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Registration number: 08277354

Dangly Hearts Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 30 November 2023

 

Dangly Hearts Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

Dangly Hearts Limited

Company Information

Directors

Mrs L Brown

Mr J Brown

Registered office

Cilfara Fach
Llanwrda
Carmarthenshiire
SA19 8ER

 

Accountants

W J James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Dangly Hearts Limited

(Registration number: 08277354)

Balance Sheet
as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

952

2,185

Current assets

 

Stocks

27,740

27,519

Cash at bank and in hand

 

3,681

1,703

 

31,421

29,222

Creditors: Amounts falling due within one year

5

(131,961)

(125,204)

Net current liabilities

 

(100,540)

(95,982)

Total assets less current liabilities

 

(99,588)

(93,797)

Creditors: Amounts falling due after more than one year

5

(3,730)

(4,330)

Net liabilities

 

(103,318)

(98,127)

Capital and reserves

 

Allotted, called up and fully paid shares

100

-

Profit and loss account

(103,418)

(98,127)

Total equity

 

(103,318)

(98,127)

For the financial year ending 30 November 2023 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.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

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.

 

Dangly Hearts Limited

(Registration number: 08277354)

Balance Sheet
as at 30 November 2023

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:
 

.........................................

Mrs L Brown

Director

.........................................

Mr J Brown

Director

 

Dangly Hearts Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

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:
Cilfara Fach
Llanwrda
Carmarthenshiire
SA19 8ER

These financial statements were authorised for issue by the Board on 22 November 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Due to continued losses, the directors have assessed the ability for the company to continue as a going concern. The business has been diversified to a new trade which they consider will be profitable over time. There are no significant debtors or creditors at the balance sheet date, or at the date of signing the accounts, other than the directors' current accounts owing to the directors. The directors have given their undertaking that these will not be repaid and the investment will remain in the busienss for the foreseeable future, rendering the business a going concern.

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.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Dangly Hearts Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

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

Furniture, fittings and equipment

25% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Dangly Hearts Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

6,997

6,997

Disposals

(2,854)

(2,854)

At 30 November 2023

4,143

4,143

Depreciation

At 1 December 2022

4,812

4,812

Charge for the year

318

318

Eliminated on disposal

(1,939)

(1,939)

At 30 November 2023

3,191

3,191

Carrying amount

At 30 November 2023

952

952

At 30 November 2022

2,185

2,185

 

Dangly Hearts Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

6

2,510

-

Other creditors

 

129,451

125,204

 

131,961

125,204

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

3,730

4,330

6

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

3,730

4,330

2023
£

2022
£

Current loans and borrowings

Other borrowings

2,510

-