4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,200,000 5,200,000 5,200,000 2 2 2 xbrli:pure xbrli:shares iso4217:GBP 00674971 2023-04-01 2024-03-31 00674971 2024-03-31 00674971 2023-03-31 00674971 2022-04-01 2023-03-31 00674971 2023-03-31 00674971 2022-03-31 00674971 bus:Director2 2023-04-01 2024-03-31 00674971 core:WithinOneYear 2024-03-31 00674971 core:WithinOneYear 2023-03-31 00674971 core:ShareCapital 2024-03-31 00674971 core:ShareCapital 2023-03-31 00674971 core:RevaluationReserve 2024-03-31 00674971 core:RevaluationReserve 2023-03-31 00674971 core:RetainedEarningsAccumulatedLosses 2024-03-31 00674971 core:RetainedEarningsAccumulatedLosses 2023-03-31 00674971 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 00674971 core:Non-currentFinancialInstruments 2024-03-31 00674971 core:Non-currentFinancialInstruments 2023-03-31 00674971 core:LandBuildings 2024-03-31 00674971 core:LandBuildings 2023-03-31 00674971 bus:SmallEntities 2023-04-01 2024-03-31 00674971 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00674971 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00674971 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00674971 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 00674971
DEBENET LIMITED
Filleted Unaudited Financial Statements
31 March 2024
DEBENET LIMITED
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
5,200,000
5,200,000
Investments
5
2
2
------------
------------
5,200,002
5,200,002
Current assets
Debtors
6
1,011,752
1,172,149
Cash at bank and in hand
1,340,852
1,229,587
------------
------------
2,352,604
2,401,736
Creditors: amounts falling due within one year
7
495,135
631,982
------------
------------
Net current assets
1,857,469
1,769,754
------------
------------
Total assets less current liabilities
7,057,471
6,969,756
Provisions
Taxation including deferred tax
840,000
840,000
------------
------------
Net assets
6,217,471
6,129,756
------------
------------
Capital and reserves
Called up share capital
100
100
Fair value reserve
4,109,208
4,109,208
Profit and loss account
2,108,163
2,020,448
------------
------------
Shareholders funds
6,217,471
6,129,756
------------
------------
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 income and retained earnings has not been delivered.
For the 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DEBENET LIMITED
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 8 May 2025 , and are signed on behalf of the board by:
Mr. H. Last
Director
Company registration number: 00674971
DEBENET LIMITED
Accounting Policies
Year ended 31 March 2024
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
DEBENET LIMITED
Notes to the Financial Statements
Year ended 31 March 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 Hallswelle House, 1 Hallswelle Road, London, NW110DH.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 6 ).
4. Tangible assets
Land and buildings
£
Cost
At 1 April 2023 and 31 March 2024
5,200,000
------------
Depreciation
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
5,200,000
------------
At 31 March 2023
5,200,000
------------
5. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
2
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
2
----
At 31 March 2023
2
----
6. Debtors
2024
2023
£
£
Trade debtors
68,496
192,166
Other debtors
943,256
979,983
------------
------------
1,011,752
1,172,149
------------
------------
Included in other debtors are amounts due from associated companies £829,149 (2023: £829,149).
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
29,238
2,971
Social security and other taxes
14,289
5,245
Amounts owed by subsidiary company
298,225
298,227
Other creditors
153,383
325,539
---------
---------
495,135
631,982
---------
---------
8. Related party transactions
The company was not under the control of any single party throughout the current and previous year.