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REGISTERED NUMBER: 04221878 (England and Wales)















Domestic Tax Limited

Unaudited Financial Statements for the Year Ended 31 May 2024






Domestic Tax Limited (Registered number: 04221878)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Domestic Tax Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr G R Newton
Ms S A Newton





REGISTERED OFFICE: Suite One
Lowen House
Sandy Lane
Kingswood
Surrey
KT20 6ND





REGISTERED NUMBER: 04221878 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

Domestic Tax Limited (Registered number: 04221878)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 42,317 51,761

CURRENT ASSETS
Debtors 5 1,415,751 1,197,097
Cash at bank 3,874,219 3,290,661
5,289,970 4,487,758
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

6

669,597

370,236
NET CURRENT ASSETS 4,620,373 4,117,522
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,662,690

4,169,283

PROVISIONS FOR LIABILITIES 5,858 7,918
NET ASSETS 4,656,832 4,161,365

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 4,656,732 4,161,265
SHAREHOLDERS' FUNDS 4,656,832 4,161,365

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Domestic Tax Limited (Registered number: 04221878)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





Mr G R Newton - Director


Domestic Tax Limited (Registered number: 04221878)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Domestic Tax Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents revenue, net of VAT, from commercial transactions under which the company
supplies customers the services that it is in business to provide and it is recognised when
it obtains, through performance under contract, the right to consideration for those services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Domestic Tax Limited (Registered number: 04221878)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2023 1,291 32,476 55,039 88,806
Additions 1,958 5,220 - 7,178
At 31 May 2024 3,249 37,696 55,039 95,984
DEPRECIATION
At 1 June 2023 646 22,640 13,759 37,045
Charge for year 812 5,489 10,321 16,622
At 31 May 2024 1,458 28,129 24,080 53,667
NET BOOK VALUE
At 31 May 2024 1,791 9,567 30,959 42,317
At 31 May 2023 645 9,836 41,280 51,761

Domestic Tax Limited (Registered number: 04221878)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 110,484 91,650
Other debtors 1,305,267 1,105,447
1,415,751 1,197,097

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 29,394 35,485
Taxation and social security 310,333 239,009
Other creditors 329,870 95,742
669,597 370,236

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

8. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had commitments under operating leases totalling £98,000 (2023 - £46,000).

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company advanced £312,209 (2023 - £470,380) to the directors and £185,053 (2023 - £340,940) was repaid. In addition, the company charged interest at the beneficial rate amounting to £19,561 (2023 - £nil). At the year end the balance due from the directors was £489,883 (2023 - £343,166).This loan is unsecured and repayable on demand.

10. RELATED PARTY DISCLOSURES

During the year dividends were paid to the directors totalling £166,860 (2023 - £174,868).

At the balance sheet date Domestic Tax Limited was owed £625,974 (2023 - £624,117) by a company with similar directors.