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REGISTERED NUMBER: 13982894 (England and Wales)




FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

DIRAK LIMITED

DIRAK LIMITED (REGISTERED NUMBER: 13982894)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


DIRAK LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mrs J Beckmann
A Billingham
J Boche





SECRETARY: EBS Corporate Services Limited





REGISTERED OFFICE: Innovation Centre
Gallows Hill
Warwick
Warwickshire
CV34 6UW





REGISTERED NUMBER: 13982894 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

DIRAK LIMITED (REGISTERED NUMBER: 13982894)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,725 -

CURRENT ASSETS
Stocks 5 102,446 -
Debtors 6 28,935 1
Cash at bank 120,077 -
251,458 1
CREDITORS
Amounts falling due within one year 7 514,248 -
NET CURRENT (LIABILITIES)/ASSETS (262,790 ) 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

(258,065

)

1

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (258,066 ) -
(258,065 ) 1

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2024 and were signed on its behalf by:





A Billingham - Director


DIRAK LIMITED (REGISTERED NUMBER: 13982894)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

DIRAK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The company has changed its accounting framework from FRS 105 ''The Financial Reporting Standard applicable to the Micro-entities Regime'' (FRS 105) to FRS 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' (FRS 102). Further information can be found in the notes to the financial statements.

Reporting period
These financial statements are prepared for the year ended 31 December 2023. The comparative results are for the period from 17 March 2022, being the date of incorporation, to 31 December 2022.

The principal accounting policies adopted are set out below.

Going concern
The directors have prepared the financial statements on the going concern basis. The directors have considered the following factors in their assessment of going concern.

The parent undertaking, DIRAK Holding GmbH, has agreed to provide financial support to the company for a period of at least 12 months from the date of these financial statements. The financial support includes deferral of loan repayments in respect of the amounts owing to the parent undertaking. The directors are satisfied that the company has sufficient financial resources to continue trading for the foreseeable future.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


DIRAK LIMITED (REGISTERED NUMBER: 13982894)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. 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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 6,837
At 31 December 2023 6,837
DEPRECIATION
Charge for year 2,112
At 31 December 2023 2,112
NET BOOK VALUE
At 31 December 2023 4,725

5. STOCKS
2023 2022
£    £   
Finished goods 102,446 -

DIRAK LIMITED (REGISTERED NUMBER: 13982894)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 28,935 1

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,011 -
Trade creditors 22,342 -
Amounts owed to group undertakings 479,182 -
Taxation and social security 4,938 -
Other creditors 4,775 -
514,248 -

8. LEASING AGREEMENTS
The total of future minimum lease payments under under non-cancellable operating leases as at 31st December 2023 was £103,615.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2023, which are included in the balance sheet at £102,446, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31 December 2023 was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion

Mark Spafford (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited

10. FIRST YEAR ADOPTION

The company has changed its accounting framework from FRS 105 ''The Financial Reporting Standard applicable to the Micro-entities Regime'' (FRS 105) to FRS 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' (FRS 102). There were no adjustments required as a result of the transition to FRS 102. The effective date of transition was 17th March 2022.