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Dollarhane Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Dollarhane Limited

Contents

Company Information

1

Directors' Report

2

Statement of Financial Position

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 11

 

Dollarhane Limited

Company Information

Directors

R Jocelyn

S Jocelyn

Registered office

4 The Boltons
London
SW10 9TB

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Dollarhane Limited

Directors' Report for the Year Ended 30 November 2023

The directors present their report on the affairs of Dollarhane Limited, together with the unaudited financial statements for the year ended 30 November 2023.

Principal activity

The principal activity of the company is that of security dealing on own account.

Director of the company

The directors who served throughout the year and up to date of authorisation of this report were as follows:

R Jocelyn

S Jocelyn

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

The directors' report was approved by the Board on 16 August 2024 and signed on its behalf by:
 

.........................................
S Jocelyn
Director

 

Dollarhane Limited

(Registration number: 06748109)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Non current assets

 

Property, plant and equipment

6

253

333

Current assets

 

Debtors

7

1,640

38,437

Investments

8

733,924

699,915

Cash at bank

 

4,416

446

 

739,980

738,798

Creditors: Amounts falling due within one year

10

(427,453)

(472,394)

Net current assets

 

312,527

266,404

Total assets less current liabilities

 

312,780

266,737

Provisions for liabilities

11

(59,292)

(47,001)

Net assets

 

253,488

219,736

Equity

 

Called up share capital

12

50,000

50,000

Other reserves

12

177,877

141,003

Retained earnings

12

25,611

28,733

Shareholders' funds

 

253,488

219,736

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Dollarhane Limited

(Registration number: 06748109)
Statement of Financial Position as at 30 November 2023 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

The financial statements of Dollarhane Limited were approved and authorised for issue by the Board on 16 August 2024 and signed on its behalf by:

.........................................

S Jocelyn
Director

 

Dollarhane Limited

Statement of Changes in Equity
for the Year Ended 30 November 2023

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 December 2022

50,000

141,003

28,733

219,736

Profit for the year

-

-

33,752

33,752

Total comprehensive income

-

-

33,752

33,752

Transfers

-

36,874

(36,874)

-

At 30 November 2023

50,000

177,877

25,611

253,488

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 December 2021

50,000

288,841

6,984

345,825

Loss for the year

-

-

(126,089)

(126,089)

Transfers

-

(147,838)

147,838

-

At 30 November 2022

50,000

141,003

28,733

219,736

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

The other reserve represents enhancements to the original cost of listed investments where the director has considered it appropriate to reflect increases in the valuation of the market value of listed investments.

 

Dollarhane Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

1

General information

Dollarhane Limited (the 'company') is a private company limited by share capital incorporated in England & Wales under the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Cash flow statement

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement under paragraph 7.1B of FRS 102.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the income statement.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Dollarhane Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

20% straight line

Other financial assets

Other financial assets represent listed investments which are stated at fair value with value changes recognised in the income statement.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

 

Dollarhane Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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.

3

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

80

67

Foreign exchange losses/(gains)

16,991

(48,074)

4

Staff numbers

The average number of persons employed by the company (including directors) during the year was 0 (2020 - 0).

5

Directors' remuneration

No remuneration was paid to the directors during the year (2022: £nil).

 

Dollarhane Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023 (continued)

6

Property, plant and equipment

Computer equipment
 £

Cost

Additions

400

At 30 November 2023

400

Depreciation

At 1 December 2022

67

Charge for the year

80

At 30 November 2023

147

Carrying amount

At 30 November 2023

253

At 30 November 2022

333

7

Receivables

2023
£

2022
£

Other receivables

-

33,833

Accrued income

1,640

4,604

1,640

38,437

Other receivables in 2022 related to a loan to Interelite Services Limited for £33,833. The loan was unsecured, repayable on demand and interest was charged at 5%. During 2023 the loan was repaid including interest.

 

Dollarhane Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023 (continued)

8

Other financial assets

Current financial assets

2023
£

2022
£

Listed investments at fair value

733,924

699,915

Listed investment

The net book value of listed investments in accordance with the historical cost accounting rules at 30 November 2023 is £496,755 (30 November 2022 - £511,911).

9

Cash and cash equivalents

2023
£

2022
£

Cash at bank

4,416

446

10

Payables

2023
£

2022
£

Due within one year

Director's current account

121,046

139,838

Trade payables

-

1,140

Broker cash account

303,830

329,162

Accrued expenses

2,577

2,254

427,453

472,394

11

Provisions for liabilities

Deferred tax
£

At 1 December 2022

47,001

Increase in existing provisions

12,291

At 30 November 2023

59,292

 

Dollarhane Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023 (continued)

12

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

         

The company has one class of share capital which carries no right to fixed income.

Reserves

A description of each reserve within equity is disclosed on page 6.

13

Related party transactions

Summary of transactions with other related parties

During the year S Jocelyn, a director, paid expenses on behalf of the company totalling £208 (2022 - £208), incurred personal expenses of £Nil (2022 - £59) made loans to the company of £Nil (2022 - £12,250) and the company repaid loans to S Jocelyn of £19,000 (2022 - £30,500). At the reporting date the amount owed by the company to S Jocelyn was £121,046 (2022 - £139,838). Interest paid by the company to S Jocelyn during the year amounted to £Nil (2022 - £10,080l).

At the reporting date the amount due to R Jocelyn was £Nil (2022 - £Nil). Interest paid by the company to R Jocelyn during the year amounted to £Nil (2022 - £Nil).

 

14

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.