IRIS Accounts Production v24.3.0.553 02024052 director 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh020240522023-03-31020240522024-03-31020240522023-04-012024-03-31020240522022-03-31020240522022-04-012023-03-31020240522023-03-3102024052ns15:EnglandWales2023-04-012024-03-3102024052ns14:PoundSterling2023-04-012024-03-3102024052ns10:Director12023-04-012024-03-3102024052ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3102024052ns10:SmallEntities2023-04-012024-03-3102024052ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3102024052ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3102024052ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102024052ns10:FullAccounts2023-04-012024-03-3102024052ns10:CompanySecretary12023-04-012024-03-3102024052ns10:RegisteredOffice2023-04-012024-03-3102024052ns5:CurrentFinancialInstruments2024-03-3102024052ns5:CurrentFinancialInstruments2023-03-3102024052ns5:Non-currentFinancialInstruments2024-03-3102024052ns5:Non-currentFinancialInstruments2023-03-3102024052ns5:ShareCapital2024-03-3102024052ns5:ShareCapital2023-03-3102024052ns5:RetainedEarningsAccumulatedLosses2024-03-3102024052ns5:RetainedEarningsAccumulatedLosses2023-03-3102024052ns5:PlantMachinery2023-04-012024-03-3102024052ns5:FurnitureFittings2023-04-012024-03-3102024052ns5:MotorVehicles2023-04-012024-03-3102024052ns5:LandBuildings2023-03-3102024052ns5:PlantMachinery2023-03-3102024052ns5:FurnitureFittings2023-03-3102024052ns5:MotorVehicles2023-03-3102024052ns5:LandBuildings2023-04-012024-03-3102024052ns5:LandBuildings2024-03-3102024052ns5:PlantMachinery2024-03-3102024052ns5:FurnitureFittings2024-03-3102024052ns5:MotorVehicles2024-03-3102024052ns5:LandBuildings2023-03-3102024052ns5:PlantMachinery2023-03-3102024052ns5:FurnitureFittings2023-03-3102024052ns5:MotorVehicles2023-03-3102024052ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3102024052ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3102024052ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2024-03-3102024052ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-03-31
REGISTERED NUMBER: 02024052 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Darn It Limited

Darn It Limited (Registered number: 02024052)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Darn It Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr F Darabi





SECRETARY: Mr F Darabi





REGISTERED OFFICE: 15 Carlisle Road
Hunslet
Leeds
LS10 1LB





REGISTERED NUMBER: 02024052 (England and Wales)





ACCOUNTANTS: Aysgarth Chartered Accountants
Suite 3b
Kings House
1 King Street
Leeds
LS1 2HH

Darn It Limited (Registered number: 02024052)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 515,470 528,953

CURRENT ASSETS
Stocks 154,489 107,770
Debtors 5 1,782,654 1,870,298
Cash at bank and in hand 2,812,849 2,218,784
4,749,992 4,196,852
CREDITORS
Amounts falling due within one year 6 317,910 351,195
NET CURRENT ASSETS 4,432,082 3,845,657
TOTAL ASSETS LESS CURRENT LIABILITIES 4,947,552 4,374,610

CREDITORS
Amounts falling due after more than one
year

7

11,900

18,700
NET ASSETS 4,935,652 4,355,910

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,935,552 4,355,810
SHAREHOLDERS' FUNDS 4,935,652 4,355,910

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Darn It Limited (Registered number: 02024052)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 October 2024 and were signed by:





Mr F Darabi - Director


Darn It Limited (Registered number: 02024052)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Darn It Limited 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

No amortisation is provided in respect of the freehold property as, in the opinion of the director, its net book value is not materially different to its net realisable value.

All tangible fixed assets are recorded at cost, being purchase price less accumulated depreciation.

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

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

Pension costs and 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 AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

Darn It Limited (Registered number: 02024052)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 478,987 35,122 15,893 53,897 583,899
Additions - - 1,991 - 1,991
Disposals - (4,680 ) - - (4,680 )
At 31 March 2024 478,987 30,442 17,884 53,897 581,210
DEPRECIATION
At 1 April 2023 - 19,146 11,000 24,800 54,946
Charge for year - 3,515 2,260 9,699 15,474
Eliminated on disposal - (4,680 ) - - (4,680 )
At 31 March 2024 - 17,981 13,260 34,499 65,740
NET BOOK VALUE
At 31 March 2024 478,987 12,461 4,624 19,398 515,470
At 31 March 2023 478,987 15,976 4,893 29,097 528,953

5. DEBTORS
31/3/24 31/3/23
£    £   
Amounts falling due within one year:
Trade debtors 1,264 26,203
Other debtors 37,846 107,061
39,110 133,264

Amounts falling due after more than one year:
Other debtors 1,743,544 1,737,034

Aggregate amounts 1,782,654 1,870,298

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Hire purchase contracts 6,800 6,800
Trade creditors 18,313 99,920
Taxation and social security 267,226 189,903
Other creditors 25,571 54,572
317,910 351,195

Darn It Limited (Registered number: 02024052)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/24 31/3/23
£    £   
Hire purchase contracts 11,900 18,700

8. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
£    £   
Hire purchase contracts 18,700 25,500

9. RELATED PARTY DISCLOSURES

Included in other debtors due after more than one year is a loan to Pardis Investments Limited, a company 100% owned by the director Mr F Darabi. No interest is charged on the loan and there is no repayment term. At the balance sheet date the loan was £1,743,544 (2023: £1,737,034).

During the year the company rented a commercial unit from Pardis Investments Limited and paid rent of £21,000 (2023: £62,833).

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr F Darabi.