Daisycharm Limited 31/12/2020 iXBRL

Daisycharm Limited 31/12/2020 iXBRL

DAISYCHARM LIMITED - Company Information

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0 31/12/2020 2020-12-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2020-01-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 07945554 2020-01-01 2020-12-31 07945554 2020-12-31 07945554 2019-12-31 07945554 bus:Director2 2020-01-01 2020-12-31 07945554 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-31 07945554 core:WithinOneYear 2020-12-31 07945554 core:WithinOneYear 2019-12-31 07945554 core:ShareCapital 2020-12-31 07945554 core:ShareCapital 2019-12-31 07945554 core:RetainedEarningsAccumulatedLosses 2020-12-31 07945554 core:RetainedEarningsAccumulatedLosses 2019-12-31 07945554 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2020-12-31 07945554 core:CostValuation core:Non-currentFinancialInstruments 2020-12-31 07945554 core:Non-currentFinancialInstruments 2020-12-31 07945554 core:RevaluationPropertyPlantEquipmentDeferredTax 2020-12-31 07945554 core:RevaluationPropertyPlantEquipmentDeferredTax 2019-12-31 07945554 core:LandBuildings core:OwnedOrFreeholdAssets 2019-12-31 07945554 bus:SmallEntities 2020-01-01 2020-12-31 07945554 bus:AuditExempt-NoAccountantsReport 2020-01-01 2020-12-31 07945554 bus:FullAccounts 2020-01-01 2020-12-31 07945554 bus:SmallCompaniesRegimeForAccounts 2020-01-01 2020-12-31 07945554 bus:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31
Company registration number: 07945554
Daisycharm Limited
Unaudited filleted financial statements
31 December 2020
Daisycharm Limited
Contents
Statement of financial position
Notes to the financial statements
Daisycharm Limited
Statement of financial position
31 December 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 3 10,000,000 10,000,000
Investments 4 5,671,989 -
__________ __________
15,671,989 10,000,000
Current assets
Debtors 5 5,401,336 4,199,432
Cash at bank and in hand 224,242 18,669
__________ __________
5,625,578 4,218,101
Creditors: amounts falling due
within one year 6 ( 15,227,232) ( 7,081,563)
__________ __________
Net current liabilities ( 9,601,654) ( 2,863,462)
__________ __________
Total assets less current liabilities 6,070,335 7,136,538
Provisions for liabilities ( 1,305,736) ( 1,164,517)
__________ __________
Net assets 4,764,599 5,972,021
__________ __________
Capital and reserves
Called up share capital 90 90
Profit and loss account 4,764,509 5,971,931
__________ __________
Shareholders funds 4,764,599 5,972,021
__________ __________
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- 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 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 29 September 2021 , and are signed on behalf of the board by:
Mr Paul Dipino
Director
Company registration number: 07945554
Daisycharm Limited
Notes to the financial statements
Year ended 31 December 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor, Shropshire House, 179 Tottenham Court Road, London, W1T 7NZ.
2. 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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. 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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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 entity 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.
3. Tangible assets
Freehold property Total
£ £
Cost
At 1 January 2020 and 31 December 2020 10,000,000 10,000,000
__________ __________
Depreciation
At 1 January 2020 and 31 December 2020 - -
__________ __________
Carrying amount
At 31 December 2020 10,000,000 10,000,000
__________ __________
At 31 December 2019 10,000,000 10,000,000
__________ __________
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 January 2020 - -
Additions 5,671,989 5,671,989
__________ __________
At 31 December 2020 5,671,989 5,671,989
__________ __________
Impairment
At 1 January 2020 and 31 December 2020 - -
__________ __________
Carrying amount
At 31 December 2020 5,671,989 5,671,989
__________ __________
At 31 December 2019 - -
__________ __________
5. Debtors
2020 2019
£ £
Trade debtors 24,247 22,327
Other debtors 5,377,089 4,177,105
__________ __________
5,401,336 4,199,432
__________ __________
6. Creditors: amounts falling due within one year
2020 2019
£ £
Social security and other taxes 15,243 18,150
Other creditors 15,211,989 7,063,413
__________ __________
15,227,232 7,081,563
__________ __________
Included in other creditors is an on demand secured loan from Lendinvest of £10,226,250 for which both directors Paul Dipino & Guy Bullerwell act as guarantors.
7. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2020 2019
£ £
Included in provisions (note ) 1,305,736 1,164,517
__________ __________
The deferred tax account consists of the tax effect of timing differences in respect of:
2020 2019
£ £
Revaluation of tangible assets 1,305,736 1,164,517
__________ __________
8. Controlling party
No individual has overall control of the company.