Dom D'Angelo Events & Interiors Ltd 31/10/2021 iXBRL

Dom D'Angelo Events & Interiors Ltd 31/10/2021 iXBRL

DOM D'ANGELO EVENTS AND INTERIORS LIMITED - Company Information

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Company registration number: 12950493
Dom D'Angelo Events & Interiors Ltd
Unaudited filleted financial statements
31 October 2021
Dom D'Angelo Events & Interiors Ltd
Contents
Statement of financial position
Notes to the financial statements
Dom D'Angelo Events & Interiors Ltd
Statement of financial position
31 October 2021
31/10/21
Note £ £
Fixed assets
Tangible assets 5 23,325
_______
23,325
Current assets
Stocks 600
Debtors 6 11,869
Cash at bank and in hand 120,698
_______
133,167
Creditors: amounts falling due
within one year 7 ( 34,471)
_______
Net current assets 98,696
_______
Total assets less current liabilities 122,021
Provisions for liabilities ( 361)
_______
Net assets 121,660
_______
Capital and reserves
Called up share capital 100
Profit and loss account 121,560
_______
Shareholders funds 121,660
_______
For the period ending 31 October 2021 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 period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 March 2022 , and are signed on behalf of the board by:
Mr Domenico D'Angelo
Director
Company registration number: 12950493
Dom D'Angelo Events & Interiors Ltd
Notes to the financial statements
Period ended 31 October 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2a Galahad Way, Stourport-On-Severn, Worcestershire, DY13 8SQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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.
Turnover
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; 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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. 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
tangible assets are initially recorded at cost or market value, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 14 October 2020 - - -
Additions 6,887 20,557 27,444
_______ _______ _______
At 31 October 2021 6,887 20,557 27,444
_______ _______ _______
Depreciation
At 14 October 2020 - - -
Charge for the year 1,036 3,083 4,119
_______ _______ _______
At 31 October 2021 1,036 3,083 4,119
_______ _______ _______
Carrying amount
At 31 October 2021 5,851 17,474 23,325
_______ _______ _______
6. Debtors
31/10/21
£
Trade debtors 9,341
Other debtors 2,528
_______
11,869
_______
7. Creditors: amounts falling due within one year
31/10/21
£
Bank loans and overdrafts 339
Corporation tax 28,247
Social security and other taxes 4,685
Other creditors 1,200
_______
34,471
_______