General Information
Daft Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 07788082. The registered address of the company is 2nd Floor, Swan Building, Swan Street, Manchester, Greater Manchester, M4 5JW.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Licences and patents
Licences and patents are stated at cost less amortisation. Amortisation of licences is calculated on a straight line basis over the life of the licence. Amortisation of patents is calculated on a straight line basis over the estimated expected useful economic life of the patents of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
10 years Straight Line
|
| Fixtures and Fittings |
15% Reducing Balance
|
|
| 2. |
Average number of employees
Average number of employees during the year was 1 (2024 : 1).
|
| 3. |
Intangible fixed assets
| Cost |
Patents |
|
Total |
| |
£ |
|
£ |
| At 01 October 2024 |
3,490 |
|
3,490 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 30 September 2025 |
3,490 |
|
3,490 |
| Amortisation |
| At 01 October 2024 |
3,490 |
|
3,490 |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 30 September 2025 |
3,490 |
|
3,490 |
| Net book values |
| At 30 September 2025 |
- |
|
- |
| At 30 September 2024 |
- |
|
- |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 October 2024 |
11,113 |
|
3,958 |
|
15,071 |
| Additions |
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
| At 30 September 2025 |
11,113 |
|
3,958 |
|
15,071 |
| Depreciation |
| At 01 October 2024 |
11,100 |
|
3,177 |
|
14,277 |
| Charge for year |
- |
|
- |
|
- |
| On disposals |
- |
|
- |
|
- |
| At 30 September 2025 |
11,100 |
|
3,177 |
|
14,277 |
| Net book values |
| Closing balance as at 30 September 2025 |
13 |
|
781 |
|
794 |
| Opening balance as at 01 October 2024 |
673 |
|
919 |
|
1,592 |
|
| 5. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
2,195 |
|
0 |
| Other Debtors |
0 |
|
17,567 |
| PAYE & Social Security |
669 |
|
1,070 |
|
2,864 |
|
18,637 |
|
| 6. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
74 |
|
541 |
| Bank Loans & Overdrafts |
3,480 |
|
3,840 |
| Corporation Tax |
881 |
|
1,328 |
| Accrued Expenses |
630 |
|
0 |
| Other Creditors |
9,061 |
|
9,061 |
| Director: Arthur Randall |
10,531 |
|
1,573 |
|
24,657 |
|
16,343 |
Bounce Back loan
The Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%%, and the final instalment is due on 02 July 2026. The carrying amount at period end is £14,911.
|
| 7. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Bank Loans & Overdrafts |
11,432 |
|
14,824 |
|
11,432 |
|
14,824 |
|
| 8. |
Share Capital
Authorised
1 Class A share of £1.00 each
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
1
Class A share of £1.00 each |
1 |
|
1 |
|
1 |
|
1 |
|
4
|