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REGISTERED NUMBER: 11947523 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2023

FOR

DARS MANAGEMENT CO LTD

DARS MANAGEMENT CO LTD (REGISTERED NUMBER: 11947523)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


DARS MANAGEMENT CO LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







Directors: R Jones
D Pomeroy





Registered office: Network House
Thorn Office Centre
Rotherwas
Hereford
Herefordshire
HR2 6JT





Registered number: 11947523 (England and Wales)

DARS MANAGEMENT CO LTD (REGISTERED NUMBER: 11947523)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £ £ £
Fixed assets
Intangible assets 4 141,646 167,796
Tangible assets 5 78,879 98,967
220,525 266,763

Current assets
Stocks 6 386,638 396,246
Debtors 7 332,201 392,848
Cash at bank and in hand 357,348 442,982
1,076,187 1,232,076
Creditors
Amounts falling due within one year 8 638,759 821,379
Net current assets 437,428 410,697
Total assets less current liabilities 657,953 677,460

Creditors
Amounts falling due after more than one
year

9

(20,484

)

(63,755

)

Provisions for liabilities 11 (19,800 ) (24,800 )
Net assets 617,669 588,905

DARS MANAGEMENT CO LTD (REGISTERED NUMBER: 11947523)

BALANCE SHEET - continued
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £ £ £ £
Capital and reserves
Called up share capital 12 100 100
Retained earnings 617,569 588,805
Shareholders' funds 617,669 588,905

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

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

The directors acknowledge their 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th September 2024 and were signed on its behalf by:





R Jones - Director


DARS MANAGEMENT CO LTD (REGISTERED NUMBER: 11947523)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. Statutory information

DARS Management Co Ltd is a private company, limited by shares , registered in England and Wales. 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery20% SL
Office equipment20% SL & 25% SL & 20% RB
Motor vehicles25% RB

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

DARS MANAGEMENT CO LTD (REGISTERED NUMBER: 11947523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducing all of its liabilities.

DARS MANAGEMENT CO LTD (REGISTERED NUMBER: 11947523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. Accounting policies - continued
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Research & development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

DARS MANAGEMENT CO LTD (REGISTERED NUMBER: 11947523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. Accounting policies - continued

Hire purchase & leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs & other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees (including officers)

The average number of employees during the year was 13 (2022 - 15 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1st January 2023
and 31st December 2023 275,250
Amortisation
At 1st January 2023 107,454
Amortisation for year 26,150
At 31st December 2023 133,604
Net book value
At 31st December 2023 141,646
At 31st December 2022 167,796

DARS MANAGEMENT CO LTD (REGISTERED NUMBER: 11947523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


5. Tangible fixed assets
Plant & Motor Office
machinery vehicles equipment Totals
£ £ £ £
Cost
At 1st January 2023 43,188 63,674 69,360 176,222
Additions 682 - 6,422 7,104
Disposals (3,228 ) - (11,509 ) (14,737 )
At 31st December 2023 40,642 63,674 64,273 168,589
Depreciation
At 1st January 2023 12,097 36,812 28,346 77,255
Charge for year 8,128 6,716 9,282 24,126
Eliminated on disposal (2,315 ) - (9,356 ) (11,671 )
At 31st December 2023 17,910 43,528 28,272 89,710
Net book value
At 31st December 2023 22,732 20,146 36,001 78,879
At 31st December 2022 31,091 26,862 41,014 98,967

The net book value of tangible fixed assets includes £ 20,146 (2022 - £ 26,862 ) in respect of assets held under hire purchase contracts.

6. Stocks
31.12.23 31.12.22
£ £
Stocks 386,638 396,246

7. Debtors: amounts falling due within one year
31.12.23 31.12.22
£ £
Trade debtors 299,228 366,665
Prepayments & other debtors 32,973 26,183
332,201 392,848

DARS MANAGEMENT CO LTD (REGISTERED NUMBER: 11947523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


8. Creditors: amounts falling due within one year
31.12.23 31.12.22
£ £
Bank loans 10,000 18,124
Hire purchase contracts (see note 10) 8,062 11,007
Trade creditors 216,398 348,977
Amounts owed to group undertakings 200 2,976
Corporation tax 69,400 20,438
Social security & other tax 53,283 121,518
Other creditors 6,485 278
Directors' loan accounts 274,376 295,072
Accruals 555 2,989
638,759 821,379

9. Creditors: amounts falling due after more than one year
31.12.23 31.12.22
£ £
Bank loans two to five years 17,500 52,709
Hire purchase contracts (see note 10) 2,984 11,046
20,484 63,755

10. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£ £
Net obligations repayable:
Within one year 8,062 11,007
Between one and five years 2,984 11,046
11,046 22,053

Non-cancellable
operating leases
31.12.23 31.12.22
£ £
Within one year 58,140 58,848
Between one and five years 22,154 82,241
80,294 141,089

DARS MANAGEMENT CO LTD (REGISTERED NUMBER: 11947523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


11. Provisions for liabilities
31.12.23 31.12.22
£ £
Deferred tax 19,800 24,800

Deferred tax
£
Balance at 1st January 2023 24,800
Utilised during year (5,000 )
Balance at 31st December 2023 19,800

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £ £
100 Ordinary shares £1 100 100

13. Contingent liabilities

There were no contingent liabilities at 31st December 2023.

14. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Directors
During the year, the directors of the company used a current account with the company to record amounts due to them and amounts drawn by them. The balance owed by the company at the end of the year was £274,376 (2022: £295,072).

Other related parties
The following transactions took place with related parties during the year.

Other related
parties
£   
Loans issued18,777
Loans repaid25,000
Amounts owed to related parties6,311

Amounts owed to related parties are included within other creditors.

DARS MANAGEMENT CO LTD (REGISTERED NUMBER: 11947523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


15. Ultimate controlling party

The company is a wholly owned subsidiary of DARS Holding Co Ltd
Company registration number: 11938301
Company registered office address: Network House
Thorn Office Centre
Rotherwas
Hereford
HR2 6JT