Decent Capital Ltd |
Registered number: |
12359020 |
Balance Sheet |
as at 31 December 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Intangible assets |
3 |
|
|
153,490 |
|
|
185,490 |
|
|
|
|
153,490 |
|
|
185,490 |
|
Current assets |
Debtors |
4 |
|
2,003 |
|
|
83 |
Cash at bank and in hand |
|
|
343,026 |
|
|
484,667 |
|
|
|
345,029 |
|
|
484,750 |
|
Creditors: amounts falling due within one year |
5 |
|
(138,258) |
|
|
(186,378) |
|
Net current assets |
|
|
|
206,771 |
|
|
298,372 |
|
Total assets less current liabilities |
|
|
|
360,261 |
|
|
483,862 |
|
|
Provisions for liabilities |
|
|
|
(7,965) |
|
|
(10,424) |
|
|
Net assets |
|
|
|
352,296 |
|
|
473,438 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
77 |
|
|
100 |
Revaluation reserve |
6 |
|
|
20,971 |
|
|
3,146 |
Profit and loss account |
|
|
|
331,248 |
|
|
470,192 |
|
Shareholders' funds |
|
|
|
352,296 |
|
|
473,438 |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
P Baker |
Director |
Approved by the board on 18 February 2024 |
|
Decent Capital 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 as modified by the revaluation of certain assets and on a going concern basis 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. Turnover includes revenue earned from the rendering of services during the period. 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. |
|
|
Deferred revenue |
|
Deferred revenue is recognised in respect of payments received prior to the performance of services. |
|
|
Intangible fixed assets |
|
Intangible assets are initially measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is provided on the following assets to write off the cost of an asset, less its estimated residual value of over the useful life of that asset as follows: Development costs Over 5 years Digital assets are initially measured at cost less any accumulative impairment losses and are subsequently revalued and carried at a revalued amount less any accumulative impairment losses. Revaluation of digital assets shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. |
|
|
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. 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. 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.Current and deferred tax assets and liabilities are not discounted. |
|
|
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 and all differences are charged to profit or loss. The functional currency of the entity is USD, and this has been translated to the presentational currency using the closing rate at the date of the statement of financial position for assets and liabilities and the average rate for income and expenses. Exchanges differences are recognised in other comprehensive income. |
|
|
Leased assets |
|
Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
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 |
3 |
|
4 |
|
(including directors) |
|
|
3 |
Intangible fixed assets |
Software development |
|
Digital assets |
Total |
£ |
£ |
£ |
|
|
Cost |
|
At 1 January 2023 |
73,519 |
|
123,641 |
|
197,160 |
|
Additions |
5,869 |
|
- |
|
5,869 |
|
Disposals |
- |
|
(29,474) |
|
(29,474) |
|
Revaluation |
- |
|
17,401 |
|
17,401 |
|
At 31 December 2023 |
79,388 |
|
111,568 |
|
190,956 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 January 2023 |
21,588 |
|
- |
|
21,588 |
|
Provided during the year |
15,878 |
|
- |
|
15,878 |
|
At 31 December 2023 |
37,466 |
|
- |
|
37,466 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2023 |
41,922 |
|
111,568 |
|
153,490 |
|
At 31 December 2022 |
54,864 |
|
130,626 |
|
185,490 |
|
|
|
|
|
|
|
|
|
|
Digital assets have not been amortised due to the nature of the asset and this will be reviewed periodically. Opening balances have been converted to presentation currency using the closing rate at the date of the financial statement. |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Prepayments |
|
|
|
|
1,928 |
|
- |
|
Other debtors |
75 |
|
83 |
|
|
|
|
|
|
2,003 |
|
83 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
2,017 |
|
11,249 |
|
Taxation and social security costs |
35,119 |
|
43,353 |
|
Other creditors |
101,122 |
|
131,776 |
|
|
|
|
|
|
138,258 |
|
186,378 |
|
|
|
|
|
|
|
|
|
|
6 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 January 2023 |
3,146 |
|
52,284 |
|
Gain/(loss) on revaluation of intangible assets |
17,825 |
|
(49,138) |
|
|
At 31 December 2023 |
20,971 |
|
3,146 |
|
|
|
|
|
|
|
|
|
|
7 |
Other information |
|
|
Decent Capital Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
C/O Office 0.02, Baltimore House |
|
Baltic Business Quarter |
|
Gateshead |
|
NE8 3DF |