REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
DRD Communications Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
DRD Communications Limited |
DRD Communications Limited (Registered number: 03545257) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Certified Accountants' Report | 10 |
DRD Communications Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountant |
57 Markfield Road |
Caterham |
Surrey |
CR3 6RQ |
DRD Communications Limited (Registered number: 03545257) |
Balance Sheet |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DRD Communications Limited (Registered number: 03545257) |
Balance Sheet - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
DRD Communications Limited (Registered number: 03545257) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
DRD Communications Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents revenue recognised in the accounts. Revenue is recognised at the point at which goods and services are supplied to customers. Where services are performed gradually over time revenue is recognised as activity progresses by reference to the value of the work performed. |
Goodwill |
Hosted services software |
Hosted services software is being amortised at 25% on reducing balance. |
Other computer software |
Other computer software is being amortised evenly over its estimated useful life of 3 years. |
Tangible fixed assets |
Hosted services equipment | - |
Vehicles | - |
Computer equipment | - |
Office furniture & equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DRD Communications Limited (Registered number: 03545257) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates defined contribution pension schemes and the pension charge in the accounts represents the amounts payable by the company to the funds in respect of the year. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
DRD Communications Limited (Registered number: 03545257) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
4. | INTANGIBLE FIXED ASSETS |
Hosted |
services |
software |
and | Computer |
Goodwill | licenses | software | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
Amortisation for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Hosted services software includes development costs. |
Software held on Finances Leases at 30 June 2022 were transferred to ownership during the year. |
5. | TANGIBLE FIXED ASSETS |
Hosted | Office |
services | Computer | furniture |
equipment | Vehicles | equipment | & equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Hosted services equipment includes computer hardware. |
DRD Communications Limited (Registered number: 03545257) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Hosted |
services |
equipment |
£ |
COST |
At 1 July 2022 |
Transfer to ownership | (239,874 | ) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Transfer to ownership | (138,677 | ) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Prepayments |
DRD Communications Limited (Registered number: 03545257) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Finance leases |
Trade creditors |
Due to subsidiaries |
Tax |
Social security and other taxes |
VAT | 252,575 | 224,181 |
Other creditors |
Accrued expenses |
9. | SECURED DEBTS |
The company's bankers have a mortgage debenture over the company's present and future assets. |
10. | PROVISIONS FOR LIABILITIES |
30.6.23 | 30.6.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Charge to Income Statement during year |
Balance at 30 June 2023 |
11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 July 2022 | 7,680,226 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2023 | 8,433,350 |
12. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £424,498 (2022 - £465,000) were paid to the directors . |
The company used the services of it's subsidiary in India . D R Dadds is a director of the Indian company. The transactions are as follows. |
DRD Communications and Software Private Limited. |
Charges to DRD Communications Ltd were £1,186,433 (2022 £958,778). |
The amount due to the subsidiary at 30 June 2023 was £91,543 (2022 £113,072). |
DRD Communications Limited (Registered number: 03545257) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is D.R. Dadds. |
Chartered Certified Accountants' Report to the Director |
on the Unaudited Financial Statements of |
DRD Communications Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of DRD Communications Limited for the year ended 30 June 2023 which comprise the Income Statement, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the director of DRD Communications Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of DRD Communications Limited and state those matters that we have agreed to state to the director of DRD Communications Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
It is your duty to ensure that DRD Communications 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 DRD Communications Limited. You consider that DRD Communications Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of DRD Communications 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. |
Chartered Certified Accountant |
57 Markfield Road |
Caterham |
Surrey |
CR3 6RQ |
Date: ............................................. |