Daka Light Limited Small abridged accounts

Daka Light Limited Small abridged accounts


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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Daka Light Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 08025171
Daka Light Limited
Filleted Unaudited Abridged Financial Statements
30 April 2018
Daka Light Limited
Abridged Financial Statements
Year ended 30 April 2018
Contents
Page
Officers and professional advisers
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
The following pages do not form part of the abridged financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements
9
Daka Light Limited
Officers and Professional Advisers
Director
R Garrett
Company secretary
S Scillitoe-Morris
Registered office
River Island
Jeffries Lane
Frome
Somerset
BA11 2NZ
Accountants
Berkeley Hall Limited
Chartered accountant
Unit D2 Southgate
Commerce Park
Frome
BA11 2RY
Bankers
The Cooperative Bank
Olympic House
6 Olympic Court
Salford
M5 2QP
Daka Light Limited
Abridged Statement of Financial Position
30 April 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
4,930
5,290
Current assets
Debtors
20,432
14,959
Cash at bank and in hand
2,603
6,469
----------
----------
23,035
21,428
Creditors: amounts falling due within one year
26,736
24,726
----------
----------
Net current liabilities
3,701
3,298
--------
--------
Total assets less current liabilities
1,229
1,992
Provisions
Taxation including deferred tax
937
1,058
--------
--------
Net assets
292
934
--------
--------
Daka Light Limited
Abridged Statement of Financial Position (continued)
30 April 2018
2018
2017
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
192
834
-----
-----
Shareholders funds
292
934
-----
-----
These abridged 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 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 April 2018 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 abridged 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 abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 13 November 2018 , and are signed on behalf of the board by:
R Garrett
Director
Company registration number: 08025171
Daka Light Limited
Notes to the Abridged Financial Statements
Year ended 30 April 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is River Island, Jeffries Lane, Frome, Somerset, BA11 2NZ.
2. Statement of compliance
These abridged 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
(i) Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
(ii) 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.
(iii) 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.
(iv) 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(v) 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:
General Equipment
-
25% reducing balance
(vi) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(vii) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(viii) 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
£
Cost
At 1 May 2017
12,874
Additions
1,283
----------
At 30 April 2018
14,157
----------
Depreciation
At 1 May 2017
7,584
Charge for the year
1,643
----------
At 30 April 2018
9,227
----------
Carrying amount
At 30 April 2018
4,930
----------
At 30 April 2017
5,290
----------
6. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
R Garrett
3,802
1,280
5,082
--------
--------
--------
2017
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
R Garrett
( 6,213)
10,015
3,802
--------
----------
--------
7. Related party transactions
The company was under the control ofR Garrett throughout the current and previous financial periods. Mr Garrett is the sole director and majority shareholder. A dividend of £5,100 was declared and paid post year end. No material transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard FRS102
Daka Light Limited
Management Information
Year ended 30 April 2018
The following pages do not form part of the abridged financial statements.
Daka Light Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Daka Light Limited
Year ended 30 April 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Daka Light Limited for the year ended 30 April 2018, which comprise the abridged statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
Berkeley Hall Limited Chartered accountant
Unit D2 Southgate Commerce Park Frome BA11 2RY
13 November 2018