Company registration number 07414447 (England and Wales)
DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD)
COMPANY INFORMATION
Director
Mr PH Cole
Company number
07414447
Registered office
Unit 12 Llwyn Y Graig
Garngoch Industrial Estate
Gorseinon
Swansea
West Glamorgan
SA4 9WG
Accountants
WBV Limited
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD)
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD)
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD) FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Decascents Limited (previously known as Decadent Vapours Ltd) for the year ended 31 October 2023 which comprise, the balance sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Decascents Limited (previously known as Decadent Vapours Ltd), as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Decascents Limited (previously known as Decadent Vapours Ltd) and state those matters that we have agreed to state to the board of directors of Decascents Limited (previously known as Decadent Vapours Ltd), as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Decascents Limited (previously known as Decadent Vapours Ltd) and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Decascents Limited (previously known as Decadent Vapours Ltd) 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 Decascents Limited (previously known as Decadent Vapours Ltd). You consider that Decascents Limited (previously known as Decadent Vapours Ltd) 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 Decascents Limited (previously known as Decadent Vapours Ltd). 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.

WBV Limited
31 October 2024
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD)
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
2,446
Tangible assets
4
263,906
294,426
263,906
296,872
Current assets
Stocks
43,941
82,611
Debtors
5
44,315
13,918
Cash at bank and in hand
13,227
54,501
101,483
151,030
Creditors: amounts falling due within one year
6
(470,739)
(368,935)
Net current liabilities
(369,256)
(217,905)
Total assets less current liabilities
(105,350)
78,967
Creditors: amounts falling due after more than one year
7
(100,851)
(144,238)
Provisions for liabilities
(2,657)
(3,539)
Net liabilities
(208,858)
(68,810)
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
(208,859)
(68,811)
Total equity
(208,858)
(68,810)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD)
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr PH Cole
Director
Company registration number 07414447 (England and Wales)
DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information

Decascents Limited (previously known as Decadent Vapours Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is Unit 12 Llwyn Y Graig, Garngoch Industrial Estate, Gorseinon, Swansea, West Glamorgan, SA4 9WG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business some years ago has been fully amortised.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
evenly over its estimated useful life of 10 years
Patents & licences
fully amortised
DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Improvements to property
10% on cost
Plant and equipment
15% on reducing balance
Fixtures and fittings
10% on cost
Computers
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
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.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
15
14
DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
50,000
33,105
83,105
Amortisation and impairment
At 1 November 2022
50,000
30,659
80,659
Amortisation charged for the year
-
0
2,446
2,446
At 31 October 2023
50,000
33,105
83,105
Carrying amount
At 31 October 2023
-
0
-
0
-
0
At 31 October 2022
-
0
2,446
2,446
4
Tangible fixed assets
Freehold land and buildings
Improvements to property
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 November 2022 and 31 October 2023
313,513
196,098
45,575
35,475
35,160
625,821
Depreciation and impairment
At 1 November 2022
57,323
176,488
31,681
32,021
33,882
331,395
Depreciation charged in the year
6,270
19,610
2,084
1,278
1,278
30,520
At 31 October 2023
63,593
196,098
33,765
33,299
35,160
361,915
Carrying amount
At 31 October 2023
249,920
-
0
11,810
2,176
-
0
263,906
At 31 October 2022
256,190
19,610
13,894
3,454
1,278
294,426
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,166
7,199
Other debtors
41,149
6,719
44,315
13,918
DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
43,600
42,400
Trade creditors
92,712
63,159
Taxation and social security
249,741
207,353
Other creditors
84,686
56,023
470,739
368,935
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
100,851
144,238
8
Secured debts

The following secured debts are included within creditors:

 

2023 2022

£ £

Other loans 110,284 £142,471

 

The mortgage is secured by a fixed charge over the property held in the company.

9
Going concern

The directors are aware that the company's liabilities exceeded its assets at 31-10-2023. They have considered the current trading position and are satisfied that both sales and results have improved since the year end.

They are satisfied that the going concern basis is appropriate for the preparation of the financial statements and have considered the period of 12 months from the approval of the financial statements when reaching its conclusion.

The directors have confirmed that they will continue to support the company.

If the going concern basis is not appropriate, adjustments may be required to the carrying value of assets and liabilities in the accounts. No such adjustments have been made in the year to 31-10-2023.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1
1
1
1
DECASCENTS LIMITED (PREVIOUSLY KNOWN AS DECADENT VAPOURS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
17,551
25,231
12
Directors' transactions

The balance of £16,501 is an amount owing to the director, by the company.

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