Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-01-01falseNo description of principal activity67truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08089996 2023-01-01 2023-12-31 08089996 2022-01-01 2022-12-31 08089996 2023-12-31 08089996 2022-12-31 08089996 c:Director1 2023-01-01 2023-12-31 08089996 d:FurnitureFittings 2023-01-01 2023-12-31 08089996 d:FurnitureFittings 2023-12-31 08089996 d:FurnitureFittings 2022-12-31 08089996 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08089996 d:ComputerEquipment 2023-01-01 2023-12-31 08089996 d:ComputerEquipment 2023-12-31 08089996 d:ComputerEquipment 2022-12-31 08089996 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08089996 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 08089996 d:OtherPropertyPlantEquipment 2023-12-31 08089996 d:OtherPropertyPlantEquipment 2022-12-31 08089996 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08089996 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08089996 d:CurrentFinancialInstruments 2023-12-31 08089996 d:CurrentFinancialInstruments 2022-12-31 08089996 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08089996 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08089996 d:ShareCapital 2023-12-31 08089996 d:ShareCapital 2022-12-31 08089996 d:RetainedEarningsAccumulatedLosses 2023-12-31 08089996 d:RetainedEarningsAccumulatedLosses 2022-12-31 08089996 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 08089996 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 08089996 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 08089996 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 08089996 c:OrdinaryShareClass1 2023-01-01 2023-12-31 08089996 c:OrdinaryShareClass1 2023-12-31 08089996 c:OrdinaryShareClass1 2022-12-31 08089996 c:OrdinaryShareClass2 2023-01-01 2023-12-31 08089996 c:OrdinaryShareClass2 2023-12-31 08089996 c:OrdinaryShareClass2 2022-12-31 08089996 c:FRS102 2023-01-01 2023-12-31 08089996 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08089996 c:FullAccounts 2023-01-01 2023-12-31 08089996 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08089996 d:WithinOneYear 2023-12-31 08089996 d:WithinOneYear 2022-12-31 08089996 2 2023-01-01 2023-12-31 08089996 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08089996










Da Gama Maritime Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Da Gama Maritime Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Da Gama Maritime Limited for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Da Gama Maritime Limited for the year ended 31 December 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Da Gama Maritime Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Da Gama Maritime Limited and state those matters that we have agreed to state to the Board of Directors of Da Gama Maritime Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Da Gama Maritime Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Da Gama Maritime Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Da Gama Maritime Limited. You consider that Da Gama Maritime Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Da Gama Maritime Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
6 March 2024
Page 1

 
Da Gama Maritime Limited
Registered number: 08089996

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
10,993
19,696

  
10,993
19,696

Current assets
  

Debtors: amounts falling due within one year
 5 
53,722
58,233

Cash at bank and in hand
  
398,853
332,343

  
452,575
390,576

Creditors: amounts falling due within one year
 6 
(144,354)
(112,960)

Net current assets
  
 
 
308,221
 
 
277,616

Total assets less current liabilities
  
319,214
297,312

Provisions for liabilities
  

Deferred tax
 7 
(2,698)
(3,707)

  
 
 
(2,698)
 
 
(3,707)

Net assets
  
316,516
293,605


Capital and reserves
  

Called up share capital 
 8 
101
101

Profit and loss account
  
316,415
293,504

  
316,516
293,605


Page 2

 
Da Gama Maritime Limited
Registered number: 08089996

Balance Sheet (continued)
As at 31 December 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S R Monk
Director
Date: 6 March 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
Da Gama Maritime Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales. The address of its registered office and principal place of business is:
Unit 74
Chichester Enterprise Centre 
Terminus Road
Chichester
West Sussex
PO19 8FY

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
Da Gama Maritime Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
Da Gama Maritime Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Reducing balance
Computer equipment
-
20%
Straight line
Other fixed assets
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
Da Gama Maritime Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 7).

Page 7

 
Da Gama Maritime Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
8,489
32,130
92,162
132,781


Additions
1,640
-
-
1,640



At 31 December 2023

10,129
32,130
92,162
134,421



Depreciation


At 1 January 2023
7,679
25,953
79,453
113,085


Charge for the year on owned assets
430
2,094
7,819
10,343



At 31 December 2023

8,109
28,047
87,272
123,428



Net book value



At 31 December 2023
2,020
4,083
4,890
10,993



At 31 December 2022
810
6,177
12,709
19,696


5.


Debtors

2023
2022
£
£


Trade debtors
38,181
43,588

Other debtors
13,621
13,232

Prepayments and accrued income
1,920
1,413

53,722
58,233



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
34,807
40,312

Corporation tax
24,946
1,181

Other creditors
11,188
432

Accruals and deferred income
73,413
71,035

144,354
112,960


Page 8

 
Da Gama Maritime Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Deferred taxation




2023


£






At beginning of year
(3,707)


Charged to profit or loss
1,009



At end of year
(2,698)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(2,748)
(3,742)

Other short term timing differences
50
35

(2,698)
(3,707)


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100
1 (2022 - 1) Ordinary B share of £1.00
1
1

101

101



9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Operating lease
2,272
1,692

2,272
1,692


Page 9