Registration number:
Dardacats Ltd
for the Year Ended 31 October 2023
Dardacats Ltd
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Dardacats Ltd
Company Information
Directors |
Y Nahas D Atallah |
Registered office |
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Accountants |
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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:
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
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Dardacats Ltd
(Registration number: 12980191)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Share premium reserve |
47,156 |
- |
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Retained earnings |
(51,055) |
(21,825) |
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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:
• |
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• |
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
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Dardacats Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Stocks |
2023 |
2022 |
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Other inventories |
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Debtors |
Note |
2023 |
2022 |
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Amounts owed by related parties |
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- |
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Other debtors |
- |
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Prepayments |
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- |
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Deferred tax assets |
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Dardacats Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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- |
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Amounts due to related parties |
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Accruals |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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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
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
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.