Darkcrown Limited - Period Ending 2021-05-31
Darkcrown Limited - Period Ending 2021-05-31
Registration number:
Darkcrown Limited
Filleted
for the Year Ended 31 May 2021
Darkcrown Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Darkcrown Limited
Company Information
Directors |
Mrs G E Freeman Mr S E Freeman |
Company secretary |
Mrs G E Freeman |
Registered office |
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Accountants |
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Darkcrown Limited
(Registration number: 04222509)
Statement of Financial Position as at 31 May 2021
Note |
2021 |
2020 |
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Fixed assets |
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Investment property |
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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)/assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 May 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 financial statements. |
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 and the option not to file the Income Statement has been taken.
Approved and authorised by the
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Darkcrown Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
General information |
The company is a private company limited by share capital, incorporated in England and 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The company meets its day to day working capital requirements through cash generated from operations and shareholder borrowings. The directors have assessed the potential impact of COVID-19 on the company and have implemented a business continuity plan to mitigate against this.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Darkcrown Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021 (continued)
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Accounting policies (continued) |
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 in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Investment property
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2021 |
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At 1 June 2020 |
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Additions |
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At 31 May 2021 |
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Darkcrown Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021 (continued)
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Investment properties (continued) |
Investment properties are held at cost, which the directors consider to be an accurate reflection of the fair value at the reporting date.
There has been no valuation of investment property by an independent valuer.
Debtors |
2021 |
2020 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2020 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Corporation tax liability |
4,644 |
1,628 |
Directors loan accounts |
30,306 |
29,464 |
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Related party transactions |
During the year, Darkcrown Limited made advances of £Nil (2020 - £35,000) and received payments of £Nil (2020 - £5,500) from Cardtrix Partnership, a related party due to common shareholders / partners. At the year end £2,050 (2020 - £2,050) remained outstanding and is included within other debtors.