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Registered number: 13866459
Daily Shot Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Skymark Financial Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13866459
31 January 2024 31 January 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 37,708 39,400
37,708 39,400
CURRENT ASSETS
Stocks 5 6,500 5,500
Debtors 6 2 2
Cash at bank and in hand 2,078 399
8,580 5,901
Creditors: Amounts Falling Due Within One Year 7 (87,231 ) (67,717 )
NET CURRENT ASSETS (LIABILITIES) (78,651 ) (61,816 )
TOTAL ASSETS LESS CURRENT LIABILITIES (40,943 ) (22,416 )
NET LIABILITIES (40,943 ) (22,416 )
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account (40,945 ) (22,418 )
SHAREHOLDERS' FUNDS (40,943) (22,416)
Page 1
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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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Renaldo Tasimi
Director
25/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Daily Shot Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13866459 . The registered office is 22 Aldensley Road, London, London, W6 0DH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company had net (liabilities) amounting to (£40,843) 2023:(£22,416) and incurred a net (loss) after tax of (£18,527) 2023:(£22,418).
The directors have concluded that a material uncertainly exists that cast’s significant doubt
upon the company's ability to continue as a going concern and that, therefore, the company
may be unable to realise its assets and discharge its liabilities in the normal course of
business.
However, the shareholders have expressed their willingness to provide financial support for
the next 12 months as from the date of approval of the financial statements in order for the
company to meet its current liabilities, therefore the directors continue to adopt the going
concern basis of accounting.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 4% straight line
Plant & Machinery 15% on reducing balance
Fixtures & Fittings 20% on reducing balance
Computer Equipment 33.33% on reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 February 2023 40,000 1,250 41,250
Additions - 135 135
As at 31 January 2024 40,000 1,385 41,385
Depreciation
As at 1 February 2023 1,600 250 1,850
Provided during the period 1,600 227 1,827
As at 31 January 2024 3,200 477 3,677
Net Book Value
As at 31 January 2024 36,800 908 37,708
As at 1 February 2023 38,400 1,000 39,400
5. Stocks
31 January 2024 31 January 2023
£ £
Materials 6,500 5,500
6. Debtors
31 January 2024 31 January 2023
£ £
Due within one year
Called up share capital not paid 2 2
7. Creditors: Amounts Falling Due Within One Year
31 January 2024 31 January 2023
£ £
Trade creditors 1 1
Bank loans and overdrafts 33,500 9,000
Other taxes and social security 3,021 434
VAT 16,097 5,454
Net wages - 1,897
Director's loan account 34,612 50,931
87,231 67,717
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8. Share Capital
31 January 2024 31 January 2023
£ £
Called Up Share Capital not Paid 2 2
Amount of Allotted, Called Up Share Capital 2 2
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