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Registered number: 05195337










DRAGONFLY VENTURE (UK) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
DRAGONFLY VENTURE (UK) LIMITED
REGISTERED NUMBER: 05195337

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
2,570,930
2,070,439

Cash at bank and in hand
 5 
5,770
5,848

  
2,576,700
2,076,287

Creditors: amounts falling due within one year
 6 
(1,636,820)
(1,541,934)

Net current assets
  
 
 
939,880
 
 
534,353

Total assets less current liabilities
  
939,880
534,353

  

Net assets
  
939,880
534,353


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
 8 
939,879
534,352

  
939,880
534,353


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 January 2025.




C Maughan
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
DRAGONFLY VENTURE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Dragonfly Venture (UK) Limited (Company no: 05195337) is a private company limited by shares incorporated in England and Wales. The Company's  principal place of business is 3A Holywell Hill, St Albans, Hertfordshire, AL1 1ER.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company's functional currency is pound sterling (£) and the results are published in round £'s.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is reliant on the director and entities under his control to meet its ordinary working capital requirements. The director and entities under his control have sufficient resources to be able to provide the required support. 
Having regard to the above, the director believes it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue represents royalty income receivable, and is accrued in accordance with the substance of the underlying agreement.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
DRAGONFLY VENTURE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.11

Dividends

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.

Page 3

 
DRAGONFLY VENTURE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

4.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
2,570,830
2,070,439

Prepayments and accrued income
100
-

2,570,930
2,070,439



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,770
5,848

5,770
5,848


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
1,534,924
1,407,785

Corporation tax
90,650
125,342

Accruals and deferred income
11,246
8,807

1,636,820
1,541,934


Page 4

 
DRAGONFLY VENTURE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary share of £1.00
1
1



8.


Reserves

Profit and loss account

This reserve represents retained profits/(losses) of current and prior periods. Movements are detailed in the Statement of Income and Retained Earnings.


9.


Contingent liabilities

The Company has made an unlimited multilateral guarantee along with other companies within the group headed by Dragonfly Venture Group Limited. No amounts are owed under this guarantee at present and the Company has not been called on to make any payments as a result of this in the past.


10.


Related party transactions

The Company has taken advantage of the exemption available under FRS102 Section 1A not to disclose transactions with other wholly owned group undertakings.


11.


Controlling party

The ultimate controlling party of the company is C Maughan through his control of the company's parent undertaking Dragonfly Venture Group Limited, a company incorporated in England and Wales, which has its registered office at 32 Portland Terrace, Newcastle upon Tyne, Tyne & Wear, NE2 1QP.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 13 January 2025 by Peter Charles BSc FCA (Senior Statutory Auditor) on behalf of Robson Laidler Accountants Limited.

 
Page 5