Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302022-07-01falseNo description of principal activity87falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06638748 2022-07-01 2023-06-30 06638748 2021-07-01 2022-06-30 06638748 2023-06-30 06638748 2022-06-30 06638748 c:CompanySecretary1 2022-07-01 2023-06-30 06638748 c:Director1 2022-07-01 2023-06-30 06638748 c:RegisteredOffice 2022-07-01 2023-06-30 06638748 d:FurnitureFittings 2022-07-01 2023-06-30 06638748 d:FurnitureFittings 2023-06-30 06638748 d:FurnitureFittings 2022-06-30 06638748 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06638748 d:ComputerEquipment 2022-07-01 2023-06-30 06638748 d:ComputerEquipment 2023-06-30 06638748 d:ComputerEquipment 2022-06-30 06638748 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06638748 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06638748 d:CurrentFinancialInstruments 2023-06-30 06638748 d:CurrentFinancialInstruments 2022-06-30 06638748 d:Non-currentFinancialInstruments 2023-06-30 06638748 d:Non-currentFinancialInstruments 2022-06-30 06638748 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 06638748 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 06638748 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 06638748 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 06638748 d:ShareCapital 2023-06-30 06638748 d:ShareCapital 2022-06-30 06638748 d:OtherMiscellaneousReserve 2023-06-30 06638748 d:OtherMiscellaneousReserve 2022-06-30 06638748 d:RetainedEarningsAccumulatedLosses 2023-06-30 06638748 d:RetainedEarningsAccumulatedLosses 2022-06-30 06638748 c:OrdinaryShareClass1 2022-07-01 2023-06-30 06638748 c:OrdinaryShareClass1 2023-06-30 06638748 c:OrdinaryShareClass1 2022-06-30 06638748 c:FRS102 2022-07-01 2023-06-30 06638748 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 06638748 c:FullAccounts 2022-07-01 2023-06-30 06638748 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 06638748 d:WithinOneYear 2023-06-30 06638748 d:WithinOneYear 2022-06-30 06638748 2 2022-07-01 2023-06-30 06638748 10 2022-07-01 2023-06-30 06638748 11 2022-07-01 2023-06-30 06638748 12 2022-07-01 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06638748









D & D LEASING UK LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
D & D LEASING UK LTD
 
 
COMPANY INFORMATION


Director
K Dost 




Company secretary
R Shaw



Registered number
06638748



Registered office
Studio Lu4.04
The Light Bulb Filament Walk

Wandsworth

London

SW18 4GQ




Accountants
Ecovis Wingrave Yeats UK Limited

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
D & D LEASING UK LTD
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 13


 
D & D LEASING UK LTD
REGISTERED NUMBER: 06638748

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
45,920
76,901

  
45,920
76,901

Current assets
  

Stocks
 7 
20,634
31,455

Debtors: amounts falling due within one year
 9 
606,760
792,303

Current asset investments
 8 
14,554
6,374

Bank & cash balances
  
125,343
259,032

  
767,291
1,089,164

Creditors: amounts falling due within one year
 10 
(5,259,194)
(4,501,965)

Net current liabilities
  
 
 
(4,491,903)
 
 
(3,412,801)

Total assets less current liabilities
  
(4,445,983)
(3,335,900)

Creditors: amounts falling due after more than one year
 11 
(2,777,015)
(2,487,030)

  

Net liabilities
  
(7,222,998)
(5,822,930)


Capital and reserves
  

Called up share capital 
 12 
7,169,999
7,169,999

Other reserves
  
363,570
55,758

Profit and loss account
  
(14,756,567)
(13,048,687)

  
(7,222,998)
(5,822,930)


Page 1

 
D & D LEASING UK LTD
REGISTERED NUMBER: 06638748
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 statement of comprehensive income 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 29 August 2024.




K Dost
Director

Page 2

 
D & D LEASING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

D & D Leasing UK Ltd is a private company, limited by shares, incorporated in England and Wales, registration number 06638748. The registered office is Studio Lu4.04, The Light Bulb Filament Walk, Wandsworth, London, England, SW18 4GQ.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

As at 30 June 2023 liabilities exceeded assets by £7,222,998 (2022 - £5,822,930). However the director is committed to providing financial support to the company as and when required to ensure that the company can meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial statements. As such, the director considers that the accounts have been properly prepared on a going concern basis. 

  
2.3

Revenue

Interest income on loans and leases is calculated using the effective interest method which allocates any fees receivable over the expected life of the assets and represents the return on credit risk faced by the entity. The effective interest method requires the company to estimate future cashflows, in some cases based on experience of behaviour, the terms of the loan agreement and the expected lives of the receivable.
The effective interest rate is calculated at the time of initiating the loan or lease facility and the calculation is based on estimating future cash flows of the shorter of the contractual life of the loan / lease or the expected behavioural life. The expected life assumptions utilise repayment profiles to represent how borrowers are expected to repay. The company has limited historical experience to support these profiles and therefore management must apply judgement, in addition to any historical information available. 

 
2.4

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.

Page 3

 
D & D LEASING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:

Fixtures & fittings
-
10% Straight line method
Computer equipment
-
33% Straight line method

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.

