REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 18 January 2023 to 31 August 2023 |
for |
DACE Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 18 January 2023 to 31 August 2023 |
for |
DACE Ltd |
DACE Ltd (Registered number: 14600634) |
Contents of the Financial Statements |
for the Period 18 January 2023 to 31 August 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
DACE Ltd |
Company Information |
for the Period 18 January 2023 to 31 August 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Rectory |
Springhead Road |
Northfleet |
Kent |
DA11 8HN |
DACE Ltd (Registered number: 14600634) |
Abridged Balance Sheet |
31 August 2023 |
£ |
CURRENT ASSETS |
Stocks |
Debtors |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DACE Ltd (Registered number: 14600634) |
Notes to the Financial Statements |
for the Period 18 January 2023 to 31 August 2023 |
1. | STATUTORY INFORMATION |
DACE Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
The accounts have been prepared on a going concern basis as one of the lenders within the same group, with a balance due of £535,831 has stated it will not request repayment of the inter-company loan until the company has sufficient cash to do so. |
Revenue recognition |
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, 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 when specific criteria have been met for each of the company's activities as follows: |
Revenue from the sale of services is recognised at the point at which those services have been provided to the customer. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
Revenue from the sale of property is recognised at the point at which contracts have been exchanged and completed. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
DACE Ltd (Registered number: 14600634) |
Notes to the Financial Statements - continued |
for the Period 18 January 2023 to 31 August 2023 |
3. | 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | RELATED PARTY DISCLOSURES |
During the period the company loaned £500,400 and borrowed £667,593 from companies under common control. |
£500,000 of the loans made to companies under common control were deemed to be irrecoverable due to the company entering liquidation and has been written off during the period. |
The remaining loans are included within debtors and creditors due within one year, are free of interest and repayable on demand. |
During the period, the company was under the control of Oliver Davis Group Ltd. |