DJ in Cornwall Ltd - Period Ending 2021-12-31
DJ in Cornwall Ltd - Period Ending 2021-12-31
Registration number:
DJ in Cornwall Ltd
for the Year Ended 31 December 2021
DJ in Cornwall Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
DJ in Cornwall Ltd
Company Information
Directors |
Jamie Reed Tania Reed Yvonne Stait Lee Parker Timothy Barnes |
Registered office |
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Accountants |
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Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
DJ in Cornwall Ltd
for the Year Ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of DJ in Cornwall Ltd for the year ended 31 December 2021 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Accounting Technicians, we are subject to its ethical and other professional requirements.
This report is made solely to the Board of Directors of DJ in Cornwall Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of DJ in Cornwall Ltd and state those matters that we have agreed to state to the Board of Directors of DJ in Cornwall Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DJ in Cornwall Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that DJ in Cornwall Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of DJ in Cornwall Ltd. You consider that DJ in Cornwall Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of DJ in Cornwall Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Falmouth Road
Penryn
Cornwall
TR10 8BE
DJ in Cornwall Ltd
(Registration number: 07844181)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
60,010 |
60,010 |
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Retained earnings |
(165,598) |
(188,221) |
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Shareholders' deficit |
(105,588) |
(128,211) |
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
DJ in Cornwall Ltd
(Registration number: 07844181)
Balance Sheet as at 31 December 2021
Approved and authorised by the
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DJ in Cornwall Ltd
Notes to the Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Government grants
Government grants are recognised under the accrual method.
Tax
Taxation represents the sum of tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
DJ in Cornwall Ltd
Notes to the Financial Statements for the Year Ended 31 December 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
4 years straight line |
Plant and equipment |
3 - 5 years straight line |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademark |
5 years straight line |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
DJ in Cornwall Ltd
Notes to the Financial Statements for the Year Ended 31 December 2021
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
DJ in Cornwall Ltd
Notes to the Financial Statements for the Year Ended 31 December 2021
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 January 2021 |
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At 31 December 2021 |
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Amortisation |
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At 1 January 2021 |
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Amortisation charge |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
- |
- |
At 31 December 2020 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2021 |
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- |
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Additions |
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At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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- |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
- |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
- |
- |
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DJ in Cornwall Ltd
Notes to the Financial Statements for the Year Ended 31 December 2021
Debtors |
Current |
Note |
2021 |
2020 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
- |
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DJ in Cornwall Ltd
Notes to the Financial Statements for the Year Ended 31 December 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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- |
Other borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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- |
Other borrowings |
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