilities
-
0
(12,518)
Net assets
164,519
255,521
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
164,319
255,321
Total equity
164,519
255,521

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

For the financial period ended 31 July 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 member has not required the company to obtain an audit of its financial statements for the period 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 22 April 2024 and are signed on its behalf by:
A J Stewart
Director
Company Registration No. 08183909
DECERNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Decerna Limited is a private company limited by shares incorporated in England and Wales. The registered office is Decerna House, 32-33 Apex Business Village, Annitsford, Cramlington, Northumberland, NE23 7BF.

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. 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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 improvements
5% straight line
Fixtures and fittings
33% straight line
Office equipment
20% straight line
Motor vehicles
20% straight line

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.

1.5
Cash and cash equivalents

Cash and cash equivalents 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DECERNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
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.

 

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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

1.8
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 income statement 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.

DECERNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 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 income statement, 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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

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

2023
2022
Number
Number
Total
13
12
DECERNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
- 5 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
-
0
5,207
37,092
87,610
129,909
Additions
201,988
87,167
13,015
-
0
302,170
Disposals
-
0
-
0
-
0
(34,270)
(34,270)
At 31 July 2023
201,988
92,374
50,107
53,340
397,809
Depreciation and impairment
At 1 November 2022
-
0
4,243
23,030
52,566
79,839
Depreciation charged in the period
2,320
17,916
11,532
17,522
49,290
Eliminated in respect of disposals
-
0
-
0
-
0
(27,416)
(27,416)
At 31 July 2023
2,320
22,159
34,562
42,672
101,713
Carrying amount
At 31 July 2023
199,668
70,215
15,545
10,668
296,096
At 31 October 2022
-
0
964
14,062
35,044
50,070
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,295
55,434
Corporation tax recoverable
67,607
83,214
Amounts owed by group undertakings
1,069
527
Other debtors
28,735
70,950
Prepayments and accrued income
10,000
-
0
123,706
210,125
Deferred tax asset
15,263
-
0
138,969
210,125
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
127,191
55,433
Amounts owed to group undertakings
183,000
3,000
Taxation and social security
12,757
56,460
Other creditors
1,496
3,446
Accruals and deferred income
4,418
17,017
328,862
135,356
DECERNA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
- 6 -
6
Parent company

Details of the company's parent company at 31 July 2023 was as follows: Decerna Group limited, registered office - Decerna House, 32-33, Apex Business Village, Annitsford, Cramlington, Northumberland, England, NE23 7BF.

7
Prior period adjustment
Reconciliation of changes in equity
1 November
31 October
2021
2022
£
£
Adjustments to prior period
Increase in dividends transfered to parent company
-
(10,000)
Equity as previously reported
322,866
265,521
Equity as adjusted
322,866
255,521
Analysis of the effect upon equity
Profit and loss reserves
-
(10,000)
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
42,655
Profit as adjusted
42,655
Notes to reconciliation

Following a review of the prior year accounting transactions it has been concluded that the dividends paid out to shareholders were understated. This has resulted in the prior year adjustment above.

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