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REGISTERED NUMBER: 02220219 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

FOR

DANE CHANTALA ASSOCIATES LIMITED

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


DANE CHANTALA ASSOCIATES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023







DIRECTORS: T K S Dane
F Chantala
T H Dingle





REGISTERED OFFICE: 11 Duke Street
St James's
LONDON
SW1Y 6BN





REGISTERED NUMBER: 02220219 (England and Wales)





AUDITORS: Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

STRATEGIC REPORT
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

The Directors present their strategic report for the period ended 331st March 2023.

REVIEW OF BUSINESS
The principal activity of the company continued to be that of operating an art gallery, and representing and supporting established and emerging artists based out of 3 & 11 Duke Street St. James's, London, England and Via Francesco Crispi 69, Naples, Italy.

Since the pandemic interest in our programme has recovered strongly and we have seen steadily growing sales in London and in Naples. This has been possible through the continued support from the gallery's loyal clientele and their commitment to artists. During this (short) year we have opened six exhibitions including shows by Cecily Brown, Barbara Kasten and Bruce Connor. We were also very happy to open an exhibition curated by Mark Godfrey in the Naples space which included work by gallery and non-gallery artists. This period also saw us do our first show with Jake Grewal, a new artist to our program.

We aim to present a balanced and comprehensive review of the development and performance of the company during the year. Key financial performance indicators are considered to be gross profit margin and net profit margin before tax. These are as follows: -


Gross profit margin Net profit before tax
% %
2023 23.49 5.08
2022 27.41 14.18
2021 27.34 16.36

Other key indicators are non-financial but are equally important to the culture of the gallery. The gallery is focused on developing customer relationships in order to grow market presence and develop new markets. The gallery has developed its distinctive position through a strong commitment to the moving image, a history of introducing important mid-generation artists from abroad to London, the nurturing and development of new talent and a commitment to curatorial experimentation by invited curators.

The climate emergency is one the greatest challenges of our time. The art industry, like other industries, has an important role to play. As a commercial art gallery, we know that art freight, business flights and energy usage are our most carbon intensive areas and therefore our main environmental impact. As a founding member of Gallery Climate Coalition, we pledge to continually examine our operations to become more adaptive, responsible and most importantly aim to reduce our carbon by at least 50% by 2030.

The focus for the future will continue to be on developing the artist programme. The artists represented by the gallery continue to be recognised through exhibitions at other institutions in the UK, Europe, China and the USA.

We consider that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, we continue to adopt the going concern basis in preparing the annual report and accounts.


DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

STRATEGIC REPORT
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The director considers the current economic climate largely attributable to global political unrest, the ongoing recovery from macroeconomic volatility caused by the coronavirus pandemic and Brexit.

Principal risks are: -
- financial risk
- exchange rate fluctuations
- credit risk

The company has sufficient financial resources and meets its day to day working capital requirements through its cash reserves. With stable longstanding relationships across different geographic areas the company is well placed to manage its business risk successfully despite challenging macro-economic conditions. The company continues to invest in art and artists.

Exchange rate fluctuations - the company is exposed to foreign exchange movements as it purchases and sells art in foreign currencies. Exposure to the risk of fluctuation in exchange rates arises from the dealings in Euros, Dollars and Yen. We expect ongoing fluctuations in the coming years but these are mitigated by ongoing monitoring of the foreign exchange currency markets in order to mitigate any effects of adverse movements.

Financial risk - cash flow and bank balances are regularly monitored by the directors to ensure sufficient funds are available to meet working capital requirements in line with our forecasts. The financial risk management operations are managed centrally.

Credit risk - trade debtors are managed in respect of credit and cash flow risk by regular monitoring and open communication.

These prime risk areas are managed and monitored on a regular basis.

ON BEHALF OF THE BOARD:





T K S Dane - Director


27 February 2024

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

The directors present their report with the financial statements of the company for the period 1 October 2022 to 31 March 2023.

DIVIDENDS
The total distribution of dividends for the period ended 31st March 2023 will be £150,500 (2022: £257,250).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

T K S Dane
F Chantala
T H Dingle

POLITICAL DONATIONS AND EXPENDITURE
During the year, the company made no political donations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023


AUDITORS
The auditors, Landers Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T K S Dane - Director


27 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DANE CHANTALA ASSOCIATES LIMITED

Opinion
We have audited the financial statements of Dane Chantala Associates Limited (the 'company') for the period ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DANE CHANTALA ASSOCIATES LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DANE CHANTALA ASSOCIATES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robert Brown (Senior Statutory Auditor)
for and on behalf of Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

