Dollarhane Limited
for the Year Ended 30 November 2023
Dollarhane Limited
Contents
Company Information |
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Directors' Report |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Dollarhane Limited
Company Information
Directors |
R Jocelyn S Jocelyn |
Registered office |
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Accountants |
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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:
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
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Dollarhane Limited
(Registration number: 06748109)
Statement of Financial Position as at 30 November 2023
Note |
2023 |
2022 |
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Non current assets |
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Property, plant and equipment |
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Current assets |
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Debtors |
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Investments |
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Cash at bank |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Equity |
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Called up share capital |
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Other reserves |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Director
Dollarhane Limited
Statement of Changes in Equity
for the Year Ended 30 November 2023
Share capital |
Other reserves |
Retained earnings |
Total |
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At 1 December 2022 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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Transfers |
- |
36,874 |
(36,874) |
- |
At 30 November 2023 |
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Share capital |
Other reserves |
Retained earnings |
Total |
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At 1 December 2021 |
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Loss for the year |
- |
- |
( |
( |
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
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.
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
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
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Foreign exchange losses/(gains) |
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( |
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
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)
Property, plant and equipment |
Computer equipment |
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Cost |
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Additions |
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Receivables |
2023 |
2022 |
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Other receivables |
- |
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Accrued income |
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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)
Other financial assets |
Current financial assets |
2023 |
2022 |
Listed investments at fair value |
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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).
Cash and cash equivalents |
2023 |
2022 |
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Cash at bank |
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Payables |
2023 |
2022 |
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Due within one year |
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Director's current account |
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Trade payables |
- |
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Broker cash account |
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Accrued expenses |
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Provisions for liabilities |
Deferred tax |
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At 1 December 2022 |
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Increase in existing provisions |
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At 30 November 2023 |
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Dollarhane Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023 (continued)
Share capital and reserves |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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50,000 |
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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.
Related party transactions |
Summary of transactions with other related parties
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).
Events after the financial period |
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