DN Futures Limited Filleted accounts for Companies House (small and micro)

DN Futures Limited Filleted accounts for Companies House (small and micro)

DN FUTURES LIMITED - Company Information

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2 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,236,145 528,815 4,916 1,760,044 1,760,044 1,236,145 xbrli:pure xbrli:shares iso4217:GBP 07774469 2022-01-01 2022-12-31 07774469 2022-12-31 07774469 2021-12-31 07774469 2021-01-01 2021-12-31 07774469 2021-12-31 07774469 core:FurnitureFittings 2022-01-01 2022-12-31 07774469 core:MotorVehicles 2022-01-01 2022-12-31 07774469 bus:Director1 2022-01-01 2022-12-31 07774469 core:FurnitureFittings 2021-12-31 07774469 core:MotorVehicles 2021-12-31 07774469 core:FurnitureFittings 2022-12-31 07774469 core:MotorVehicles 2022-12-31 07774469 core:WithinOneYear 2022-12-31 07774469 core:WithinOneYear 2021-12-31 07774469 core:ShareCapital 2022-12-31 07774469 core:ShareCapital 2021-12-31 07774469 core:RevaluationReserve 2021-12-31 07774469 core:RetainedEarningsAccumulatedLosses 2022-12-31 07774469 core:RetainedEarningsAccumulatedLosses 2021-12-31 07774469 core:CostValuation core:Non-currentFinancialInstruments 2021-12-31 07774469 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2022-12-31 07774469 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2022-12-31 07774469 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 07774469 core:Non-currentFinancialInstruments 2022-12-31 07774469 core:Non-currentFinancialInstruments 2021-12-31 07774469 core:FurnitureFittings 2021-12-31 07774469 core:MotorVehicles 2021-12-31 07774469 bus:Director1 2021-12-31 07774469 bus:Director1 2022-12-31 07774469 bus:Director1 2020-12-31 07774469 bus:Director1 2021-12-31 07774469 bus:Director1 2021-01-01 2021-12-31 07774469 bus:SmallEntities 2022-01-01 2022-12-31 07774469 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 07774469 bus:FullAccounts 2022-01-01 2022-12-31 07774469 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 07774469 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 07774469 core:ComputerEquipment 2022-01-01 2022-12-31 07774469 core:ComputerEquipment 2021-12-31 07774469 core:ComputerEquipment 2022-12-31
COMPANY REGISTRATION NUMBER: 07774469
DN Futures Limited
Filleted Unaudited Financial Statements
31 December 2022
DN Futures Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
25,155
35,016
Investments
6
1,760,044
1,236,145
------------
------------
1,785,199
1,271,161
Current assets
Debtors
7
532,686
878,238
Cash at bank and in hand
950,016
1,125,014
------------
------------
1,482,702
2,003,252
Creditors: amounts falling due within one year
8
55,704
24,177
------------
------------
Net current assets
1,426,998
1,979,075
------------
------------
Total assets less current liabilities
3,212,197
3,250,236
------------
------------
Net assets
3,212,197
3,250,236
------------
------------
Capital and reserves
Called up share capital
4
4
Revaluation reserve
–
64,057
Profit and loss account
3,212,193
3,186,175
------------
------------
Shareholders funds
3,212,197
3,250,236
------------
------------
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.
For the year ending 31 December 2022 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 year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DN Futures Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 22 August 2023 , and are signed on behalf of the board by:
Mr D Nakum
Director
Company registration number: 07774469
DN Futures Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 13 Earlswood Gardens, Illford, IG5 0DF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
The turnover shown in the profit and loss account represents trading income earned during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures & Fittings
-
25% straight line
Motor Vehicles
-
20% straight line
Equipment
-
50% straight line
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 of fixed assets
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.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2022
1,838
54,250
19,156
75,244
Additions
3,746
–
345
4,091
-------
--------
--------
--------
At 31 December 2022
5,584
54,250
19,501
79,335
-------
--------
--------
--------
Depreciation
At 1 January 2022
996
21,700
17,532
40,228
Charge for the year
1,306
10,850
1,796
13,952
-------
--------
--------
--------
At 31 December 2022
2,302
32,550
19,328
54,180
-------
--------
--------
--------
Carrying amount
At 31 December 2022
3,282
21,700
173
25,155
-------
--------
--------
--------
At 31 December 2021
842
32,550
1,624
35,016
-------
--------
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2022
1,236,145
Additions
528,815
Revaluations
( 4,916)
------------
At 31 December 2022
1,760,044
------------
Impairment
At 1 January 2022 and 31 December 2022
–
------------
Carrying amount
At 31 December 2022
1,760,044
------------
At 31 December 2021
1,236,145
------------
The investment represents externally administered share portfolios, stated at market value.
7. Debtors
2022
2021
£
£
Other debtors
532,686
878,238
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
52,057
22,694
Other creditors
3,647
1,483
--------
--------
55,704
24,177
--------
--------
9. Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D Nakum
( 420)
180,148
( 182,312)
( 2,584)
----
---------
---------
-------
2021
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D Nakum
723
252,169
( 253,312)
( 420)
----
---------
---------
----
11. Related party transactions
The company was under the control of Mr D Nakum throughout the current and previous year. Mr D Nakum is the managing director and equal shareholder. During the year the company earned trading income of £324,255 from Paragon Trading Partners LLP, a limited liability partnership which the director Dipesh Nakum is a designated partner (2021: £128,414). At the year end the company held £512,686 with Paragon Trading Partners LLP as trading margin. (2021: £429,421) No transactions with related parties were undertaken such as is required to be disclosed under the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.