Silverfin false false 31/03/2024 01/04/2023 31/03/2024 D P Mitchell 25/11/2020 24 March 2025 The principal activity of the Company during the financial year was the provision of management consultancy services. The company did not trade during the year. 13042533 2024-03-31 13042533 bus:Director1 2024-03-31 13042533 2023-03-31 13042533 core:CurrentFinancialInstruments 2024-03-31 13042533 core:CurrentFinancialInstruments 2023-03-31 13042533 core:ShareCapital 2024-03-31 13042533 core:ShareCapital 2023-03-31 13042533 core:RetainedEarningsAccumulatedLosses 2024-03-31 13042533 core:RetainedEarningsAccumulatedLosses 2023-03-31 13042533 core:ComputerEquipment 2023-03-31 13042533 core:ComputerEquipment 2024-03-31 13042533 2022-03-31 13042533 bus:OrdinaryShareClass1 2024-03-31 13042533 2023-04-01 2024-03-31 13042533 bus:FilletedAccounts 2023-04-01 2024-03-31 13042533 bus:SmallEntities 2023-04-01 2024-03-31 13042533 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13042533 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13042533 bus:Director1 2023-04-01 2024-03-31 13042533 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 13042533 2022-04-01 2023-03-31 13042533 core:ComputerEquipment 2023-04-01 2024-03-31 13042533 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13042533 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13042533 (England and Wales)

DAMO24 LTD

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

DAMO24 LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

DAMO24 LTD

BALANCE SHEET

As at 31 March 2024
DAMO24 LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,889 3,088
1,889 3,088
Current assets
Cash at bank and in hand 33 2,375
33 2,375
Creditors: amounts falling due within one year 4 ( 57,087) ( 55,352)
Net current liabilities (57,054) (52,977)
Total assets less current liabilities (55,165) (49,889)
Provision for liabilities 5 0 ( 587)
Net liabilities ( 55,165) ( 50,476)
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 55,265 ) ( 50,576 )
Total shareholders' deficit ( 55,165) ( 50,476)

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 DAMO24 Ltd (registered number: 13042533) were approved and authorised for issue by the Director. They were signed on its behalf by:

D P Mitchell
Director

24 March 2025

DAMO24 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
DAMO24 LTD

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

Damo24 Ltd (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.

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 financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for at least the next 12 months. At the year end, the company had net liabilities of £55,165 (2023: £50,476). Included in creditors due within one year is a balance owed to the director amounting to £55,587. The company is dependent on the continued support of the director and the director has agreed not to seek repayment from the company until the company has sufficient funds to do so. The director has also confirmed his ongoing support to the company with further funds to discharge liabilities as they fall due. Consequently, the company continues to adopt the going concern basis of accounting.

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 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 reporting date in the countries where the Company operates and generates income.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer equipment 4 years straight line

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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 and transactions that result in the recognition of financial assets and liabilities like other creditors and loans to related parties.

Financial assets
Basic financial assets 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 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.

2. Employees

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

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2023 4,795 4,795
At 31 March 2024 4,795 4,795
Accumulated depreciation
At 01 April 2023 1,707 1,707
Charge for the financial year 1,199 1,199
At 31 March 2024 2,906 2,906
Net book value
At 31 March 2024 1,889 1,889
At 31 March 2023 3,088 3,088

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 66
Other creditors 57,087 55,286
57,087 55,352

5. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 587) ( 815)
Credited to the Statement of Income and Retained Earnings 587 228
At the end of financial year 0 ( 587)

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100