Company registration number 06566837 (England and Wales)
DAINA FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DAINA FINANCE LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 7
DAINA FINANCE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 DECEMBER 2023
- 1 -
2023
2022
Turnover
1,053
22,479
Administrative expenses
(21,655)
(20,431)
Operating (loss)/profit
(20,602)
2,048
Interest payable and similar expenses
(165)
(220)
(Loss)/profit before taxation
(20,767)
1,828
Tax on (loss)/profit
-
0
-
0
(Loss)/profit for the financial year
(20,767)
1,828
DAINA FINANCE LIMITED
BALANCE SHEET
AS AT
29 DECEMBER 2023
29 December 2023
- 2 -
2023
2022
Notes
Current assets
Debtors
6
16,354
35,777
Cash at bank and in hand
198,866
223,899
215,220
259,676
Creditors: amounts falling due within one year
7
(213,225)
(221,170)
Net current assets
1,995
38,506
Creditors: amounts falling due after more than one year
8
-
0
(15,744)
Net assets
1,995
22,762
Capital and reserves
Called up share capital
17,674
17,674
Share premium account
7,885,813
7,885,813
Profit and loss reserves
(7,901,492)
(7,880,725)
Total equity
1,995
22,762

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has 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 and signed by the director and authorised for issue on 30 August 2024
Mr A Conte
Director
Company registration number 06566837 (England and Wales)
DAINA FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Daina Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

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 company's functional currency is Euros due to the majority of trading income and business expenses being received or paid in Euros and the financial statements are therefore presented in Euros. The exchange rate as at 29 December 2023 was £1:€1.1539.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Ttruehe company has been winding down its activities and it is expected that it will terminate its operations in the foreseeable future. In these circumstances it is inappropriate to continue to prepare the financial statements on a going concern basis but there are no adjustments considered necessary to be made to reflect a basis other than going concern as the basis of preparation for these accounts.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.4
Intangible fixed assets
Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

 

Customer database costs are separately identifiable external marketing and professional costs incurred and allocated to the setting up and expansion of the company's database that can be utilised for additional marketing of the company's products and services. Customer database costs are carried at cost less accumulated amortisation and are amortised over a useful economic life of 5 years from the point the database is brought into useful economic use.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
33.33% straight line
Fixtures and fittings
20% straight line
Computer equipment
33.33% straight line
DAINA FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

DAINA FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Foreign exchange

Transactions in currencies other than Euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 

There were no significant judgements or estimates necessary in the preparation of these financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
DAINA FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 6 -
4
Intangible fixed assets
Other
Cost
At 30 December 2022
401,150
Disposals
(401,150)
At 29 December 2023
-
0
Amortisation and impairment
At 30 December 2022
401,150
Disposals
(401,150)
At 29 December 2023
-
0
Carrying amount
At 29 December 2023
-
0
At 29 December 2022
-
0
5
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Total
Cost
At 30 December 2022
23,540
203
19,323
43,066
Disposals
(23,540)
(203)
(19,323)
(43,066)
At 29 December 2023
-
0
-
0
-
0
-
0
Depreciation and impairment
At 30 December 2022
23,540
203
19,323
43,066
Eliminated in respect of disposals
(23,540)
(203)
(19,323)
(43,066)
At 29 December 2023
-
0
-
0
-
0
-
0
Carrying amount
At 29 December 2023
-
0
-
0
-
0
-
0
At 29 December 2022
-
0
-
0
-
0
-
0
6
Debtors
2023
2022
Amounts falling due within one year:
Trade debtors
375
381
Other debtors
15,979
35,396
16,354
35,777
DAINA FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
Bank loans
-
0
6,180
Taxation and social security
208,140
208,140
Other creditors
5,085
6,850
213,225
221,170
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
-
0
15,744
9
Ultimate controlling party

The company is a 100% subsidiary of Web23 SRL, a company incorporated in Italy. The ultimate controlling party of this entity is Andrea Conte.

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