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COMPANY REGISTRATION NUMBER: 07920918
DWB Associates (UK) Limited
Filleted Unaudited Financial Statements
31 January 2024
DWB Associates (UK) Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Officers and professional advisers
1
Report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
DWB Associates (UK) Limited
Officers and Professional Advisers
Director Mr D Beharrie
- Director
Registered office
98 Rushfold Street
Longsight
Manchester
England
M12 4NT
Accountants
Sterling Finance [UK] Limited
Chartered accountants
Westbourne House
159 Oldham Road
Ashton Under Lyne
Lancashire
United Kingdom
OL7 9AR
DWB Associates (UK) Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of DWB Associates (UK) Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of DWB Associates (UK) Limited for the year ended 31 January 2024, 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of DWB Associates (UK) Limited in accordance with the terms of our engagement letter dated 14 May 2012. Our work has been undertaken solely to prepare for your approval the financial statements of DWB Associates (UK) Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DWB Associates (UK) Limited and its director for our work or for this report.
It is your duty to ensure that DWB Associates (UK) 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 profit of DWB Associates (UK) Limited. You consider that DWB Associates (UK) 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 DWB Associates (UK) 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.
Sterling Finance [UK] Limited Chartered accountants
Westbourne House 159 Oldham Road Ashton Under Lyne Lancashire United Kingdom OL7 9AR
30 September 2024
DWB Associates (UK) Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Current assets
Debtors
6
( 1,800)
Cash at bank and in hand
101,633
49,353
---------
--------
101,633
47,553
Creditors: amounts falling due within one year
7
20,802
5,948
---------
--------
Net current assets
80,831
41,605
--------
--------
Total assets less current liabilities
80,831
41,605
Creditors: amounts falling due after more than one year
8
1,391
638
--------
--------
Net assets
79,440
40,967
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
79,340
40,867
--------
--------
Shareholders funds
79,440
40,967
--------
--------
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 January 2024 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DWB Associates (UK) Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Mr D Beharrie
Director
Company registration number: 07920918
DWB Associates (UK) Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 98 Rushfold Street, Longsight, Manchester, M12 4NT, England.
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.
Going concern
The Company meets its day to day capital requirements through cash generated from trading and its cash resources raised from investors. The Director believes that the Company has access to considerable financial resources and, as a consequence, believe that it is well places to manage its business risks successfully. The Company's forecasts and projections show that the Director has a reasonable expectation that the Company has sufficient resources to continue in existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
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.
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:
Equipment
-
33% straight line
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.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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 1 (2023: 1 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 February 2023 and 31 January 2024
1,628
1,628
-------
-------
Depreciation
At 1 February 2023 and 31 January 2024
1,628
1,628
-------
-------
Carrying amount
At 31 January 2024
-------
-------
At 31 January 2023
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
( 1,800)
----
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16
Corporation tax
19,656
5,948
Social security and other taxes
1,130
--------
-------
20,802
5,948
--------
-------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,391
638
-------
----
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr D Beharrie
( 1,391)
( 638)
-------
----
10. Related party transactions
The company was under the control of Mr D Beharrie throughout the current and previous year. Mr D Beharrie is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities