Dream Bay Entertainment Limited
Unaudited Financial Statements
For the period ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 14654539 (England and Wales)
Dream Bay Entertainment Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Dream Bay Entertainment Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
Notes
£
£
Fixed assets
Tangible assets
3
662
Current assets
Debtors
4
120,233
Cash at bank and in hand
375,527
495,760
Creditors: amounts falling due within one year
5
(522,032)
Net current liabilities
(26,272)
Net liabilities
(25,610)
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
(25,611)
Total equity
(25,610)
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 period ended 31 March 2024 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 period 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.
The financial statements were approved and signed by the director and authorised for issue on 29 November 2024
T Drachkovitch
Director
Company Registration No. 14654539
Dream Bay Entertainment Limited
Notes to the Financial Statements
For the period ended 31 March 2024
Page 2
1
Accounting policies
Company information
Dream Bay Entertainment Limited is a private company limited by shares incorporated in England and Wales. The registered office is 91 Wimpole Street, Marylebone, W1G 0EF.
1.1
Reporting period
The company was incorporated on 10 February 2023 and these financial statements cover the first period of accounts from incorporation to 31 March 2024.
1.2
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 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. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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:
Computers
3 years
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Dream Bay Entertainment Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Dream Bay Entertainment Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
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 period was:
2024
Number
Total
1
3
Tangible fixed assets
IT equipment
£
Cost
At 10 February 2023
Additions
662
At 31 March 2024
662
Depreciation and impairment
At 10 February 2023 and 31 March 2024
Carrying amount
At 31 March 2024
662
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
113,160
Other debtors
7,073
120,233
Dream Bay Entertainment Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 5
5
Creditors: amounts falling due within one year
2024
£
Trade creditors
6,674
Other creditors
413,468
Accruals and deferred income
101,890
522,032
6
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
of £1 each
1
1
7
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:
2024
£
Within one year
40,000
8
Directors' transactions
As at the year end, a balance of £405,738 was owed to the director of the company.
9
Controlling Party
The controlling party is T Drachkovitch by virtue of his shareholding in the company.