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REGISTERED NUMBER: SC365290 (Scotland)















Dufi Art Limited

Financial Statements For The Year Ended 30 September 2024






Dufi Art Limited (Registered number: SC365290)






Contents of the Financial Statements
For The Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Dufi Art Limited

Company Information
For The Year Ended 30 September 2024







DIRECTORS: F Macrae
M Macrae





REGISTERED OFFICE: Park House Centre
South Street
Elgin
Moray
IV30 1JB





REGISTERED NUMBER: SC365290 (Scotland)





ACCOUNTANTS: The Long Partnership
Park House Centre
South Street
Elgin
IV30 1JB

Dufi Art Limited (Registered number: SC365290)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 10,762 12,445
10,762 12,445

CURRENT ASSETS
Stocks 3,702 3,904
Debtors 6 8,697 33,069
Cash at bank and in hand 27,029 18,277
39,428 55,250
CREDITORS
Amounts falling due within one year 7 20,586 34,746
NET CURRENT ASSETS 18,842 20,504
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,604

32,949

CREDITORS
Amounts falling due after more than one
year

8

(3,400

)

(5,800

)

PROVISIONS FOR LIABILITIES 9 (2,045 ) (2,365 )
NET ASSETS 24,159 24,784

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 24,059 24,684
SHAREHOLDERS' FUNDS 24,159 24,784

Dufi Art Limited (Registered number: SC365290)

Balance Sheet - continued
30 September 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





F Macrae - Director


Dufi Art Limited (Registered number: SC365290)

Notes to the Financial Statements
For The Year Ended 30 September 2024

1. STATUTORY INFORMATION

Dufi Art Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill is the amount paid in connection with the acquisition of a business in 2010. After initially being amortised evenly over its initial estimated useful life of twenty years, the remainder is now being amortised evenly over its remaining estimated useful life of five years from 1 October 2015.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Dufi Art Limited (Registered number: SC365290)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 15,000
AMORTISATION
At 1 October 2023
and 30 September 2024 15,000
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

5. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 October 2023 21,307
Additions 1,672
At 30 September 2024 22,979
DEPRECIATION
At 1 October 2023 8,862
Charge for year 3,355
At 30 September 2024 12,217
NET BOOK VALUE
At 30 September 2024 10,762
At 30 September 2023 12,445

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 8,697 33,069

Dufi Art Limited (Registered number: SC365290)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 2,400 2,400
Trade creditors 4,067 13,117
Taxation and social security 12,431 10,858
Other creditors 1,688 8,371
20,586 34,746

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans 3,400 5,800

9. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax 2,045 2,365

Deferred
tax
£   
Balance at 1 October 2023 2,365
Provided during year (320 )
Balance at 30 September 2024 2,045

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
50 Ordinary Class A £1 50 50
50 Ordinary Class B £1 50 50
100 100

11. RESERVES
Retained
earnings
£   

At 1 October 2023 24,684
Profit for the year 21,875
Dividends (22,500 )
At 30 September 2024 24,059

Dufi Art Limited (Registered number: SC365290)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2024

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £22,500 (2023 - £17,600) were paid to the directors .

F Macrae
is a director in the company


A loan has been given to the company by the director. No interest is charged and no repayment terms have been agreed.

30.9.24 30.9.23
£    £   
Amount due to related party at the balance sheet date 630 302

13. ULTIMATE CONTROLLING PARTY

The company was under the joint control of Mr F MacRae and Mrs M MacRae throughout the current year.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Dufi Art Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dufi Art Limited for the year ended 30 September 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Dufi Art Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dufi Art Limited and state those matters that we have agreed to state to the Board of Directors of Dufi Art Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dufi Art Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Dufi Art Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dufi Art Limited. You consider that Dufi Art Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Dufi Art Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






The Long Partnership
Park House Centre
South Street
Elgin
IV30 1JB


27 March 2025