Registered number
10633363
Deege Limited
Filleted Accounts
29 February 2024
Deege Limited
Registered number: 10633363
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 40,734 39,312
Current assets
Stocks 40,000 40,000
Debtors 4 529,647 754,061
Cash at bank and in hand 700 4,075
570,347 798,136
Creditors: amounts falling due within one year 5 (876,242) (1,274,648)
Net current liabilities (305,895) (476,512)
Total assets less current liabilities (265,161) (437,200)
Creditors: amounts falling due after more than one year 6 (40,437) (51,856)
Net liabilities (305,598) (489,056)
Capital and reserves
Called up share capital 100 100
Profit and loss account (305,698) (489,156)
Shareholder's funds (305,598) (489,056)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Norman
Director
Approved by the board on 19 August 2024
Deege Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The accounts have been prepared on a going basis despite a deficit at the balance sheet date of £305,598. The director is confident that the business will  be profitable in the forseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 11
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 3,836 86,304 90,140
Additions - 15,000 15,000
At 29 February 2024 3,836 101,304 105,140
Depreciation
At 1 March 2023 2,605 48,223 50,828
Charge for the year 308 13,270 13,578
At 29 February 2024 2,913 61,493 64,406
Net book value
At 29 February 2024 923 39,811 40,734
At 28 February 2023 1,231 38,081 39,312
4 Debtors 2024 2023
£ £
Trade debtors 145,202 224,815
Deferred tax asset 122,716 166,050
Prepayments and accrued income 14,468 24,489
Other debtors 247,261 338,707
529,647 754,061
Amounts due after more than one year included above 80,000 122,716
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 11,256 19,435
Obligations under finance lease and hire purchase contracts 8,454 8,490
Trade creditors 397,643 374,594
Taxation and social security costs 166,023 364,291
Other creditors 292,866 507,838
876,242 1,274,648
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 33,403 42,198
Obligations under finance lease and hire purchase contracts 7,034 9,658
40,437 51,856
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 25,000 75,000
8 Prior Year Adjustment
The deferred tax asset was not previously provided as there was some uncertainty as to when the company would become profibable. The company is now likely to remain profibable and the deferred tax asset relating to previous years has now been accounted for.
9 Related party transactions
At the end of the year the company was owed £186,667 by the director/shareholder of the company. (2023: £255,397). No interest has been charged on this loan.
10 Other information
Deege Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 28 Purfleet Industrial Park
Aveley
South Ockendon
Essex
RM15 4YA
Deege Limited 10633363 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts October 2023 release 2 David Norman No description of principal activity 10633363 2022-03-01 2023-02-28 10633363 core:WithinOneYear 2023-02-28 10633363 core:AfterOneYear 2023-02-28 10633363 core:ShareCapital 2023-02-28 10633363 core:RetainedEarningsAccumulatedLosses 2023-02-28 10633363 core:AllPeriods 2023-02-28 10633363 2023-03-01 2024-02-29 10633363 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10633363 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 10633363 bus:Director40 2023-03-01 2024-02-29 10633363 1 2023-03-01 2024-02-29 10633363 2 2023-03-01 2024-02-29 10633363 core:PlantMachinery 2023-03-01 2024-02-29 10633363 core:Vehicles 2023-03-01 2024-02-29 10633363 countries:England 2023-03-01 2024-02-29 10633363 bus:FRS102 2023-03-01 2024-02-29 10633363 bus:FullAccounts 2023-03-01 2024-02-29 10633363 2024-02-29 10633363 core:WithinOneYear 2024-02-29 10633363 core:AfterOneYear 2024-02-29 10633363 core:ShareCapital 2024-02-29 10633363 core:RetainedEarningsAccumulatedLosses 2024-02-29 10633363 core:PlantMachinery 2024-02-29 10633363 core:Vehicles 2024-02-29 10633363 core:AllPeriods 2024-02-29 10633363 2023-02-28 10633363 core:PlantMachinery 2023-02-28 10633363 core:Vehicles 2023-02-28 iso4217:GBP xbrli:pure