27 February 2024

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

INCOME STATEMENT
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

Period
1.10.22
to Year Ended
31.3.23 30.9.22
Notes £    £   

TURNOVER 3 12,795,310 17,800,920

Cost of sales 9,789,786 12,921,376
GROSS PROFIT 3,005,524 4,879,544

Administrative expenses 2,362,098 2,386,362
643,426 2,493,182

Other operating income 5,168 30,539
OPERATING PROFIT 5 648,594 2,523,721

Interest receivable and similar income 1,329 136
PROFIT BEFORE TAXATION 649,923 2,523,857

Tax on profit 6 166,326 488,257
PROFIT FOR THE FINANCIAL
PERIOD

483,597

2,035,600

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

Period
1.10.22
to Year Ended
31.3.23 30.9.22
Notes £    £   

PROFIT FOR THE PERIOD 483,597 2,035,600


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD

483,597

2,035,600

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

BALANCE SHEET
31 MARCH 2023

31.3.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 203,019 182,780
Investments 9 9,119 9,119
212,138 191,899

CURRENT ASSETS
Stocks 10 4,509,874 3,816,967
Debtors 11 4,692,901 3,715,938
Cash at bank and in hand 1,972,578 2,548,662
11,175,353 10,081,567
CREDITORS
Amounts falling due within one year 12 4,293,328 3,468,110
NET CURRENT ASSETS 6,882,025 6,613,457
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,094,163

6,805,356

CREDITORS
Amounts falling due after more than one
year

13

(1,467

)

(85,005

)

PROVISIONS FOR LIABILITIES 16 (39,248 ) -
NET ASSETS 7,053,448 6,720,351

CAPITAL AND RESERVES
Called up share capital 17 140,300 140,300
Retained earnings 6,913,148 6,580,051
SHAREHOLDERS' FUNDS 7,053,448 6,720,351

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 27 February 2024 and were signed on its behalf by:



T K S Dane - Director F Chantala - Director



T H Dingle - Director


DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 140,300 4,801,701 4,942,001

Changes in equity
Dividends - (257,250 ) (257,250 )
Total comprehensive income - 2,035,600 2,035,600
Balance at 30 September 2022 140,300 6,580,051 6,720,351

Changes in equity
Dividends - (150,500 ) (150,500 )
Total comprehensive income - 483,597 483,597
Balance at 31 March 2023 140,300 6,913,148 7,053,448

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

CASH FLOW STATEMENT
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

Period
1.10.22
to Year Ended
31.3.23 30.9.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (302,150 ) 1,974,699
Tax paid 4,747 (486,220 )
Net cash from operating activities (297,403 ) 1,488,479

Cash flows from investing activities
Purchase of tangible fixed assets (42,848 ) (164,159 )
Interest received 1,329 136
Net cash from investing activities (41,519 ) (164,023 )

Cash flows from financing activities
Loan repayments in year (83,333 ) (900,000 )
Amount introduced by directors - 133,176
Amount withdrawn by directors (3,329 ) (4,592 )
Equity dividends paid (150,500 ) (257,250 )
Net cash from financing activities (237,162 ) (1,028,666 )

(Decrease)/increase in cash and cash equivalents (576,084 ) 295,790
Cash and cash equivalents at
beginning of period

2

2,548,662

2,396,363
Effect of foreign exchange rate changes - (143,491 )
Cash and cash equivalents at end of
period

2

1,972,578

2,548,662

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Profit before taxation 649,923 2,523,857
Depreciation charges 22,609 42,295
(Increase)/decrease in intercompany 152,272 (77,648 )
Finance income (1,329 ) (136 )
823,475 2,488,368
Increase in stocks (692,907 ) (555,465 )
(Increase)/decrease in trade and other debtors (1,126,582 ) 1,246,278
Increase/(decrease) in trade and other creditors 693,864 (1,204,482 )
Cash generated from operations (302,150 ) 1,974,699

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 March 2023
31.3.23 1.10.22
£    £   
Cash and cash equivalents 1,972,578 2,548,662
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 2,548,662 2,396,363


DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 2,548,662 (576,084 ) 1,972,578
2,548,662 (576,084 ) 1,972,578
Debt
Debts falling due after 1 year (83,333 ) 83,333 -
(83,333 ) 83,333 -
Total 2,465,329 (492,751 ) 1,972,578

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

1. STATUTORY INFORMATION

Dane Chantala Associates Limited is a private company, limited by shares, registered in England and Wales. Its registered office and principal place of business is 11 Duke Street, St James's, London, England, SW1Y 6BN.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at fair value of the consideration received or receivable, excluding 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.
Short leasehold - 33% on cost
Improvements to property - 10% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

All fixed assets are originally recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. The only advanced instruments recognised by the company are derivatives (being interest rate swaps and forward foreign exchange contracts. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in arriving at profit before tax. Derivative assets are included in other debtors and derivative liabilities are included in other creditors.

