REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
DOUBLE EIGHT LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
DOUBLE EIGHT LIMITED |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
DOUBLE EIGHT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Registered Auditors |
Mercury House |
19-21 Chapel Street |
Marlow |
Buckinghamshire |
SL7 3HN |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
The directors present their strategic report for the year ended 31st December 2023. |
The principal activity of the company in the year under review continued to be that of forward and futures trading. |
REVIEW OF BUSINESS |
In 2023, our company continued to navigate a complex and competitive market environment, punctuated by extreme weather conditions, including El Niño, evolving economic conditions and new geopolitical tensions, particularly in the Middle East. These developments necessitated sustaining a high level of strategic agility. Amid variable central bank policies focused on curbing inflation, our financial management practices were crucial in steering us through these uncertain times. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Our company is exposed to a variety of risks, including risks associated with counterparties, market fluctuations, liquidity constraints, cyber security threats, and currency volatility. To manage these risks effectively, we have devised and implemented comprehensive risk management protocols. These strategies encompass forging and sustaining reliable relationships with trading partners, staying current with regulatory shifts and market dynamics, and advancing our internal risk control practices. Our ongoing commitment to these strategies is designed to reduce our risk exposure and enhance our financial resilience over the long term. |
FUTURE DEVELOPMENTS |
The company aims to capitalise on the prevailing high interest environment and continue with its cash management Strategy into the near future. The company will also continue with its current trading strategies for the foreseeable future, with no major changes expected. However, we remain dedicated to continuously refining our processes and strategies to adapt to changing market conditions and to meet the demands of an evolving market if needed. |
STRATEGY |
Our strategic approach is centred on rigorously analysing macroeconomic and geopolitical trends to pinpoint investment prospects within the global futures and forward derivatives markets. We employ a variety of methods to uncover these opportunities, employing both fundamental and technical analysis techniques. A key pillar of our Strategy is a robust focus on risk management, which we achieve through disciplined trade management, diversification and stringent investment analysis. Our business portfolio encompasses a broad range of instruments, including commodities, bonds, investments and cash management. |
KEY PERFORMANCE INDICATORS |
Our company prioritises Key Performance Indicators that focus on asset growth, rigorous risk management, and strict financial discipline. We strive to find an optimal balance between aggressive growth targets and prudent budget adherence. This balanced approach is designed to drive sustainable expansion and preserve the financial well-being of the organisation. The company remained profitable this year, aligning closely with our expectations given the exceptionally strong performance of the previous year. This year's financial results reflect a strategic balance between managing external economic pressures and investing in initiatives aimed at long-term growth. While profitability did not match the previous year's levels, it met our projections, demonstrating our ability to effectively navigate market conditions. We remain focused on reinforcing our financial base and seizing growth opportunities that will continue to deliver value to our shareholders. |
ENVIRONMENTAL AND SOCIAL MATTERS |
The company acknowledges the critical significance of environmental and social responsibilities and is committed to ongoing evaluations and enhancements of its initiatives aimed at minimising environmental impacts and fostering social responsibility. This commitment is part of our broader Strategy to ensure sustainable business practices that contribute positively to our community and the environment. |
ON BEHALF OF THE BOARD: |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31st December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Richardson Jones, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DOUBLE EIGHT LIMITED |
Opinion |
We have audited the financial statements of Double Eight Limited (the 'company') for the year ended 31st December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
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 opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DOUBLE EIGHT LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to Double Eight Ltd and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including compliance with the Commodities Futures Trading Commission (CFTC) , European Market Infrastructure Regulations (EMIR), Health and Safety regulations and Corporation tax regulations. Our procedures included: |
- agreeing the financial statement disclosures to underlying supporting documentation |
- agreeing the supporting CFTC and EMIR documents |
- enquiries with management |
- understanding of management's internal controls designed to prevent and detect irregularities |
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DOUBLE EIGHT LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & |
