Silverfin false false 31/03/2024 01/04/2023 31/03/2024 D P Mitchell 01/04/2014 07 March 2025 The principal activity of the company was that of specialist proprietary foreign exchange trading. The company has ceased trading. 08971540 2024-03-31 08971540 bus:Director1 2024-03-31 08971540 core:CurrentFinancialInstruments 2024-03-31 08971540 core:CurrentFinancialInstruments 2023-03-31 08971540 2023-03-31 08971540 core:ShareCapital 2024-03-31 08971540 core:ShareCapital 2023-03-31 08971540 core:RetainedEarningsAccumulatedLosses 2024-03-31 08971540 core:RetainedEarningsAccumulatedLosses 2023-03-31 08971540 core:Goodwill 2023-03-31 08971540 core:OtherResidualIntangibleAssets 2023-03-31 08971540 core:Goodwill 2024-03-31 08971540 core:OtherResidualIntangibleAssets 2024-03-31 08971540 bus:OrdinaryShareClass1 2024-03-31 08971540 bus:OrdinaryShareClass2 2024-03-31 08971540 bus:OrdinaryShareClass3 2024-03-31 08971540 2023-04-01 2024-03-31 08971540 bus:FilletedAccounts 2023-04-01 2024-03-31 08971540 bus:SmallEntities 2023-04-01 2024-03-31 08971540 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08971540 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08971540 bus:Director1 2023-04-01 2024-03-31 08971540 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 08971540 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-04-01 2024-03-31 08971540 2022-04-01 2023-03-31 08971540 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08971540 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 08971540 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 08971540 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 08971540 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 08971540 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08971540 (England and Wales)

DSQUARE TRADING LIMITED

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

DSQUARE TRADING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

DSQUARE TRADING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
DSQUARE TRADING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Current assets
Debtors 5 311,715 450
Cash at bank and in hand 16,632 28,447
328,347 28,897
Creditors: amounts falling due within one year 6 ( 79,073) ( 10,644)
Net current assets 249,274 18,253
Total assets less current liabilities 249,274 18,253
Net assets 249,274 18,253
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account 248,274 17,253
Total shareholders' funds 249,274 18,253

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of DSquare Trading Limited (registered number: 08971540) were approved and authorised for issue by the Director. They were signed on its behalf by:

D P Mitchell
Director

07 March 2025

DSQUARE TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
DSQUARE TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Dsquare Trading 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 35 Ballards Lane, London, N3 1XW, 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 £.

Going concern

The Director does not consider the company to be a going concern because the company is no longer trading and has therefore prepared the financial statements on a basis other than going concern. There has been no financial impairment of the company's assets as a result of this basis of valuation.

The Company had net assets of £249,274 as at 31 March 2024 and the director is of the opinion that the company has sufficient resources to meet current liabilities as they fall due during this period of inactivity.

Foreign currency

The company's functional and presentational currency is GBP.

Foreign currency transactions are translated into the functional currency using the average monthly rate.

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the average monthly exchange rate and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income within 'other operating income'.

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 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.

Taxation

Current tax
The tax expense for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings except that a charge attributable to an item of income and expense recognized 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 reporting date in the countries where the Company operates and generates income.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The estimated useful lives range as follows:

Goodwill 3 years straight line
Other intangible assets 3 years straight line
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.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognized when they become legally payable. Interim equity dividends are recognized when paid. Final equity dividends are recognized when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Dividends on equity shares

2024 2023
£ £
Amounts recognised as distributions to equity holders in the financial year:
Dividends paid 0 450,000

4. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 April 2023 200,000 2,000,000 2,200,000
At 31 March 2024 200,000 2,000,000 2,200,000
Accumulated amortisation
At 01 April 2023 200,000 2,000,000 2,200,000
At 31 March 2024 200,000 2,000,000 2,200,000
Net book value
At 31 March 2024 0 0 0
At 31 March 2023 0 0 0

5. Debtors

2024 2023
£ £
Prepayments and accrued income 311,715 450

6. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals 2,046 3,430
Corporation tax 77,027 7,214
79,073 10,644

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
675 Ordinary A shares of £ 1.00 each 675 675
225 Ordinary B shares of £ 1.00 each 225 225
100 Ordinary C shares of £ 1.00 each 100 100
1,000 1,000

8. Financial commitments

Commitments

The Company had no commitments under non-cancellable operating leases at the reporting date.

9. Contingencies

Contingent assets

At 31 March 2024, at the date of approval of these financial statements, the Company has ongoing claims relating to foreign exchange matters for which the Director is unable to provide a reliable estimate of the amount receivable and, consequently, no asset has been recognised in these financial statements. Final settlement was received post year-end for one of these claims and consequently this has been recognised as accrued income in these accounts.