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COMPANY REGISTRATION NUMBER: 10605099
Dark Star Asset Management Limited
Annual Report and Audited Financial Statements
31 December 2024
Dark Star Asset Management Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Dark Star Asset Management Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Current assets
Debtors
6
9,388
61,128
Cash at bank
163,680
46,764
---------
---------
173,068
107,892
Creditors: amounts falling due within one year
7
12,350
40,471
---------
---------
Net current assets
160,718
67,421
---------
--------
Total assets less current liabilities
160,718
67,421
---------
--------
Net assets
160,718
67,421
---------
--------
Capital and reserves
Called up share capital
485,000
335,000
Retained earnings
( 324,282)
( 267,579)
---------
---------
Shareholders funds
160,718
67,421
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
Mr S Morjaria
Director
Company registration number: 10605099
Dark Star Asset Management Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Cavendish Square, London, W1G 0PW, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the directors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Critical judgements in applying the entity's accounting policies The Directors have not been required to apply any significant judgements in preparing the financial statements. (b) Critical accounting estimates and assumptions The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: (c) Impairment of Debtors The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtors, the ageing profile of debtors and historical experience. See note 11 for the carrying amount of the debtors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Administrative expenses
Administrative expenses include wages, rent, bank charges, office expenses, foreign exchange gains and losses and legal and professional fees.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 5 ).
6. Debtors
2024
2023
£
£
Trade debtors
23,951
Other debtors
9,388
37,177
-------
--------
9,388
61,128
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
540
Social security and other taxes
19,569
Other creditors
12,350
20,362
--------
--------
12,350
40,471
--------
--------
8. Summary audit opinion
The auditor's report dated 25 April 2025 was unqualified .
The senior statutory auditor was Dominic Wood , for and on behalf of Burgess Hodgson LLP .
9. Related party transactions
During the year ended 31 December 2024 the Company provided investment management services amounting to £Nil (2023: £65,100) to GWM AG, the Company's previous ultimate parent company.
10. Immediate and ultimate controlling party
The Company's immediate and ultimate parent undertaking is DSAM Limited, whose registered address is 33 Cavendish Square, London, W1G 0PW, United Kingdom. On 8 January 2025, Fairmont Partners LLP became the ultimate parent company, whose registered address is 33 Cavendish Square, London, W1G 0PW .