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Registration number: 03038398

Del.Fin.Co Ltd

Annual Report and Unaudited Financial Statements

for the year ended 31 December 2023

 

Del.Fin.Co Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Del.Fin.Co Ltd

(Registration number: 03038398)
Statement of Financial Position
31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,373

8,871

Investments

5

31,238

31,920

 

38,611

40,791

Current assets

 

Debtors

6

61,537

51,050

Cash at bank and in hand

 

136,906

157,085

 

198,443

208,135

Creditors: Amounts falling due within one year

7

(10,927)

(16,261)

Net current assets

 

187,516

191,874

Net assets

 

226,127

232,665

Capital and reserves

 

Called up share capital

75,000

75,000

Other reserves

77,085

83,951

Retained earnings

74,042

73,714

Shareholders' funds

 

226,127

232,665

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Del.Fin.Co Ltd

(Registration number: 03038398)
Statement of Financial Position
31 December 2023

Approved and authorised by the director on 23 September 2024
 

.........................................
G Ganetsos
Director

 

Del.Fin.Co Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wiston House
1 Wiston Avenue
Worthng
West Sussex
BN14 7QL

These financial statements were authorised for issue by the director on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

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.

 

Del.Fin.Co Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Motor vehicles

over 4 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Del.Fin.Co Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Del.Fin.Co Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

14,748

14,748

At 31 December 2023

14,748

14,748

Depreciation

At 1 January 2023

5,877

5,877

Charge for the year

1,498

1,498

At 31 December 2023

7,375

7,375

Carrying amount

At 31 December 2023

7,373

7,373

At 31 December 2022

8,871

8,871

5

Investments

2023
£

2022
£

Investments in associates

31,238

31,920

Associates

£

Cost

At 1 January 2023

31,920

Revaluation

(682)

At 31 December 2023

31,238

Provision

Carrying amount

At 31 December 2023

31,238

At 31 December 2022

31,920

 

Del.Fin.Co Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Associates

Atmakom SA

Greece

30%

30%

Associates

Atmakom SA

The principal activity of Atmakom SA is rubber flooring tiles production, plastics recycling and trading.

 

Del.Fin.Co Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

51,857

40,243

Amounts owed by related parties

9

9,361

9,565

Prepayments

 

(1)

922

Other debtors

 

320

320

   

61,537

51,050

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

7,450

14,347

Other creditors

3,477

1,914

10,927

16,261

 

Del.Fin.Co Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Foreign currency translation
£

Total
£

Foreign currency translation gains/losses

(6,866)

(6,866)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Foreign currency translation
£

Total
£

Foreign currency translation gains/losses

14,138

14,138

9

Related party transactions

 

Del.Fin.Co Ltd

Notes to the Unaudited Financial Statements
for the year ended 31 December 2023

Summary of transactions with associates

There were no transactions with Atmakom SA during the year. The company retained it's shareholding at 30%.