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Registration number: 13532857

Daksh Technologies LTD

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Daksh Technologies LTD

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

Detailed Profit and Loss Account

14 to 15

 

Daksh Technologies LTD

Company Information

Director

Mr Nagaraja Joisa

Registered office

TAX-LINK(CTA) LTD
The Long Lodge
265-269 Kingston Road
Wimbledon
London
SW19 3NW

Accountants

Tax-Link Limited
Chartered Accountants & Tax Advisors
The Long Lodge
265-269 Kingston Road
Wimbledon
London
SW19 3NW

 

Daksh Technologies LTD

Director's Report for the Year Ended 31 July 2023

The director presents his report and the financial statements for the year ended 31 July 2023.

Director of the company

The director who held office during the year was as follows:

Mr Nagaraja Joisa

Principal activity

The principal activity of the company is Information technology consultancy activities.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 11 March 2024
 

.........................................
Mr Nagaraja Joisa
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Daksh Technologies LTD
for the Year Ended 31 July 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 Daksh Technologies LTD for the year ended 31 July 2023 as set out on pages 4 to 13 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Daksh Technologies LTD, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Daksh Technologies LTD and state those matters that we have agreed to state to the Board of Directors of Daksh Technologies LTD, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Daksh Technologies LTD and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Daksh Technologies LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Daksh Technologies LTD. You consider that Daksh Technologies LTD 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 accounts of Daksh Technologies LTD. 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 accounts.

......................................

Tax-Link Limited
Chartered Accountants & Tax Advisors
The Long Lodge
265-269 Kingston Road
Wimbledon
London
SW19 3NW

11 March 2024

 

Daksh Technologies LTD

Profit and Loss Account for the Year Ended 31 July 2023

Note

2023
£

2022
£

Turnover

 

125,403

133,848

Gross profit

 

125,403

133,848

Administrative expenses

 

(21,844)

(6,888)

Operating profit

 

103,559

126,960

Profit before tax

103,559

126,960

Tax on profit

 

(20,711)

(24,122)

Profit for the financial year

 

82,848

102,838

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Daksh Technologies LTD

Statement of Comprehensive Income for the Year Ended 31 July 2023

2023
£

2022
£

Profit for the year

82,848

102,838

Total comprehensive income for the year

82,848

102,838

 

Daksh Technologies LTD

(Registration number: 13532857)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,112

-

Current assets

 

Debtors

5

39

-

Cash at bank and in hand

 

116,364

111,139

 

116,403

111,139

Creditors: Amounts falling due within one year

6

(25,166)

(31,725)

Net current assets

 

91,237

79,414

Net assets

 

92,349

79,414

Capital and reserves

 

Called up share capital

7

200

100

Retained earnings

92,149

79,314

Shareholders' funds

 

92,349

79,414

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 11 March 2024
 

.........................................
Mr Nagaraja Joisa
Director

 

Daksh Technologies LTD

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

100

79,313

79,413

Profit for the year

-

82,848

82,848

Dividends

-

(70,012)

(70,012)

New share capital subscribed

100

-

100

At 31 July 2023

200

92,149

92,349

Share capital
£

Retained earnings
£

Total
£

Profit for the year

-

102,838

102,838

Dividends

-

(23,524)

(23,524)

New share capital subscribed

100

-

100

At 31 July 2022

100

79,314

79,414

 

Daksh Technologies LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 is:
TAX-LINK(CTA) LTD
The Long Lodge
265-269 Kingston Road
Wimbledon
London
SW19 3NW
United Kingdom

These financial statements were authorised for issue by the director on 11 March 2024.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Daksh Technologies LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

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.

 

Daksh Technologies LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Daksh Technologies LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

1,112

1,112

At 31 July 2023

1,112

1,112

Depreciation

Carrying amount

At 31 July 2023

1,112

1,112

5

Debtors

Current

2023
£

2022
£

Other debtors

39

-

 

39

-

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

25,166

30,772

Other creditors

-

953

25,166

31,725

7

Share capital

Allotted, called up and fully paid shares

 

Daksh Technologies LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

Ordinary Class B share of £1 (2022 - £0) each

100

100

-

-

 

200

200

100

100

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £400.12 (2022 - £235.24) per each Ordinary share

 

40,012

 

23,524

Interim dividend of £300.00 (2022 - £Nil) per each Ordinary Class B share

 

30,000

 

-

   

70,012

 

23,524

9

Related party transactions

 

Daksh Technologies LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,049

3,032

 

Daksh Technologies LTD

Detailed Profit and Loss Account for the Year Ended 31 July 2023

Year ended 31 July 2023
 £

27 July 2021 to 31 July 2022
 £

turnover

125,403

133,848

Gross profit (%)

100%

100%

Administrative expenses

Employment costs

10,049

3,032

Establishment costs

1,567

993

General administrative expenses

10,228

2,863

21,844

6,888

Operating profit

103,559

126,960

Profit before tax

103,559

126,960

 

Daksh Technologies LTD

Detailed Profit and Loss Account for the Year Ended 31 July 2023

2023
£

2022
£

   

Turnover

Rendering of services, UK

125,403

133,848

   

Employment costs

Directors remuneration

10,049

3,032

   

Establishment costs

Use of home as office

1,567

993

   

General administrative expenses

Office expenses

4,703

-

Sundry expenses

13

63

Travel and subsistence

4,028

799

Staff entertaining (allowable for tax)

-

452

Accountancy fees

1,212

1,368

Professional indemnity insurance

272

181

10,228

2,863