Registered number
07594923
Damel Ltd
Filleted Accounts
31 December 2023
Damel Ltd
Registered number: 07594923
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,194 451
Current assets
Stocks - 15,000
Debtors 4 11,399 27,734
Cash at bank and in hand 5,609 15,729
17,008 58,463
Creditors: amounts falling due within one year 5 (10,850) (31,131)
Net current assets 6,158 27,332
Total assets less current liabilities 7,352 27,783
Creditors: amounts falling due after more than one year 6 (21,134) (26,790)
Net (liabilities)/assets (13,782) 993
Capital and reserves
Called up share capital 2 2
Profit and loss account (13,784) 991
Shareholder's funds (13,782) 993
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.
Grzegorz Protas
Director
Approved by the board on 10 September 2024
Damel Ltd
Notes to the Accounts
for the year ended 31 December 2023
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
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 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 1,083 105,881 106,964
Additions 1,248 - 1,248
At 31 December 2023 2,331 105,881 108,212
Depreciation
At 1 January 2023 632 105,881 106,513
Charge for the year 505 - 505
At 31 December 2023 1,137 105,881 107,018
Net book value
At 31 December 2023 1,194 - 1,194
At 31 December 2022 451 - 451
4 Debtors 2023 2022
£ £
Trade debtors 2,385 24,586
Other debtors, prepayments and deposits 9,014 3,148
11,399 27,734
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 391 7,073
Taxation and social security costs 459 3,263
Other creditors, money owed to directors - 10,795
10,850 31,131
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,134 26,790
7 Other information
Damel Ltd is a private company limited by shares and incorporated in England. Its registered office is:
226-228 King Street
London
W6 0RA
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