Registration number:
Dark Light Developments Ltd
for the Period from 1 May 2020 to 29 April 2021
Dark Light Developments Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Dark Light Developments Ltd
Company Information
Director |
Mr J C Haycraft |
Company secretary |
Ms B M Mee |
Registered office and |
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Accountants |
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Dark Light Developments Ltd
(Registration number: 03550161)
Balance Sheet as at 29 April 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
5 |
5 |
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Retained earnings |
191,551 |
196,090 |
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Shareholders' funds |
191,556 |
196,095 |
For the financial period ending 29 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Dark Light Developments Ltd
(Registration number: 03550161)
Balance Sheet as at 29 April 2021
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.
Approved and authorised by the
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Dark Light Developments Ltd
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 29 April 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:
England
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
The presentational currency of these financial statements in pound sterling and rounded to the nearest whole number.
Going concern
The directors have considered the risks and issues concerning the company and it's activities and no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern have been identified. The global pandemic has meant significantly the company's markets have been closed, but as the pandemic eases the company should be able to trade again and has cash to enable getting through the next 12 months.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue on shipment of goods or provision of software services.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Dark Light Developments Ltd
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 29 April 2021
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 that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Research and development
Expenditure on research and development of existing items is written off, unless this relates to a specific product development.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Long leasehold |
Straight line over the term of the lease |
Workshop/toolstore |
10 years straight line |
Plant and machinery |
20% straight line |
Fixtures and fittings |
20% straight line |
Computer equipment |
20% straight line |
Development costs
Development costs are capitalised in respect of products yet to be released, this will be amortised equally over an expected useful life of three years once the product sales start.
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.
Dark Light Developments Ltd
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 29 April 2021
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Dark Light Developments Ltd
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 29 April 2021
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Dark Light Developments Ltd
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 29 April 2021
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 May 2020 |
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At 29 April 2021 |
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Amortisation |
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Carrying amount |
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At 29 April 2021 |
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At 30 April 2020 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Properties under construction |
Other tangible assets |
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Cost or valuation |
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At 1 May 2020 |
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Additions |
- |
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- |
- |
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At 29 April 2021 |
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Depreciation |
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At 1 May 2020 |
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Charge for the period |
- |
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- |
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At 29 April 2021 |
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Carrying amount |
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At 29 April 2021 |
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- |
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At 30 April 2020 |
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- |
Dark Light Developments Ltd
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 29 April 2021
Total |
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Cost or valuation |
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At 1 May 2020 |
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Additions |
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At 29 April 2021 |
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Depreciation |
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At 1 May 2020 |
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Charge for the period |
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At 29 April 2021 |
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Carrying amount |
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At 29 April 2021 |
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At 30 April 2020 |
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Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of long leasehold land and buildings.
Stocks |
2021 |
2020 |
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Other inventories |
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Debtors |
Current |
2021 |
2020 |
Trade debtors |
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Other debtors |
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Dark Light Developments Ltd
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 29 April 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £8,476 (2020 - £5,548).
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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2021 |
2020 |
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Due after more than five years |
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After more than five years by instalments |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £25,515 (2020 - £27,091).
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Dark Light Developments Ltd
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 29 April 2021
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Other borrowings |
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Included in the loans and borrowings are the following amounts due after more than five years:
Financial commitments, guarantees and contingencies |
Mr J Haycraft (director) has given a personal guarantee on the bank loan.
The company also has a debenture registered with Barclays Bank PLC. This contains fixed and floating charges which cover all the property or undertaking of the company. This charge also includes a negative pledge.
Related party transactions |
No interest has been charged on the loan due to the director and there are no set repayment terms.
Dark Light Developments Ltd
Notes to the Unaudited Financial Statements for the Period from 1 May 2020 to 29 April 2021
Transactions with the director |
2021 |
At 1 May 2020 |
Advances to director |
Repayments by director |
At 29 April 2021 |
Mr J C Haycraft |
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net deposits |
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( |
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2020 |
At 1 May 2019 |
Advances to director |
Other payments made to company by director |
At 30 April 2020 |
Mr J C Haycraft |
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net deposits |
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( |
152,306 |
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