Company Registration No. 2772978 (England and Wales)
DISKCHARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
DISKCHARM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,043
1,277
Current assets
Debtors
5
46,799
2,093
Cash at bank and in hand
84,362
61,067
131,161
63,160
Creditors: amounts falling due within one year
6
(69,537)
(45,247)
Net current assets
61,624
17,913
Net assets
62,667
19,190
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
62,665
19,188
Total equity
62,667
19,190
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 January 2022 and are signed on its behalf by:
Mr S Willcox
Director
Company Registration No. 2772978
DISKCHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Diskcharm Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Craven House, 16 Northumberland Avenue, London, United Kingdom, WC2N 5AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The rapid and fluid development of the COVID-19 virus and its impact on the global economy
true
and businesses
around the world (as explained in note 1 to the financial statements), indicate the existence of uncertainty which
may cast doubt about the
C
ompany’s ability to continue as a
going concern. The financial statements do not
include the adjustments that would result if the
C
ompany was unable to continue as a going concern.
1.3
Turnover
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the life of the lease - 10 years
Leasehold Property
25% straight line on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
DISKCHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction,
Interest is recognised using the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction,
where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DISKCHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3
(2020: 3).
4
Tangible fixed assets
Leasehold Property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2020
2,636
82,195
84,831
Additions
345
345
Disposals
(2,636)
(2,761)
(5,397)
At 31 March 2021
79,779
79,779
Depreciation and impairment
At 1 April 2020
2,636
81,411
84,047
Depreciation charged in the year
86
86
Eliminated in respect of disposals
(2,636)
(2,761)
(5,397)
At 31 March 2021
78,736
78,736
Carrying amount
At 31 March 2021
1,043
1,043
At 31 March 2020
1,277
1,277
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
39,036
Other debtors
7,763
2,093
46,799
2,093
DISKCHARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
492
7,979
Corporation tax
18,226
13,524
Other taxation and social security
323
528
Other creditors
50,496
23,216
69,537
45,247
7
Related party transactions
Transactions with related parties
No guarantees have been given or received.
As at 31st March 20
21
, Mr S Willcox, a director and shareholder
was owed £19,690 by the company
(20
20
:
£22,412
).
SMEL Limited, a
company in which Mr and Mrs Willcox ha
d
an interest and are directors
has been dissolved on 5th November 2019.
At the balance sheet date, the
company owed SMEL Limited £
nil
(20
20
: £
nil
)
8
Controlling party
The ultimate controlling parties are Mr S Willcox and Mrs E Hamilton-Willcox shareholders and directors of the company.