Dair Limited 04649901 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of advisory services. Digita Accounts Production Advanced 6.30.9574.0 true 04649901 2023-04-01 2024-03-31 04649901 2024-03-31 04649901 core:CurrentFinancialInstruments 2024-03-31 04649901 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04649901 core:FurnitureFittingsToolsEquipment 2024-03-31 04649901 bus:SmallEntities 2023-04-01 2024-03-31 04649901 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04649901 bus:FullAccounts 2023-04-01 2024-03-31 04649901 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04649901 bus:RegisteredOffice 2023-04-01 2024-03-31 04649901 bus:Director1 2023-04-01 2024-03-31 04649901 bus:Director3 2023-04-01 2024-03-31 04649901 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04649901 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04649901 core:OfficeEquipment 2023-04-01 2024-03-31 04649901 countries:EnglandWales 2023-04-01 2024-03-31 04649901 2023-03-31 04649901 core:FurnitureFittingsToolsEquipment 2023-03-31 04649901 2022-04-01 2023-03-31 04649901 2023-03-31 04649901 core:CurrentFinancialInstruments 2023-03-31 04649901 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04649901 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 04649901

Prepared for the registrar

Dair Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Dair Limited

(Registration number: 04649901)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,519

10,744

Current assets

 

Debtors

5

88,237

39,775

Cash at bank and in hand

 

104,490

186,260

 

192,727

226,035

Creditors: Amounts falling due within one year

6

(121,906)

(100,371)

Net current assets

 

70,821

125,664

Total assets less current liabilities

 

86,340

136,408

Deferred tax liabilities

 

(3,880)

(3,753)

Net assets

 

82,460

132,655

Capital and reserves

 

Called up share capital

249

249

Profit and loss account

82,211

132,406

Shareholders' funds

 

82,460

132,655

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 November 2024 and signed on its behalf by:
 


G Mountford
Director


M A Perkins
Director

 

Dair Limited

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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4 St. James Terrace
Suffolk Parade
Cheltenham
Gloucestershire
GL50 2AA

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Dair Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Straight line at 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Dair Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 3).

 

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 April 2023

34,898

34,898

Additions

11,901

11,901

At 31 March 2024

46,799

46,799

Depreciation

At 1 April 2023

24,154

24,154

Charge for the year

7,126

7,126

At 31 March 2024

31,280

31,280

Carrying amount

At 31 March 2024

15,519

15,519

At 31 March 2023

10,744

10,744

 

Dair Limited

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

 

5

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

82,179

37,446

Amounts owed by related parties

8

-

305

Other debtors

 

3,709

-

Prepayments

 

2,349

2,024

   

88,237

39,775

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

7

27,816

10,370

Trade creditors

 

48,120

21,040

Social security and other taxes

 

1,652

14,697

Other creditors

 

450

1,092

Accrued expenses

 

4,474

687

Corporation tax liability

39,394

52,485

 

121,906

100,371

 

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

27,816

10,370

 

8

Related party transactions

Summary of transactions with other related parties

At 31 March 2024 the company owed £27,816 (2023: £10,370) to directors of the company. There are no fixed repayment terms and no interest is charged on the outstanding balance.