Silverfin false false 31/07/2024 01/08/2023 31/07/2024 P J Bennett 25/05/2006 J R Bourne 25/05/2006 D Flynn 11/10/2019 C Sever 01/03/2022 17 February 2025 no description of principal activity 01469426 2024-07-31 01469426 bus:Director1 2024-07-31 01469426 bus:Director2 2024-07-31 01469426 bus:Director3 2024-07-31 01469426 bus:Director4 2024-07-31 01469426 2023-07-31 01469426 core:CurrentFinancialInstruments 2024-07-31 01469426 core:CurrentFinancialInstruments 2023-07-31 01469426 core:Non-currentFinancialInstruments 2024-07-31 01469426 core:Non-currentFinancialInstruments 2023-07-31 01469426 core:ShareCapital 2024-07-31 01469426 core:ShareCapital 2023-07-31 01469426 core:RetainedEarningsAccumulatedLosses 2024-07-31 01469426 core:RetainedEarningsAccumulatedLosses 2023-07-31 01469426 core:FurnitureFittings 2023-07-31 01469426 core:FurnitureFittings 2024-07-31 01469426 2023-08-01 2024-07-31 01469426 bus:FilletedAccounts 2023-08-01 2024-07-31 01469426 bus:SmallEntities 2023-08-01 2024-07-31 01469426 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 01469426 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01469426 bus:Director1 2023-08-01 2024-07-31 01469426 bus:Director2 2023-08-01 2024-07-31 01469426 bus:Director3 2023-08-01 2024-07-31 01469426 bus:Director4 2023-08-01 2024-07-31 01469426 core:FurnitureFittings core:TopRangeValue 2023-08-01 2024-07-31 01469426 2022-08-01 2023-07-31 01469426 core:FurnitureFittings 2023-08-01 2024-07-31 01469426 core:CurrentFinancialInstruments 2023-08-01 2024-07-31 01469426 core:Non-currentFinancialInstruments 2023-08-01 2024-07-31 01469426 1 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 01469426 (England and Wales)

DAMAR LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

DAMAR LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

DAMAR LIMITED

BALANCE SHEET

As at 31 July 2024
DAMAR LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 17,591 19,179
17,591 19,179
Current assets
Debtors 4 580,778 442,771
Cash at bank and in hand 546,011 576,126
1,126,789 1,018,897
Creditors: amounts falling due within one year 5 ( 814,031) ( 724,641)
Net current assets 312,758 294,256
Total assets less current liabilities 330,349 313,435
Creditors: amounts falling due after more than one year 6 ( 41,667) ( 91,667)
Net assets 288,682 221,768
Capital and reserves
Called-up share capital 150 150
Profit and loss account 288,532 221,618
Total shareholder's funds 288,682 221,768

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Damar Limited (registered number: 01469426) were approved and authorised for issue by the Board of Directors on 17 February 2025. They were signed on its behalf by:

P J Bennett
Director
DAMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
DAMAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Damar Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 111 Piccadilly Piccadilly, Manchester, M1 2HY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Revenue is recognised at the fair value of the consideration received or receivable for goods and 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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Interest income

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

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

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.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 61 56

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 August 2023 58,103 58,103
Additions 13,338 13,338
At 31 July 2024 71,441 71,441
Accumulated depreciation
At 01 August 2023 38,924 38,924
Charge for the financial year 14,926 14,926
At 31 July 2024 53,850 53,850
Net book value
At 31 July 2024 17,591 17,591
At 31 July 2023 19,179 19,179

4. Debtors

2024 2023
£ £
Trade debtors 527,275 403,176
Prepayments 53,503 39,595
580,778 442,771

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 50,000 50,000
Trade creditors 49,200 68,257
Amounts owed to Group undertakings 1,970 1,970
Accruals and deferred income 388,104 279,307
Corporation tax 99,366 70,353
Other taxation and social security 52,322 55,940
Other creditors 173,069 198,814
814,031 724,641

The bank loan is a government backed CBILS loan, the loan is not secured over any assets.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 41,667 91,667

The bank loan is a government backed CBILS loan, the loan is not secured over any assets.

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 68,541 72,847

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

During the period, the pension costs payable by the Company amounted to £118,693 (2023 - £106,426). Contributions totalling £Nil (2023 - £8,636) were outstanding at the balance sheet date.

8. Ultimate controlling party

The company is a wholly owned subsidiary of Total Learning Limited, a company incorporated in England and Wales, company number 05790506.

The ultimate controlling party is Mr P J Bennett, a director, by virtue of his majority shareholding in Total Learning Limited.