Acorah Software Products - Accounts Production 16.0.110 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 10774016 Mr D G Martin true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10774016 2023-05-31 10774016 2024-05-31 10774016 2023-06-01 2024-05-31 10774016 frs-core:CurrentFinancialInstruments 2024-05-31 10774016 frs-core:ShareCapital 2024-05-31 10774016 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 10774016 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10774016 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 10774016 frs-bus:SmallEntities 2023-06-01 2024-05-31 10774016 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 10774016 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10774016 1 2023-06-01 2024-05-31 10774016 frs-bus:Director1 2023-06-01 2024-05-31 10774016 frs-countries:EnglandWales 2023-06-01 2024-05-31 10774016 2022-05-31 10774016 2023-05-31 10774016 2022-06-01 2023-05-31 10774016 frs-core:CurrentFinancialInstruments 2023-05-31 10774016 frs-core:ShareCapital 2023-05-31 10774016 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 10774016
DGWM Financial Limited
Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10774016
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 - 18,000
Investments 5 146,826 94,438
Cash at bank and in hand 439,162 428,296
585,988 540,734
Creditors: Amounts Falling Due Within One Year 6 (78,255 ) (129,686 )
NET CURRENT ASSETS (LIABILITIES) 507,733 411,048
TOTAL ASSETS LESS CURRENT LIABILITIES 507,733 411,048
NET ASSETS 507,733 411,048
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 507,633 410,948
SHAREHOLDERS' FUNDS 507,733 411,048
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For the year ending 31 May 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 D G Martin
Director
20 November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
DGWM Financial Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10774016 . The registered office is Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
The company's principal activity continues to be that of financial consultancy.
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. 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.
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.
2.3. Financial Instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
...CONTINUED
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2.3. Financial Instruments - continued
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 18,000
5. Current Asset Investments
2024 2023
£ £
Listed investments 146,826 94,438
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 35,161 124,435
Taxation and social security 43,094 5,251
78,255 129,686
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Directors Advances, Credits and Guarantees
Included in other creditors due within one year are loans from the directors, Mr D Martin amounting to £32,551 (2023 - £121,672) 
The above loan is unsecured, interest free and repayable on demand.
9. Controlling Parties
The company's ultimate controlling party is Mr D Martin by virtue of their interest in the share capital of the company.
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