Company registration number 09525539 (England and Wales)
DESIRETECH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
DESIRETECH LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
DESIRETECH LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,633
54,634
Current assets
Stocks
2,430,333
2,871,558
Debtors
4
582,658
654,877
Cash at bank and in hand
199,368
98,536
3,212,359
3,624,971
Creditors: amounts falling due within one year
5
(2,121,397)
(2,523,505)
Net current assets
1,090,962
1,101,466
Total assets less current liabilities
1,116,595
1,156,100
Creditors: amounts falling due after more than one year
6
(42,279)
(136,150)
Provisions for liabilities
(6,408)
(13,658)
Net assets
1,067,908
1,006,292
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
1,067,907
1,006,291
Total equity
1,067,908
1,006,292

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

DESIRETECH LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 13 March 2025
K Sharma
Director
Company registration number 09525539 (England and Wales)
DESIRETECH LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the year ended 31 July 2023:
Balance at 1 August 2022
1
987,910
987,911
Year ended 31 July 2023:
Profit and total comprehensive income as restated
9
-
18,381
18,381
Balance at 31 July 2023
1
1,006,291
1,006,292
Year ended 31 July 2024:
Profit and total comprehensive income
-
61,616
61,616
Balance at 31 July 2024
1
1,067,907
1,067,908
DESIRETECH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information

Desiretech Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Park Suite, 3rd Floor, The Mille, 1000 Great West Road, Brentford, TW8 9DW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for the sale of goods and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
20% straight line

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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of purchased finished goods and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

DESIRETECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

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

Basic financial liabilities

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

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

DESIRETECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
171,580
Additions
2,045
Disposals
(6,000)
At 31 July 2024
167,625
Depreciation and impairment
At 1 August 2023
116,946
Depreciation charged in the year
29,187
Eliminated in respect of disposals
(4,141)
At 31 July 2024
141,992
Carrying amount
At 31 July 2024
25,633
At 31 July 2023
54,634
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
411,151
142,948
Other debtors
171,507
511,929
582,658
654,877
DESIRETECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
153,924
368,039
Trade creditors
610,063
123,035
Taxation and social security
812,925
524,714
Other creditors
544,485
1,507,717
2,121,397
2,523,505

Included within other creditors are amounts of £352,858 (2023 - £1,232,742) that are secured by way of a fixed and floating charge over all assets.

 

The director has also provided a personal guarantee in respect of the amount owed.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
42,279
136,150
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
37,896
85,922
Between two and five years
-
0
37,896
37,896
123,818
DESIRETECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
9
Prior period adjustment
Reconciliation of changes in equity
1 August
31 July
2022
2023
£
£
Adjustments to prior year
Reduction in closing stock value
-
(369,112)
Adjustment to corporation tax charge
-
78,483
Total adjustments
-
(290,629)
Equity as previously reported
987,911
1,296,921
Equity as adjusted
987,911
1,006,292
Analysis of the effect upon equity
Profit and loss reserves
-
(290,629)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Reduction in closing stock value
(369,112)
Adjustment to corporation tax charge
78,483
Total adjustments
(290,629)
Profit as previously reported
309,010
Profit as adjusted
18,381
Notes to reconciliation

A prior period adjustment has been included in these financial statements to recognise a correction of the prior period closing stock figure and the corporation tax impact of this correction.

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