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Registered number: 07329520














DG MANAGEMENT (LONDON) LTD

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DG MANAGEMENT (LONDON) LTD
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9


 
DG MANAGEMENT (LONDON) LTD
REGISTERED NUMBER:07329520

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,081
1,709

  
2,081
1,709

Current assets
  

Stocks
 6 
141,802
156,148

Debtors: amounts falling due within one year
 7 
261,575
246,224

Cash at bank and in hand
 8 
107,718
174,744

  
511,095
577,116

Creditors: amounts falling due within one year
 9 
(265,179)
(368,868)

Net current assets
  
 
 
245,916
 
 
208,248

Total assets less current liabilities
  
247,997
209,957

  

Net assets
  
247,997
209,957


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
246,997
208,957

  
247,997
209,957


1

 
DG MANAGEMENT (LONDON) LTD
REGISTERED NUMBER:07329520
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2024.




D W J Galvin
Director

2

 
DG MANAGEMENT (LONDON) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

DG Management (London) Limited is a private company, limited by shares, domiciled in England and Wales, registration number 07329520. The registered office is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.

The principal activity of the company has continued to be that of operating a hair dressing salon specialising in hair colour and tinting as well as advising, consultancy and researching hair and colour, concession management and consultancy.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of consideration received or receivable, in respect of operating a hair dressing salon specialising in hair colour and tinting as well as advising, consultancy and researching hair and colour, concession management and consultancy, exclusive of value added tax. The following criteria must also be met before turnover is recognised:
 
Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

3

 
DG MANAGEMENT (LONDON) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Salon improvements
-
over the term of the concession agreement
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure. Grants received in respect of Covid Job Retention scheme are included in the other income.

4

 
DG MANAGEMENT (LONDON) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

 Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.10

 Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

 Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

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5

 
DG MANAGEMENT (LONDON) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
9,396
13,457


9,396
13,457


Total current tax
9,396
13,457

Deferred tax


Origination and reversal of timing differences
2,154
2,475

Total deferred tax
2,154
2,475


Taxation on profit on ordinary activities
11,550
15,932

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
49,592
81,470


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
11,665
15,479

Effects of:


Capital allowances for year in excess of depreciation
(1)
(141)

Other differences leading to an increase (decrease) in the tax charge
127
594

Marginal relief
(241)
-

Total tax charge for the year
11,550
15,932

6

 
DG MANAGEMENT (LONDON) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Salon improvements
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
328,216
62,540
23,736
414,492


Additions
-
1,046
489
1,535


Disposals
-
-
(50)
(50)



At 31 December 2023

328,216
63,586
24,175
415,977



Depreciation


At 1 January 2023
328,216
62,484
22,083
412,783


Charge for the year on owned assets
-
174
989
1,163


Disposals
-
-
(50)
(50)



At 31 December 2023

328,216
62,658
23,022
413,896



Net book value



At 31 December 2023
-
928
1,153
2,081



At 31 December 2022
-
56
1,653
1,709


6.


Stocks

2023
2022
£
£

Goods for resale
141,802
156,148



7.


Debtors

2023
2022
£
£


Trade debtors
186,882
170,250

Other debtors
62,134
61,490

Called up share capital not paid
1,000
1,000

Prepayments and accrued income
2,626
2,397

Deferred taxation
8,933
11,087

261,575
246,224


7

 
DG MANAGEMENT (LONDON) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
107,718
174,744



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
25,974
37,407

Corporation tax
9,396
13,457

Other taxation and social security
35,173
54,503

Other creditors
88,153
168,478

Accruals and deferred income
106,483
95,023

265,179
368,868



10.


Deferred taxation




2023
2022


£

£






At beginning of year
11,087
13,562


Charged to profit or loss
(2,154)
(2,475)



At end of year
8,933
11,087

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
8,802
10,945

Pension surplus
131
142

8,933
11,087


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1.00 each
1,000
1,000


8

 
DG MANAGEMENT (LONDON) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £7,745 (2022 - £7,520). Contributions totalling £1,227 (2022 - £1,324) were payable to the fund at the balance sheet date and are included in creditors.

 
9