DMA MONEYBETTER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
DMA Moneybetter Ltd is a private company, limited by share capital and incorporated in England and Wales. The registered office of the Company is Unit 2.04 53 Duke Street, London, England, W1K 5NR.
The principal activity of the business is FInancial intermediation.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
At the balance sheet date the Company had net liabilities of £25,837 (2023: £2,828) and made a loss for the year of £23,009 (2023: £7,593). The Directors have considered the appropriateness of the going concern basis of preparation of the financial statements taking into account:
- The Company's financial performance and current financial position
- Future trading prospects
- The continued support provided by the parent company SCM DMA (Pty) Ltd
The Directors have concluded that, whilst mindful of inherent uncertainties, they are confident that the Company has sufficient financial resources and support from the parent company to continue operating as a going concern for the foreseeable future and, accordingly, have concluded that it remains appropriate to prepare the financial statements on a going concern basis. In reaching this conclusion, the Directors have considered a period of not less than 12 months from the date of approving these financial statements.
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. 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.
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