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COMPANY REGISTRATION NUMBER: 11850297
DDR Elizabeth Street Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
DDR Elizabeth Street Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
DDR Elizabeth Street Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
R Bass
D Gillson
G Rossi
REGISTERED OFFICE
36 Elizabeth Street
London
SW1W 9NZ
ACCOUNTANTS
Streets
Chartered accountants
ECEN
Warth Park
Northamptonshire
NN9 6GR
DDR Elizabeth Street Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
2
2
Tangible assets
6
157,633
91,632
---------
--------
157,635
91,634
Current assets
Stocks
16,142
15,763
Debtors
7
45,354
51,866
Cash at bank and in hand
2,722
13,645
--------
--------
64,218
81,274
Creditors: amounts falling due within one year
8
774,128
687,398
---------
---------
Net current liabilities
709,910
606,124
---------
---------
Total assets less current liabilities
( 552,275)
( 514,490)
---------
---------
Net liabilities
( 552,275)
( 514,490)
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
124,000
124,000
Profit and loss account
( 677,275)
( 639,490)
---------
---------
Shareholders deficit
( 552,275)
( 514,490)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DDR Elizabeth Street Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
R Bass
Director
Company registration number: 11850297
DDR Elizabeth Street Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 36 Elizabeth Street, London, SW1W 9NZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which assumes the continued support of the directors and owners. The directors are confident the company will trade profitably in future and be able to meet its ongoing liabilities as they fall due.
Revenue recognition
The turnover shown in the statement of comprehensive income represents the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website development
-
3 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
5 years straight line
Leasehold premium
-
5 years straight line
Equipment
-
2,3 or 5 years straight line
Computer equipment
-
5 years straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution pension plans
Contributions to defined pension contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 10 ).
5. Intangible assets
Goodwill
Website development costs
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
2
8,576
8,578
----
-------
-------
Amortisation
At 1 April 2023 and 31 March 2024
8,576
8,576
----
-------
-------
Carrying amount
At 31 March 2024
2
2
----
-------
-------
At 31 March 2023
2
2
----
-------
-------
6. Tangible assets
Leasehold improvements
Leasehold premium
Equipment
Computer equipments
Total
£
£
£
£
£
Cost
At 1 April 2023
242,695
79,080
4,982
2,695
329,452
Additions
118,522
12,108
130,630
---------
--------
--------
-------
---------
At 31 March 2024
361,217
79,080
17,090
2,695
460,082
---------
--------
--------
-------
---------
Depreciation
At 1 April 2023
168,436
61,968
4,721
2,695
237,820
Charge for the year
48,547
15,816
266
64,629
---------
--------
--------
-------
---------
At 31 March 2024
216,983
77,784
4,987
2,695
302,449
---------
--------
--------
-------
---------
Carrying amount
At 31 March 2024
144,234
1,296
12,103
157,633
---------
--------
--------
-------
---------
At 31 March 2023
74,259
17,112
261
91,632
---------
--------
--------
-------
---------
7. Debtors
2024
2023
£
£
Trade debtors
4,507
4,438
Other debtors
40,847
47,428
--------
--------
45,354
51,866
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
67,919
36,400
Social security and other taxes
27,805
26,955
Other creditors
678,404
624,043
---------
---------
774,128
687,398
---------
---------