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Registration number: 12980191

Dardacats Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Dardacats Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Dardacats Ltd

Company Information

Directors

Y Nahas

D Atallah

Registered office

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

Accountants

Balance Accounts Limited
Chartered Certified Accountants
4 Beau Street
Bath
BA1 1QY

 

Dardacats Ltd

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors of the company

The directors who held office during the year were as follows:

Y Nahas

D Atallah (appointed 28 October 2023)

Principal activity

The principal activity of the company is the design, manufacture and sale of developmental learning products.

Going concern

At the period end the company had net liabilities of £3,898 (2022 - £21,824) and it was therefore necessary to consider the appropriateness of preparing the accounts on the going concern basis.

The director, Y Nahas has made a loan to the company and the balance outstanding to her at the year end was £19,983 (2022 - £29,912). She has confirmed her ongoing support and the company is therefore able to meet its financial obligations as they fall due.

It is therefore considered appropriate to prepare the accounts on the going concern basis.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Y Nahas
Director

 

Dardacats Ltd

(Registration number: 12980191)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

3,567

3,923

Debtors

5

62,118

5,545

Cash at bank and in hand

 

268

300

 

65,953

9,768

Creditors: Amounts falling due within one year

6

(69,851)

(31,592)

Net liabilities

 

(3,898)

(21,824)

Capital and reserves

 

Called up share capital

7

1

1

Share premium reserve

47,156

-

Retained earnings

(51,055)

(21,825)

Shareholders' deficit

 

(3,898)

(21,824)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Y Nahas
Director

 

Dardacats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the period end the company had net liabilities of £3,898 (2022 - £21,824) and it was therefore necessary to consider the appropriateness of preparing the accounts on the going concern basis.

The director, Y Nahas has made a loan to the company and the balance outstanding to her at the year end was £19,983 (2022 - £29,912). She has confirmed her ongoing support and the company is therefore able to meet its financial obligations as they fall due.

It is therefore considered appropriate to prepare the accounts on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, 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 specific criteria have been met for each of the company's activities.

 

Dardacats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Dardacats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Stocks

2023
£

2022
£

Other inventories

3,567

3,923

5

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

8

25,806

-

Other debtors

 

-

436

Prepayments

 

24,346

-

Deferred tax assets

11,966

5,109

 

62,118

5,545

 

Dardacats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

18,883

-

Amounts due to related parties

8

19,983

29,912

Accruals

 

30,985

1,680

 

69,851

31,592

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 (2022 - £1) each

114

1

1

1

         

During the year the 1 x £1 Ordinary share capital was subdivided into 100 x £0.01 Ordinary shares.

A further 14 Ordinary 1p shares were then issued and acquired by Y Nahas on conversion of £47,156.40 of her loan balance. This was based on a valuation carried out in July 2022 and does not reflect the valuation of the company as at 31 October 2023.

 

Dardacats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Related party transactions

Other transactions with directors

During the year the director, Y Nahas made a loan to the company. The amount owing to her during the year was £67,140.

During the year £47,156 of the outstanding loan balance was used to acquire 14 new shares in the company. This purchase price reflects a valuation and shareholder's agreement drawn up in July 2022 and does not reflect the valuation of the company as at 31 October 2023.

This share acquisition reduced Ms Nahas' loan balance to £19,983 (2022 - £29,912) at the year end.

This loan is interest free and due for repayment on demand

Summary of transactions with all associates

DardaCats Inc., a corporation duly existing under the laws of the State of Delaware with license number 7570742
 
A service agreement exists between Dardacats Ltd. and DardaCats Inc.

DardaCats Inc. agreed to enter into the campaign agreement with Kickstarter as per their standard terms and conditions, collect all sales revenue made during the campaign through its bank account, and transfer such funds pursuant to DardaCats Ltd.’s instructions. DardaCats Inc. also agreed to facilitate payments to key suppliers on behalf of DardaCats Ltd. using the funds collected from the campaign.

In consideration of the services rendered by DardaCats Inc., the Parties agreed that DardaCats Inc. shall retain a service fee. Any additional expenses incurred by DardaCats Inc. on behalf of DardaCats Ltd. shall also be offset against the collected funds before transferring the remaining balance to DardaCats Ltd. Furthermore, the Parties agree that DardaCats Ltd. incurred and paid off expenses on behalf of DardaCats Inc.

At the year end, the amount owing from Dardacats Inc. was £25,806, and this is shown in Note 5 to the accounts.