Dynasty (Wainscott) Limited 04800318 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of a chinese takeaway. Digita Accounts Production Advanced 6.30.9574.0 true true 04800318 2023-04-01 2024-03-31 04800318 2024-03-31 04800318 core:RetainedEarningsAccumulatedLosses 2024-03-31 04800318 core:ShareCapital 2024-03-31 04800318 core:CurrentFinancialInstruments 2024-03-31 04800318 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04800318 core:Goodwill 2024-03-31 04800318 core:FurnitureFittingsToolsEquipment 2024-03-31 04800318 bus:SmallEntities 2023-04-01 2024-03-31 04800318 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04800318 bus:FilletedAccounts 2023-04-01 2024-03-31 04800318 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04800318 bus:RegisteredOffice 2023-04-01 2024-03-31 04800318 bus:Director1 2023-04-01 2024-03-31 04800318 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04800318 core:Goodwill 2023-04-01 2024-03-31 04800318 core:FurnitureFittings 2023-04-01 2024-03-31 04800318 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04800318 countries:EnglandWales 2023-04-01 2024-03-31 04800318 2023-03-31 04800318 core:Goodwill 2023-03-31 04800318 core:FurnitureFittingsToolsEquipment 2023-03-31 04800318 2022-04-01 2023-03-31 04800318 2023-03-31 04800318 core:RetainedEarningsAccumulatedLosses 2023-03-31 04800318 core:ShareCapital 2023-03-31 04800318 core:CurrentFinancialInstruments 2023-03-31 04800318 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04800318 core:Goodwill 2023-03-31 04800318 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 04800318

Dynasty (Wainscott) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Dynasty (Wainscott) Limited

(Registration number: 04800318)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

1,000

Tangible assets

5

277

370

 

277

1,370

Current assets

 

Stocks

6

1,731

1,589

Debtors

7

4,497

4,979

Cash at bank and in hand

 

49,117

43,567

 

55,345

50,135

Creditors: Amounts falling due within one year

8

(14,826)

(21,123)

Net current assets

 

40,519

29,012

Total assets less current liabilities

 

40,796

30,382

Provisions for liabilities

(53)

(70)

Net assets

 

40,743

30,312

Capital and reserves

 

Called up share capital

100

100

Retained earnings

40,643

30,212

Shareholders' funds

 

40,743

30,312

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.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Dynasty (Wainscott) Limited

(Registration number: 04800318)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 29 November 2024
 

.........................................
Mr TF Yau
Director

 

Dynasty (Wainscott) 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:
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG
England

The principal place of business is:
113 Wainscott Road
Wainscott
Rochester
Kent
ME2 4JX

These financial statements were authorised for issue by the director on 29 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

The financial statements have been prepared on a going concern basis.

 

Dynasty (Wainscott) Limited

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

Judgements

The company may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:

i) Tangible fixed assets: the director annually assess both the residual value of these assets and the expected useful life of such assets based on experience.

ii) Own consumption: the director annually assess the expected own consumption in the year.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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

Fixtures and fittings

25% on reducing balance

 

Dynasty (Wainscott) Limited

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Amortisation over 20 years from 2003

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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.

 

Dynasty (Wainscott) Limited

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

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 4).

 

Dynasty (Wainscott) Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

60,000

60,000

At 31 March 2024

60,000

60,000

Amortisation

At 1 April 2023

59,000

59,000

Amortisation charge

1,000

1,000

At 31 March 2024

60,000

60,000

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

1,000

1,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

13,662

13,662

At 31 March 2024

13,662

13,662

Depreciation

At 1 April 2023

13,292

13,292

Charge for the year

93

93

At 31 March 2024

13,385

13,385

Carrying amount

At 31 March 2024

277

277

At 31 March 2023

370

370

6

Stocks

2024
£

2023
£

Other inventories

1,731

1,589

 

Dynasty (Wainscott) Limited

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

7

Debtors

Current

2024
£

2023
£

Prepayments

4,267

4,246

Other debtors

230

733

 

4,497

4,979

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

2,807

4,192

Trade creditors

 

2,420

1,672

Taxation and social security

 

6,553

4,423

Accruals and deferred income

 

3,046

10,836

 

14,826

21,123

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

2,807

4,192