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Registration number: 05220937

Downpace Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Downpace Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 4

 

Downpace Limited

Company Information
__________________________________________________________________________

Directors

Murray Thompson

Nicholas Thompson

Registered office

342 Regents Park Road
London
N3 2LJ


 

Accountants

Brooks Green
Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

Downpace Limited

(Registration number: 05220937)
Balance Sheet as at 30 April 2023
__________________________________________________________________________

Note

2023
£

2022
£

Current assets

 

Debtors

3

15,451

15,451

Cash at bank and in hand

 

24,357

24,357

 

39,808

39,808

Creditors: Amounts falling due within one year

4

(60)

(60)

Net assets

 

39,748

39,748

Capital and reserves

 

Called up share capital

5

1

1

Retained earnings

39,747

39,747

Shareholders' funds

 

39,748

39,748

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 January 2024 and signed on its behalf by:
 

.........................................
Murray Thompson
Director

 

Downpace Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
__________________________________________________________________________

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Depreciation

Asset class

Depreciation method and rate

Land and buildings

Not being depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Downpace Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
__________________________________________________________________________

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 1).

3

Debtors

Current

2023
£

2022
£

Other debtors

15,451

15,451

 

15,451

15,451

4

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Other creditors

60

60

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share capital of £1 each

1

1

1

1