7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,050,000 925,005 41,667 966,672 83,328 124,995 xbrli:pure xbrli:shares iso4217:GBP SC283173 2023-01-01 2023-12-31 SC283173 2023-12-31 SC283173 2022-12-31 SC283173 2022-01-01 2022-12-31 SC283173 2022-12-31 SC283173 2021-12-31 SC283173 core:MotorVehicles 2023-01-01 2023-12-31 SC283173 core:NetGoodwill 2023-01-01 2023-12-31 SC283173 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 SC283173 bus:Director1 2023-01-01 2023-12-31 SC283173 bus:Director2 2023-01-01 2023-12-31 SC283173 core:WithinOneYear 2023-12-31 SC283173 core:WithinOneYear 2022-12-31 SC283173 core:NetGoodwill 2022-12-31 SC283173 core:NetGoodwill 2023-12-31 SC283173 core:MotorVehicles 2023-12-31 SC283173 core:AfterOneYear 2023-12-31 SC283173 core:AfterOneYear 2022-12-31 SC283173 core:ShareCapital 2023-12-31 SC283173 core:ShareCapital 2022-12-31 SC283173 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC283173 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC283173 core:NetGoodwill 2022-12-31 SC283173 bus:SmallEntities 2023-01-01 2023-12-31 SC283173 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC283173 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC283173 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC283173 bus:FullAccounts 2023-01-01 2023-12-31 SC283173 core:LeaseholdImprovements 2023-01-01 2023-12-31 SC283173 core:OfficeEquipment 2022-12-31 SC283173 core:LeaseholdImprovements 2022-12-31 SC283173 core:OfficeEquipment 2023-12-31 SC283173 core:LeaseholdImprovements 2023-12-31 SC283173 core:OfficeEquipment 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: SC283173
DMA Partnership Limited
Filleted Unaudited Financial Statements
31 December 2023
DMA Partnership Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
DMA Partnership Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of DMA Partnership Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of DMA Partnership Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of DMA Partnership Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of DMA Partnership Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DMA Partnership Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that DMA Partnership Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of DMA Partnership Limited. You consider that DMA Partnership Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of DMA Partnership Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
24 September 2024
DMA Partnership Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
83,328
124,995
Tangible assets
6
35,627
10,390
---------
---------
118,955
135,385
Current assets
Stocks
24,850
12,250
Debtors
7
56,046
47,013
Cash at bank and in hand
30,558
94,419
---------
---------
111,454
153,682
Creditors: amounts falling due within one year
8
145,735
124,907
---------
---------
Net current (liabilities)/assets
( 34,281)
28,775
---------
---------
Total assets less current liabilities
84,674
164,160
Creditors: amounts falling due after more than one year
9
38,912
42,446
Provisions
18,125
11,483
--------
---------
Net assets
27,637
110,231
--------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
26,637
109,231
--------
---------
Shareholders funds
27,637
110,231
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DMA Partnership Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr G Aikman
Mr S Aikman
Director
Director
Company registration number: SC283173
DMA Partnership Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 36c Speirs Wharf, Glasgow, G4 9TB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
25 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance and 20% straight line
Leasehold Improvements
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1,050,000
------------
Amortisation
At 1 January 2023
925,005
Charge for the year
41,667
------------
At 31 December 2023
966,672
------------
Carrying amount
At 31 December 2023
83,328
------------
At 31 December 2022
124,995
------------
6. Tangible assets
Motor vehicles
Equipment
Leasehold Improvements
Total
£
£
£
£
Cost
At 1 January 2023
65,198
7,907
73,105
Additions
36,943
36,943
--------
--------
-------
---------
At 31 December 2023
36,943
65,198
7,907
110,048
--------
--------
-------
---------
Depreciation
At 1 January 2023
54,808
7,907
62,715
Charge for the year
9,236
2,470
11,706
--------
--------
-------
---------
At 31 December 2023
9,236
57,278
7,907
74,421
--------
--------
-------
---------
Carrying amount
At 31 December 2023
27,707
7,920
35,627
--------
--------
-------
---------
At 31 December 2022
10,390
10,390
--------
--------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
56,046
44,430
Prepayments and accrued income
2,083
Other debtors
500
--------
--------
56,046
47,013
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,549
23,104
Trade creditors
3,546
3,808
Accruals and deferred income
7,264
6,810
Corporation tax
39,910
45,599
Social security and other taxes
54,607
41,591
Obligations under finance leases and hire purchase contracts
6,040
Director loan accounts
23
1,513
Other creditors
8,796
2,482
---------
---------
145,735
124,907
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,771
39,319
Other creditors
25,141
3,127
--------
--------
38,912
42,446
--------
--------
10. Directors' advances, credits and guarantees
At the year end, the total due from the company to the directors was £23 (2022- £1,513). The amounts are unsecured, interest free and repayable on demand.
11. Controlling party
The company was controlled by Mr G Aikman in the current year and previous year, by virtue of his shareholding.