Page 4

 
D & D LEASING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

  
2.5

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 5

 
D & D LEASING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

Financial liabilities

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

Financial liabilities within the scope of IAS 39 are initially classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs.
Subsequently, the measurement of financial liabilities depends on their classification as follows:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss includes financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.

Financial liabilities are classified as held for trading if they are acquired for the purpose of repurchasing in the near term. Derivatives, including separately embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in profit or loss.

Interest bearing loans and borrowings

Obligations for loans and borrowings are recognised when the Group becomes party to the related contracts and are measured initially at the fair value of consideration received less directly attributable transaction costs.
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.
Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance revenue and finance cost.

Derecognition of financial liabilities

A liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires.
Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.

Page 6

 
D & D LEASING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

Leased assets: the Company as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

Page 7

 
D & D LEASING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.13

Interest income

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

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.15

Taxation

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 calculate 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.

Page 8

 
D & D LEASING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgements:
Debtors Provision
The company has to determine whether there are indicators of impairment to the debtors. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the expected recoverability of receivables, in light of the borrowers payment history and the directors knowledge of the financial position of each debtor. 
Market Rate of Interest
The director has valued the loans from the related parties by discounting cash flows using what they consider to be a market rate of interest that would be payable on a similar debt instrument. Judgement has been involved when arriving at this market rate of interest. 


4.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 7).


5.


Director's remuneration

2023
2022
£
£

Director's emoluments
175,000
142,000

175,000
142,000


Page 9

 
D & D LEASING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Tangible fixed assets





Fixtures & fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 July 2022
700
227,667
228,367


Additions
-
1,289
1,289



At 30 June 2023

700
228,956
229,656



Depreciation


At 1 July 2022
700
150,766
151,466


Charge for the year on owned assets
-
32,270
32,270



At 30 June 2023

700
183,036
183,736



Net book value



At 30 June 2023
-
45,920
45,920



At 30 June 2022
-
76,901
76,901


7.


Lease Receivables

2023
2022
£
£

Finished goods and goods for resale
20,634
31,455

20,634
31,455



8.


Loan Receivables

2023
2022
£
£

Shares in group undertakings
14,554
6,374

14,554
6,374


Page 10

 
D & D LEASING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
-
7,603

Other debtors
575,990
708,108

Prepayments and accrued income
30,770
76,592

606,760
792,303



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
60,814
61,773

Trade creditors
240,504
263,926

Amounts owed to group undertakings
51,057
-

Other taxation and social security
678,396
537,542

Other creditors
3,767,955
2,933,709

Accruals and deferred income
460,468
705,015

5,259,194
4,501,965


Page 11

 
D & D LEASING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
1,261,411
193,453

Other creditors
1,515,604
2,293,577

2,777,015
2,487,030


Included within notes 10 and 11 are liabilities totalling £3,772,908 (2022 - £3,782,560) which are secured
over the assets of the company.
Included within the amounts owed to group undertakings are loans currently totalling £1,624,981, first issued on 27th March 2019 from the parent company. The loans are unsecured and repayable within 370 days on written notice from the lender. Interest is accrued at 1% per annum.
The parent company loan has been discounted to present value using a market rate of interest which would be payable on a similar debt instrument, which the directors consider to be 14.5%. The discount will be unwound over the period of the loan and recorded in the financial statements of the company as interest.
The difference between the net proceeds of the debt, the £307,812, and the amount allocated to the debt component is credited direct to equity, included in other reserves.
Included in other creditors are interest bearing loans amounting to £4,323,293 (2022 - £4,340,707). The loan of £4,064,462 (2022 - £4,064,562) has interest charged at 12.5% per annum, loan of £94,960 (2022 - £89,880) has interest charged at 12% per annum, and the loan of £83,846 (2022 - £93,498) has interest charged at 12% per annum, loan of £38,648 (2022 - £45,648) at 9.5%, and the loan of £41,378 (2022 - £47,219) has interest charged at 2.5% per annum.


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



7,169,999 (2022 - 7,169,999) Ordinary shares of £1.00 each
7,169,999
7,169,999



13.


Pension commitments

The Company operates a defined benefit pension scheme. The assets of the scheme are held separately 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 £5,888 (2022 - £5,841). At the period end there was an amount of £1,008 (2022 - £2,311) due to the fund.

Page 12

 
D & D LEASING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
14,011
13,781

14,011
13,781


15.


Related party transactions

As at 30 June 2023 the company owed £430,306, (2022 - £164,529) to the director. This amount is unsecured, interest free and repayable on demand. 
As at 30 June 2023 £1,624,981 remained outstanding (2022 - £249,211) to a related party. This amount is unsecured and repayable within 370 days on written notice from the lender. Interest is charged at 1% per annum and in 2023 interest of £10,257 (2022 - £16,544) on the intercompany loan was charged to profit and loss account. 


16.


Controlling party

The controlling party is 2183114 Ontario Inc., the 100% shareholder of the company, a company incorporated in Canada. The registered office address of 2183114 Ontario Inc. is 85016-561 Brant Street, Burlington, Ontario, L7R 2G6.

 
Page 13