2023-07-012024-06-302024-06-30false04485095Damsk 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Damsk Limited

Registered Number
04485095
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

Damsk Limited
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

Kush Desai

Company Secretary

PARIKH, Anoli

Registered Address

7 St. John's Road
Harrow
HA1 2EY

Registered Number

04485095 (England and Wales)
Damsk Limited
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3132191
132191
Current assets
Debtors45353
5353
Creditors amounts falling due within one year5(12,809)(11,000)
Net current assets (liabilities)(12,756)(10,947)
Total assets less current liabilities(12,624)(10,756)
Creditors amounts falling due after one year6(180,000)(180,000)
Net assets(192,624)(190,756)
Capital and reserves
Called up share capital100100
Profit and loss account(192,724)(190,856)
Shareholders' funds(192,624)(190,756)
The financial statements were approved and authorised for issue by the Director on 28 March 2025, and are signed on its behalf by:
Kush Desai
Director
Registered Company No. 04485095
Damsk Limited
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
Where current liabilities exceed current assets the directors consider the ability of the company to continue to meet its liabilities from liquid assets as and when the liabilities fall due. The directors also consider the support given to the company by its bank and creditors. If the directors are satisfied that the company can meet its liabilities as and when they fall due, and the company has sufficient support from its bank, the accounts are prepared on a going concern basis.
Current 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.
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 and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings25
Office Equipment33
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 July 2311,573
At 30 June 2411,573
Depreciation and impairment
At 01 July 2311,382
Charge for year59
At 30 June 2411,441
Net book value
At 30 June 24132
At 30 June 23191
4.Debtors: amounts due within one year

2024

2023

££
Other debtors5353
Total5353
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-2,859
Bank borrowings and overdrafts-3,300
Amounts owed to related parties10,9994,841
Accrued liabilities and deferred income1,810-
Total12,80911,000
6.Creditors: amounts due after one year

2024

2023

££
Amounts owed to related parties180,000180,000
Total180,000180,000
7.Related party transactions
Damsk Limited and IOTAP Limited are related parties by virtue of having common director. The director has granted interest free loans to the company. As at 30 June 2024 the company owed £190,999 (2023: £184,839) to the director. There is no fixed repayments term for this loan.