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REGISTERED NUMBER: SC412932 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

Democraft Limited

Democraft Limited (Registered number: SC412932)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Democraft Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mrs C Lowe





REGISTERED OFFICE: Flat 10/2
1 Templeton Court
Glasgow
G40 1EF





REGISTERED NUMBER: SC412932 (Scotland)






Democraft Limited (Registered number: SC412932)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 142 177
Tangible assets 5 1,815 1,121
1,957 1,298

CURRENT ASSETS
Stocks 3,750 -
Debtors 6 104,601 101,656
Cash at bank 56,700 77,674
165,051 179,330
CREDITORS
Amounts falling due within one year 7 1,039 6,371
NET CURRENT ASSETS 164,012 172,959
TOTAL ASSETS LESS CURRENT
LIABILITIES

165,969

174,257

PROVISIONS FOR LIABILITIES 8 345 213
NET ASSETS 165,624 174,044

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 9 165,623 174,043
SHAREHOLDERS' FUNDS 165,624 174,044

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Democraft Limited (Registered number: SC412932)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:





Mrs C Lowe - Director


Democraft Limited (Registered number: SC412932)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Democraft Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Intangible assets
Intangible assets are stated at cost less accumulated amortisation. Amortisation is provided at the following annual rates in order to write off the asset over its estimated useful life.

Development costs - 20% reducing balance

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Democraft Limited (Registered number: SC412932)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 January 2023
and 31 December 2023 2,013
AMORTISATION
At 1 January 2023 1,836
Amortisation for year 35
At 31 December 2023 1,871
NET BOOK VALUE
At 31 December 2023 142
At 31 December 2022 177

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023 3,432 2,362 5,794
Additions 1,300 - 1,300
At 31 December 2023 4,732 2,362 7,094
DEPRECIATION
At 1 January 2023 3,141 1,532 4,673
Charge for year 398 208 606
At 31 December 2023 3,539 1,740 5,279
NET BOOK VALUE
At 31 December 2023 1,193 622 1,815
At 31 December 2022 291 830 1,121

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by associates 99,500 101,500
Other debtors 5,101 156
104,601 101,656

Democraft Limited (Registered number: SC412932)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security - 2,816
Other creditors 1,039 3,555
1,039 6,371

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 345 213

Deferred
tax
£   
Balance at 1 January 2023 213
Accelerated Capital Allowance 132
Balance at 31 December 2023 345

9. RESERVES
Retained
earnings
£   

At 1 January 2023 174,043
Deficit for the year (420 )
Dividends (8,000 )
At 31 December 2023 165,623

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs C Lowe.