Registered Auditors |
Mercury House |
19-21 Chapel Street |
Marlow |
Buckinghamshire |
SL7 3HN |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
774,865 | 12,363,969 |
Other operating income | ( |
) |
Gain/loss on revaluation of investments | (236,817 | ) | 525,611 |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,176,451 | 13,039,721 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
BALANCE SHEET |
31ST DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Investments | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Revaluation reserve | 14 |
Other reserves | 14 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Called up |
share | Retained | Revaluation | Other | Total |
capital | earnings | reserve | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1st January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31st December 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) |
Balance at 31st December 2023 |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | - | (3,653,341 | ) |
Sale of fixed asset investments |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | - | 2,374,563 |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
26,442,238 |
Cash and cash equivalents at end of year |
2 |
18,257,810 |
20,618,517 |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Loss/(gain) on revaluation of fixed assets | 236,817 | (525,611 | ) |
Finance costs | 662,428 | 506,450 |
Finance income | (638,403 | ) | (150,195 | ) |
777,849 | 12,365,965 |
Increase in trade and other debtors | ( |
) | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 18,257,810 | 20,618,517 |
Year ended 31st December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 20,618,517 | 26,442,238 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 20,618,517 | (2,360,707 | ) | 18,257,810 |
20,618,517 | ( |
) | 18,257,810 |
Liquid resources |
Current asset investments | 6,748,470 | (1,366,191 | ) | 5,382,279 |
6,748,470 | (1,366,191 | ) | 5,382,279 |
Total | 27,366,987 | (3,726,898 | ) | 23,640,089 |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Double Eight Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Double Eight Ltd was the sole shareholder of ASB1 Ltd (BVI company number 1808202). All transactions entered into by ASB1 Ltd have been incorporated into the trading results and assets and liabilities of Double Eight Ltd as disclosed within these accounts.During the year to 31 December 2021 all the assets and liabilities of ASB1 Ltd were transferred into the name of Double Eight Ltd. During the year to 31 December 2022 ASB1 Limited was formally dissolved. |
Turnover |
Turnover is attributable to the net trading gains or losses during the year, including foreign exchange gains or losses. If during the year the company makes a net loss on trading, turnover will be shown as negative in the profit and loss account.Turnover includes the fair market value of the open positions held at the year end. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
The functional currency of the company is in US dollars and Euros, but the presentation currency is in GBP Sterling as the company is a UK company. |
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. |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Commodities trading |
Current asset investments are recognised at cost, being the contract amount paid on the delivery date. Open positions at the balance sheet date, where the delivery date is post balance sheet are valued at fair market value. |
The trading results for the period include unrealised profits and losses in respect of open contracts outstanding at the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Directors | 2 | 2 |
Employees | - | 1 |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
Non audit services |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Bank interest |
Other interest |
Interest paid |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax | 112,000 | 95,000 |
Total tax charge | 288,287 | 2,376,790 |
7. | DIVIDENDS |
31.12.23 | 31.12.22 |
£ | £ |
Ordinary A shares of £1 each |
Interim |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other debtors |
Fair value of derivatives | 4,074,419 | 1,848,919 |
Tax |
Prepayments and accrued income |
10. | CURRENT ASSET INVESTMENTS |
31.12.23 | 31.12.22 |
£ | £ |
Listed investments | 2,313,905 | 3,443,049 |
Unlisted investments | 3,068,374 | 3,305,421 |
Market value of listed investments at 31st December 2023 - £ 2,313,905 (2022 - £ 3,443,049 ). |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Tax |
Directors' current accounts | 10,000,000 | 10,000,000 |
Accrued expenses |
The interest on the directors' loans was 5% until 30th June 2023 and 8% from 1st July 2023. |
12. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 495,000 | 383,000 |
Deferred tax |
£ |
Balance at 1st January 2023 |
Provided during year |
Balance at 31st December 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
Ordinary A | £1 | 1,000 | 1,000 |
2,000 | 2,000 |
DOUBLE EIGHT LIMITED (REGISTERED NUMBER: 03564197) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
14. | RESERVES |
Retained | Revaluation | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1st January 2023 | 18,073,723 |
Profit for the year |
Movement in investments | 349,047 | - | - | 349,047 |
Movement in investments | - | (349,047 | ) | - | (349,047 | ) |
Realization of brought forward revaluations |
(158 |
) |
158 |
- |
- |
At 31st December 2023 | 18,299,459 |
15. | ULTIMATE CONTROLLING PARTY |
The controlling party is M J C Tilney. |