DGY Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 10520809

DGY Limited

Filleted Unaudited Financial Statements

31 December 2017

DGY Limited

Balance Sheet

31 December 2017

	31 Dec 17
Note	£

Fixed assets

Tangible assets	4	42,734

Current assets

Stocks		691
Debtors	5	10,094
Cash at bank and in hand		1,219
		--------
		12,004

Creditors: amounts falling due within one year	6	117,931
		---------
Net current liabilities		105,927
		---------
Total assets less current liabilities		( 63,193)
		--------
Net liabilities		( 63,193)
		--------

Capital and reserves

Called up share capital	100
Profit and loss account	( 63,293)
	--------
Shareholders deficit	( 63,193)
	--------

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 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 period ending 31 December 2017 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 period 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 .

DGY Limited

Balance Sheet (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 6 September 2018 , and are signed on behalf of the board by:

Ms M Yang

Director

Company registration number: 10520809

DGY Limited

Accounting Policies

Period from 12 December 2016 to 31 December 2017

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.

Going concern

At 31 December 2017, the companies net liabilities exceeded its net assets by £63,193. The company owed its directors £110,736 and it is on this continued support that the company relies to continue trading as a going concern. The accounts are therefore prepared on this basis.

Revenue recognition

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 (usually on despatch of the goods); 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.

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:

Short Leasehold	-	Depreciated over the term of the lease
Plant and machinery	-	15% reducing balance
Equipment	-	25% reducing balance

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

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. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 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. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

DGY Limited

Notes to the Financial Statements

Period from 12 December 2016 to 31 December 2017

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 21 St Annes Road, Norwich, NR14 7TH, England.

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. Employee numbers

The average number of persons employed by the company during the period amounted to 5 .

4. Tangible assets

	Short leasehold property	Plant and machinery	Equipment	Total
	£	£	£	£
Cost
At 12 December 2016	–	–	–	–
Additions	46,000	3,394	1,598	50,992
	--------	-------	-------	--------
At 31 December 2017	46,000	3,394	1,598	50,992
	--------	-------	-------	--------
Depreciation
At 12 December 2016	–	–	–	–
Charge for the period	7,437	460	361	8,258
	--------	-------	-------	--------
At 31 December 2017	7,437	460	361	8,258
	--------	-------	-------	--------
Carrying amount
At 31 December 2017	38,563	2,934	1,237	42,734
	--------	-------	-------	--------

5. Debtors

	31 Dec 17
	£
Trade debtors	245
Other debtors	9,849
	--------
	10,094
	--------

6. Creditors: amounts falling due within one year

	31 Dec 17
	£
Trade creditors	1,572
Social security and other taxes	823
Other creditors	115,536
	---------
	117,931
	---------