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COMPANY REGISTRATION NUMBER: 13222370
DropNet Ltd
Filleted Unaudited Financial Statements
31 March 2024
DropNet Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
605,420
570,981
Current assets
Stocks
563,556
802,889
Debtors
5
140,076
167,031
Investments
6
2,506
2,506
Cash at bank and in hand
101,296
27,877
---------
------------
807,434
1,000,303
Creditors: amounts falling due within one year
7
( 479,198)
( 578,472)
---------
------------
Net current assets
328,236
421,831
---------
---------
Total assets less current liabilities
933,656
992,812
Creditors: amounts falling due after more than one year
8
( 527,000)
( 677,000)
Provisions
( 1,593)
( 1,310)
---------
---------
Net assets
405,063
314,502
---------
---------
Capital and reserves
Called up share capital
250,000
250,000
Profit and loss account
155,063
64,502
---------
---------
Shareholder funds
405,063
314,502
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DropNet Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 2 July 2024 , and are signed on behalf of the board by:
Mr.M. Hafezjee
Director
Company registration number: 13222370
DropNet Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Devonshire House, 582 Honeypot Lane, Stanmore, HA7 1JS.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has guaranteed to provide financial support to the company so that it will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
2% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
4. Tangible assets
Long leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
589,312
9,317
598,629
Additions
8,387
54,994
63,381
---------
--------
--------
---------
At 31 March 2024
589,312
17,704
54,994
662,010
---------
--------
--------
---------
Depreciation
At 1 April 2023
23,572
4,076
27,648
Charge for the year
11,786
3,407
13,749
28,942
---------
--------
--------
---------
At 31 March 2024
35,358
7,483
13,749
56,590
---------
--------
--------
---------
Carrying amount
At 31 March 2024
553,954
10,221
41,245
605,420
---------
--------
--------
---------
At 31 March 2023
565,740
5,241
570,981
---------
--------
--------
---------
5. Debtors
2024
2023
£
£
Trade debtors
109,956
167,031
Other debtors
30,120
---------
---------
140,076
167,031
---------
---------
6. Investments
2024
2023
£
£
Other investments
2,506
2,506
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
136,924
96,703
Accruals and deferred income
3,939
2,828
Corporation tax
39,327
20,344
Social security and other taxes
136,078
104,275
Director loan accounts
10,430
201,908
Other creditors
152,500
152,414
---------
---------
479,198
578,472
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
277,000
277,000
Director loan accounts
250,000
400,000
---------
---------
527,000
677,000
---------
---------
The bank loan is secured by a fixed and floating charge over the company's assets.