Company Registration No. 09389185 (England and Wales)
DAC Group Europe Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 December 2023
DAC Group Europe Limited
UNAUDITED FINANCIAL STATEMENTS
Contents
DAC Group Europe Limited
Company Information
for the year ended 31 December 2023
Directors
Norman Hagarty
Kiran Prashad
Vito Antonio Rezza
Company Number
09389185 (England and Wales)
Registered Office
1 Berry Street,
London
EC1V 0AA
England
DAC Group Europe Limited
Statement of financial position
as at 31 December 2023
Investments
2,743,574
2,743,574
Debtors
5,008,889
3,188,619
Cash at bank and in hand
324,003
5,925
Creditors: amounts falling due within one year
(14,038)
(12,772)
Net current assets
5,318,854
3,181,772
Total assets less current liabilities
8,062,428
5,925,346
Creditors: amounts falling due after more than one year
(8,849,284)
(7,070,524)
Net liabilities
(786,856)
(1,145,178)
Called up share capital
1
1
Revaluation reserve
(30,795)
(30,795)
Profit and loss account
(756,062)
(1,114,384)
Shareholders' funds
(786,856)
(1,145,178)
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by
Vito Antonio Rezza
Director
Company Registration No. 09389185
DAC Group Europe Limited
Notes to the Accounts
for the year ended 31 December 2023
DAC Group Europe Limited is a private company, limited by shares, registered in England and Wales, registration number 09389185. The registered office is 1 Berry Street,, London, EC1V 0AA, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
2.2 Foreign currency translation
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 the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
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:
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.
DAC Group Europe Limited
Notes to the Accounts
for the year ended 31 December 2023
Tax is recognised in the Statement of comprehensive income, 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 reporting date in the countries where the Company operates and generates income.
2.6 Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short term debtors are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.
2.8 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.
Short term creditors are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.
4
Tangible fixed assets
Computer equipment
DAC Group Europe Limited
Notes to the Accounts
for the year ended 31 December 2023
5
Investments
Subsidiary undertakings
Valuation at 1 January 2023
2,743,574
Valuation at 31 December 2023
2,743,574
Amounts falling due within one year
Amounts due from group undertakings etc.
5,008,869
3,188,612
7
Creditors: amounts falling due within one year
2023
2022
Other creditors
14,038
12,147
8
Creditors: amounts falling due after more than one year
2023
2022
Amounts owed to group undertakings and other participating interests
8,849,284
7,070,524
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
The company is a 100% subsidiary of DAC Group (Holdings) International Limited, a company registered in England and Wales.
11
Average number of employees
During the year the average number of employees was 0 (2022: 0).