Danel Trading Limited
Registered number: 02029530
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 17,714 21,190
Investments 4 5,136 5,136
22,850 26,326
Current assets
Stocks 706,857 105,704
Debtors 5 1,332,974 1,388,849
Cash at bank and in hand 3,765,714 3,079,236
5,805,545 4,573,789
Creditors: amounts falling due within one year 6 (1,837,776) (1,021,148)
Net current assets 3,967,769 3,552,641
Total assets less current liabilities 3,990,619 3,578,967
Provisions for liabilities (4,176) (3,793)
Net assets 3,986,443 3,575,174
Capital and reserves
Called up share capital 200 200
Profit and loss account 3,986,243 3,574,974
Shareholders' funds 3,986,443 3,575,174
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Freedman
Director
Approved by the board on 8 August 2024
Danel Trading Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles Over 4 years
Equipment, Fixtures & Fittings Over 3 to 4 years
Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Equipment, Fixtures & Fittings Motor vehicles Total
£ £ £
Cost
At 1 January 2023 22,200 18,319 40,519
Additions 6,466 - 6,466
At 31 December 2023 28,666 18,319 46,985
Depreciation
At 1 January 2023 13,410 5,919 19,329
Charge for the year 5,362 4,580 9,942
At 31 December 2023 18,772 10,499 29,271
Net book value
At 31 December 2023 9,894 7,820 17,714
At 31 December 2022 8,790 12,400 21,190
4 Investments
Other
investments
£
Cost
At 1 January 2023 5,136
At 31 December 2023 5,136
5 Debtors 2023 2022
£ £
Trade debtors 1,065,459 1,378,906
Other debtors 267,515 9,943
1,332,974 1,388,849
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,652,542 837,649
Taxation and social security costs 147,442 124,535
Other creditors 37,792 58,964
1,837,776 1,021,148
7 Related party transactions
At 31 December 2023, the company owed £1,997 (2022: £3,013) to D Freedman. The amount owed by the company is included within other creditors.
8 Controlling party
The company is controlled by D Freedman and R Freedman by virtue of their majority shareholding.
9 Other information
Danel Trading Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/o Nexia Smith & Williamson, Portwall Place
Portwall Lane
Bristol
BS1 6NA
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