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REGISTERED NUMBER: 09682276 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

DESTINY FINANCE LTD

DESTINY FINANCE LTD (REGISTERED NUMBER: 09682276)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


DESTINY FINANCE LTD (REGISTERED NUMBER: 09682276)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 55,801 30,034
Investments 5 798,312 396,838
854,113 426,872

CURRENT ASSETS
Debtors 6 20,200 20,200
Cash at bank and in hand 54,276 123,570
74,476 143,770
CREDITORS
Amounts falling due within one year 7 427,306 268,130
NET CURRENT LIABILITIES (352,830 ) (124,360 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

501,283

302,512

CREDITORS
Amounts falling due after more than one
year

8

(75,284

)

(33,552

)

PROVISIONS FOR LIABILITIES (10,692 ) (5,706 )
NET ASSETS 415,307 263,254

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 410,307 258,254
415,307 263,254

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

DESTINY FINANCE LTD (REGISTERED NUMBER: 09682276)

Balance Sheet - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 February 2024 and were signed on its behalf by:





Jefta Madzingo - Director


DESTINY FINANCE LTD (REGISTERED NUMBER: 09682276)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Destiny Finance Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09682276

Registered office: Bromsgrove Business Centre
3 Grosvenor Gardens
Bromsgrove
B61 0EU

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

DESTINY FINANCE LTD (REGISTERED NUMBER: 09682276)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 59,281
Additions 43,802
At 30 June 2023 103,083
DEPRECIATION
At 1 July 2022 29,247
Charge for year 18,035
At 30 June 2023 47,282
NET BOOK VALUE
At 30 June 2023 55,801
At 30 June 2022 30,034

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2022 396,838
Additions 401,474
At 30 June 2023 798,312
NET BOOK VALUE
At 30 June 2023 798,312
At 30 June 2022 396,838

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 20,200 20,200

DESTINY FINANCE LTD (REGISTERED NUMBER: 09682276)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 85,865 37,761
Other creditors 341,441 230,369
427,306 268,130

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 22,949 31,217
Other creditors 52,335 2,335
75,284 33,552

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director loan account is £52,335 Creditor (£2,335 Creditor in 2022)

Dividends issued during the year = £50,000 (£106,429 in 2022)