Company registration number 06013659 (England and Wales)
DEBENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DEBENTURES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
DEBENTURES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,757
15,175
Current assets
Debtors
4
206,342
135,884
Cash at bank and in hand
2,256,727
1,677,253
2,463,069
1,813,137
Creditors: amounts falling due within one year
5
(1,313,487)
(1,074,635)
Net current assets
1,149,582
738,502
Total assets less current liabilities
1,160,339
753,677
Creditors: amounts falling due after more than one year
6
(190,000)
(304,000)
Net assets
970,339
449,677
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
970,239
449,577
Total equity
970,339
449,677

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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 year 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 and signed by the director and authorised for issue on 28 February 2024
P Winton
Director
Company registration number 06013659 (England and Wales)
DEBENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Debentures Limited is a private company limited by shares incorporated in England and Wales. The registered office is 80 Cheapside, London, EC2V 6EE.

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
Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the rendering of services.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, 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:

Plant and equipment
25% reducing balance

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.

1.4
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 balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

DEBENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, are 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.

 

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.

1.5
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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

1.7
Retirement benefits

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

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

DEBENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
2
Employees

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

2023
2022
Number
Number
Total
6
7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
58,138
Additions
261
Disposals
(3,202)
At 30 November 2023
55,197
Depreciation and impairment
At 1 December 2022
42,963
Depreciation charged in the year
3,532
Eliminated in respect of disposals
(2,055)
At 30 November 2023
44,440
Carrying amount
At 30 November 2023
10,757
At 30 November 2022
15,175
4
Debtors
2023
2022
as restated
Amounts falling due within one year:
£
£
Corporation tax recoverable
19,589
19,589
Amounts owed by group undertakings
100,182
-
0
Other debtors
75,121
99,969
Prepayments and accrued income
11,450
16,326
206,342
135,884
DEBENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
as restated
£
£
Bank loans
114,000
114,000
Trade creditors
12,307
19,049
Corporation tax
163,052
107,989
Other taxation and social security
38,048
41,304
Other creditors
38,868
3,351
Accruals and deferred income
947,212
788,942
1,313,487
1,074,635
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
190,000
304,000

The bank loan is secured by fixed and floating charges over the assets of the company in favour of National Westminster Bank PLC.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
19,159
19,289
9
Related party transactions

Included within other creditors is a balance of £36,945 (2022 as restated: £63,898 due from) due to the director. The maximum balance owed to the company by the director during the year was £63,898. During the year interest of £1,339 (2022: £1,525) was charged on the loan at HMRC's rate for beneficial loans.

 

During the year services amounting to £14,600 (2022: £nil) were purchased from a company which is controlled by P Winton's husband.

DEBENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
10
Parent company

The ultimate parent company is Duncary 11 Limited, whose registered office address is 11 Staple Inn, London, United Kingdom, WC1V 7QH.

11
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Nov 2022
£
£
£
Current assets
Debtors due within one year
71,986
63,898
135,884
Creditors due within one year
Other creditors
(855,444)
44,102
(811,342)
Net assets
341,677
108,000
449,677
Capital and reserves
Profit and loss reserves
341,577
108,000
449,577
Reconciliation of changes in equity
1 December
30 November
2021
2022
Notes
£
£
Adjustments to prior year
Overstatement of dividends payable
1
-
108,000
Equity as previously reported
(34,387)
341,677
Equity as adjusted
(34,387)
449,677
Analysis of the effect upon equity
Profit and loss reserves
-
108,000
Notes to reconciliation
1 - Dividends in the prior period

Dividends payable were incorrectly shown in the financial statements for the year ended 30 November 2022 and have therefore been corrected as a prior period adjustment.

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