Company registration number 10234788 (England and Wales)
DBCN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
DBCN LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
DBCN LIMITED
BALANCE SHEET
AS AT
5 APRIL 2024
05 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
88,100
341,901
Investments
4
9,879,752
9,280,501
Cash at bank and in hand
776,850
119,462
10,744,702
9,741,864
Creditors: amounts falling due within one year
5
(5,892,771)
(6,264,151)
Net current assets
4,851,931
3,477,713
Provisions for liabilities
(806,156)
(394,973)
Net assets
4,045,775
3,082,740
Capital and reserves
Called up share capital
6
1,000
1,000
Other reserves
2,685,050
1,988,111
Profit and loss reserves
1,359,725
1,093,629
Total equity
4,045,775
3,082,740
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Mrs N Scott Knight
Director
Company registration number 10234788 (England and Wales)
DBCN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
Share capital
Investment revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 6 April 2022
1,000
2,659,294
871,453
3,531,747
Year ended 5 April 2023:
Loss
-
-
(449,007)
(449,007)
Other comprehensive income:
Investment revaluations:
-
(671,183)
(671,183)
Total comprehensive income
-
(671,183)
(449,007)
(1,120,190)
Transfers
-
-
671,183
671,183
Balance at 5 April 2023
1,000
1,988,111
1,093,629
3,082,740
Year ended 5 April 2024:
Profit
-
-
963,035
963,035
Other comprehensive income:
Investment revaluations:
-
696,939
696,939
Total comprehensive income
-
696,939
963,035
1,659,974
Transfers
-
-
(696,939)
(696,939)
Balance at 5 April 2024
1,000
2,685,050
1,359,725
4,045,775
DBCN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 3 -
1
Accounting policies
Company information
DBCN Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Sobell Rhodes LLP, The Kinetic Centre, Theobald Street, Elstree, Borehamwood, Hertfordshire, United Kingdom, WD6 4PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
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.
1.2
Going concern
The directors have a reasonable expectation the company will continue to have adequate resources to fund its working capital for the foreseeable future. The directors have carried out a detailed assessment of the viability of the company following uncertainty over the current economic conditions due to worldwide increasing rate of inflation and interest rates. true
As a result of their review, the directors have taken appropriate measures to enable them to have a reasonable expectation that the company will have sufficient working capital for a period of at least 12 months from the date these financial statements have been approved.
On the basis of the above, the directors are of the opinion that there is no material uncertainty relating to going concern and therefore it is appropriate to prepare these financial statements on a going concern basis.
1.3
Turnover
Investment income is recognised when the company becomes entitled to receive the income and this can be measured reliably. Fees and commissions to third parties are recognised in the period which the obligation to pay the amount arises.
Interest is recognised in the period in which it is earned. Dividend income is recognised in the profit and loss account at the date the Company's right to receive payment is established.
Foreign currency gains and losses are reported on a net basis.
1.4
Financial instruments
Investments in equity instruments are measured initially at fair value, which is normally transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through the proifit and loss. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognition in profit or loss. Other investments are measured at cost less impairment in profit or loss.
Impairment of financial assets
A financial asset not carried at fair value through profit and loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occured after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can established reliably.
DBCN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, 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.
Current tax
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.
Deferred tax
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.
1.6
Foreign exchange
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
3,269
1,628
Other debtors
84,831
340,273
88,100
341,901
DBCN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 5 -
4
Current asset investments
2024
2023
£
£
Current asset investments
9,879,752
9,280,501
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
5,875,931
6,245,931
Accruals and deferred income
16,840
18,220
5,892,771
6,264,151
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
7
Directors' transactions
At the balance sheet date, a director has provided interest free loan of £5,875,931 (2023: £6,245,931) to the company.
The loan to director is interest free and there are no terms and conditions attached to it.