Registered number
10401124
The Daily Sales Limited
Filleted Accounts
30 September 2024
The Daily Sales Limited
Registered number: 10401124
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 14,768 19,671
Current assets
Debtors 4 43,205 11,896
Cash at bank and in hand 33,756 29,825
76,961 41,721
Creditors: amounts falling due within one year 5 (76,464) (46,484)
Net current assets/(liabilities) 497 (4,763)
Total assets less current liabilities 15,265 14,908
Creditors: amounts falling due after more than one year 6 (5,254) (9,783)
Provisions for liabilities (2,806) (3,738)
Net assets 7,205 1,387
Capital and reserves
Called up share capital 106 106
Profit and loss account 7,099 1,281
Shareholders' funds 7,205 1,387
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Disney
Director
Approved by the board on 10 February 2025
The Daily Sales Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 20% reducing balance basis
Plant and machinery 33% straight line basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 35,252 13,281 48,533
Additions 2,467 - 2,467
At 30 September 2024 37,719 13,281 51,000
Depreciation
At 1 October 2023 21,021 7,841 28,862
Charge for the year 6,282 1,088 7,370
At 30 September 2024 27,303 8,929 36,232
Net book value
At 30 September 2024 10,416 4,352 14,768
At 30 September 2023 14,231 5,440 19,671
4 Debtors 2024 2023
£ £
Trade debtors 42,473 11,735
Other debtors 732 161
43,205 11,896
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,123 5,324
Trade creditors 1,341 2,543
Taxation and social security costs 65,286 38,603
Other creditors 4,714 14
76,464 46,484
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,254 9,783
7 Related party transactions
Included within other creditors is the amount of £4,714 owed to the director (2023 - £13). This amount is undated, unsecured, interest free and repayable upon demand.
8 Controlling party
The controlling party is Mr D Disney, as the majority shareholder.
9 Other information
The Daily Sales Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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