Taxation
Taxation for the period 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.


DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
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 period 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
United Kingdom 3,770,778 9,198,695
Europe 806,117 210,851
Rest of the world 8,218,415 8,391,374
12,795,310 17,800,920

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

4. EMPLOYEES AND DIRECTORS
Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Wages and salaries 642,704 888,814
Social security costs 18,390 17,584
661,094 906,398

The average number of employees during the period was as follows:
Period
1.10.22
to Year Ended
31.3.23 30.9.22

Directors 3 3
Operational staff 17 16
20 19

Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Directors' remuneration 144,924 139,847

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Depreciation - owned assets 22,609 42,295
Auditors' remuneration 7,696 11,622
Foreign exchange differences 381,746 (478,625 )

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Current tax:
UK corporation tax 126,607 490,344

Deferred tax 39,719 (2,087 )
Tax on profit 166,326 488,257

UK corporation tax has been charged at 19% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Profit before tax 649,923 2,523,857
Profit multiplied by the standard rate of corporation tax in the UK
of 19% (2022 - 19%)

123,485

479,533

Effects of:
Expenses not deductible for tax purposes 9,266 14,519
Capital allowances in excess of depreciation (6,296 ) (3,708 )
Deferred tax: origination and reversal of timing differences 39,871 (2,087 )
Total tax charge 166,326 488,257

7. DIVIDENDS

The total distribution of dividends for the period ended 31st March 2023 will be £150,500 (2022: £257,250).

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
Short to and Computer
leasehold property fittings equipment Totals
£    £    £    £    £   
COST
At 1 October 2022 153,738 351,688 97,447 78,176 681,049
Additions - 21,425 3,234 18,189 42,848
At 31 March 2023 153,738 373,113 100,681 96,365 723,897
DEPRECIATION
At 1 October 2022 152,777 214,119 74,366 57,007 498,269
Charge for period 615 7,635 6,282 8,077 22,609
At 31 March 2023 153,392 221,754 80,648 65,084 520,878
NET BOOK VALUE
At 31 March 2023 346 151,359 20,033 31,281 203,019
At 30 September 2022 961 137,569 23,081 21,169 182,780

9. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 October 2022
and 31 March 2023 9,119
NET BOOK VALUE
At 31 March 2023 9,119
At 30 September 2022 9,119

The company owns 100% of the shares in Dane Chantala Associates Naples SRL. The company was set up on the 17th March 2017 and amount of 10,000€ invested thereon.

10. STOCKS
31.3.23 30.9.22
£    £   
Stocks 4,509,874 3,816,967

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

11. DEBTORS
31.3.23 30.9.22
£    £   
Amounts falling due within one year:
Trade debtors 3,044,654 1,862,581
Amounts owed by group undertakings 759,545 911,817
Other debtors 12,499 67,134
VAT 102,924 119,062
Deferred tax asset - 471
Prepayments and accrued income 752,093 736,811
4,671,715 3,697,876

Amounts falling due after more than one year:
Directors' loan accounts 21,186 18,062

Aggregate amounts 4,692,901 3,715,938

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 30.9.22
£    £   
Trade creditors 3,174,825 2,479,062
Tax 623,054 491,700
Social security and other taxes 39,925 28,750
Other creditors 243,905 243,663
Accrued expenses 211,619 224,935
4,293,328 3,468,110

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.23 30.9.22
£    £   
Bank loans (see note 14) - 83,333
Directors' loan accounts 1,467 1,672
1,467 85,005

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

14. LOANS

An analysis of the maturity of loans is given below:

31.3.23 30.9.22
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans due after more than
5 years by instalments - 83,333
- 83,333

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 30.9.22
£    £   
Within one year - 131,250

16. PROVISIONS FOR LIABILITIES
31.3.23
£   
Deferred tax 39,248

Deferred
tax
£   
Balance at 1 October 2022 (471 )
Movement in the year 39,719
Balance at 31 March 2023 39,248

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 30.9.22
value: £    £   
140,000 Ordinary £1 140,000 140,000
100 Ordinary A £1 100 100
100 Ordinary B £1 100 100
100 Ordinary C £1 100 100
140,300 140,300

DANE CHANTALA ASSOCIATES LIMITED (REGISTERED NUMBER: 02220219)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

18. ULTIMATE CONTROLLING PARTY

The company was under the control of Thomas Dane Limited throughout the current period. The company was, at the balance sheet date, a 70% subsidiary undertaking of Thomas Dane Limited, a company registered in England & Wales.