Registered number
11630768
Danescor Limited
Unaudited Filleted Accounts
31 October 2023
Danescor Limited
Registered number: 11630768
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 450 450
Current assets
Debtors 4 233,882 137,901
Cash at bank and in hand 56,274 35,785
290,156 173,686
Creditors: amounts falling due within one year 5 (193,754) (192,668)
Net current assets/(liabilities) 96,402 (18,982)
Total assets less current liabilities 96,852 (18,532)
Creditors: amounts falling due after more than one year 6 (49,567) (51,567)
Net assets/(liabilities) 47,285 (70,099)
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 37,285 (80,099)
Shareholders' funds 47,285 (70,099)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
JPL Snead
Director
Approved by the board on 9 April 2024
Danescor Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 2
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 November 2022 450
At 31 October 2023 450
The investment represents the 100% of the share capital of Danescor Pakistan, a company registered and operating in Pakistan.
4 Debtors 2023 2022
£ £
Trade debtors 137,280 113,975
Amounts owed by group undertakings and undertakings in which the company has a participating interest 61,936 6,403
Other debtors 34,666 17,523
233,882 137,901
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 20,272 74,664
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,295 -
Taxation and social security costs 95,864 30,472
Other creditors 75,323 87,532
193,754 192,668
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 49,567 51,567
7 Related party transactions
The company has made a loan to Grenport Limited, a company in which Mr Snead is a shareholder and director. The loan has no fixed repayment terms and no interest is charged. The amount outstanding at the year end is £10,121 (2022 - £10,121).
The company has a loan from Capstone Headwaters Limited, a company in which Mr J Snead is a shareholder and director. The loan has no fixed repayment terms although a minimum of 12 months notice is required before any repayment up to £51,567, and no interest is charged. The amount outstanding at the year end is £49,567 (2022 - £54,567).
In the year ended 31 October 2021, the company invoiced one of its clients for work undertaken by Capstone Headwaters Limited. Capstone Headwaters invoiced the company and the amount outstanding at 31 October 2023 was £nil (2022 - £20,400).
Danescor Limited has a subsidiary company Danescor Pakistan. During the year, Danescor Pakistan invoiced Danescor £156,560 (2022 - £135,768) for the provision of research and consultancy services. Danescor invoiced Danescor Pakistan £2,295 during the same period. The net amount due from Danescor Pakistan at the year end is £19,194 (2022 - £6,403).
Danescor Limited established a subsidiary company Danescor Corporation, in the USA. During the year, Danescor invoiced Danescor Corporation £108,322 for the provision of staff, facilities and services. Danescor Corporation invoiced Danescor £2,480 in the same period. The net amount due from Danescor Corporation at the year end is £40,447.
8 Controlling party
No individual has overall control. The directors are also the shareholders and control the company.
9 Other information
Danescor Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Centre
Reading Road
Eversley Centre
Hampshire
RG27 0NB
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