Registered number
01324937
DCD Trade Services Limited
Filleted Accounts
31 December 2023
DCD Trade Services Limited
Registered number: 01324937
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 208,619 264,452
Cash at bank and in hand 497,329 453,426
705,948 717,878
Creditors: amounts falling due within one year 4 (12,461,397) (12,457,243)
Net current liabilities (11,755,449) (11,739,365)
Total assets less current liabilities (11,755,449) (11,739,365)
Capital and reserves
Called up share capital 500,000 500,000
Profit and loss account (12,255,449) (12,239,365)
Shareholders' funds (11,755,449) (11,739,365)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
F. Randeree
Director
Approved by the board on 23 May 2024
DCD Trade Services Limited
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).
The accounts have been prepared on a going concern basis although the company is insolvent because the directors will inject the necessary fund as and when required.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - 1
3 Debtors 2023 2022
£ £
Trade debtors 14,170,754 14,170,754
Less provision for bad debts (14,170,754) (14,170,754)
Amounts owed by group undertakings and undertakings in which the company has a participating interest 119,185 119,185
Other debtors 89,434 145,267
208,619 264,452
The company made full provision for its overdue trade debts but any amounts received from trade debtors following court actions are recognised as other operational income.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 47,847 47,847
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,473,687 1,473,687
Taxation and social security costs - 1,096
Other creditors 10,939,863 10,934,613
12,461,397 12,457,243
5 Controlling party
The company is wholly owned by DCD Finance (UK) Ltd, a company registered in England and Wales.
6 Other information
DCD Trade Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor
85 Strand
London
WC2R 0RD
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