Company No:
Contents
Note | 31.03.2023 | |
£ | ||
Fixed assets | ||
Investments | 3 |
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4,898,305 | ||
Current assets | ||
Cash at bank and in hand |
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256,704 | ||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (5,001,585) | |
Total assets less current liabilities | (103,280) | |
Net liabilities | (
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Capital and reserves | ||
Called-up share capital | 5 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Dearham Investments Ltd (registered number:
Steven George Newton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Dearham Investments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Brownings Orchard, The Street, Upper Farringdon, GU34 3DT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £103,280. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Period from 18.03.2022 to 31.03.2023 |
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Number | |
Monthly average number of persons employed by the Company during the period, including the director |
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Listed investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 18 March 2022 |
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Additions |
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Disposals | (
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(
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Movement in fair value | (
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At 31 March 2023 |
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Provisions for impairment | |||
At 18 March 2022 |
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At 31 March 2023 |
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Carrying value at 31 March 2023 |
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31.03.2023 | |
£ | |
Amounts owed to connected companies |
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Amounts owed to director |
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Accruals |
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31.03.2023 | |
£ | |
Allotted, called-up and fully-paid | |
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Transactions with the entity's director
During the period, the director maintained a current account with the company. At the period end the company owed the directors £4,247,305. Interest is charged at the approved rates when overdrawn and there are no set repayment terms.
Other related party transactions
During the period, the company received funding from a connected company and at the period end the company owed £1,007,484 to the connected company. No interest is charged on this loan and there are no set repayment terms.