Diva Creations Limited |
|
Report to the director on the preparation of the unaudited statutory accounts of Diva Creations Limited for the year ended 28 February 2022 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Diva Creations Limited for the year ended 28 February 2022 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/ |
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. |
|
Coalesco Accountants Ltd |
Chartered Certified Accountants |
156 Russell Drive |
Wollaton |
Nottingham |
NG8 2BE |
|
15 November 2022 |
|
Diva Creations Limited
|
Registered number: |
05125042
|
Balance Sheet |
as at 28 February 2022
|
|
Notes |
|
|
2022 |
|
|
2021 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
224 |
|
|
280 |
|
Current assets |
Stocks |
|
|
13,000 |
|
|
20,000 |
Debtors |
4 |
|
47,757 |
|
|
35,414 |
Cash at bank and in hand |
|
|
14 |
|
|
14 |
|
|
|
60,771 |
|
|
55,428 |
|
Creditors: amounts falling due within one year |
5 |
|
(68,725) |
|
|
(41,202) |
|
Net current (liabilities)/assets |
|
|
|
(7,954) |
|
|
14,226 |
|
Total assets less current liabilities |
|
|
|
(7,730) |
|
|
14,506 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(62,932) |
|
|
(68,392) |
|
|
|
Net liabilities |
|
|
|
(70,662) |
|
|
(53,886) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
15,010 |
|
|
15,010 |
Profit and loss account |
|
|
|
(85,672) |
|
|
(68,896) |
|
Shareholder's funds |
|
|
|
(70,662) |
|
|
(53,886) |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
|
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
|
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
|
|
|
|
|
V Karwal |
Director |
Approved by the board on 15 November 2022
|
|
Diva Creations Limited
|
Notes to the Accounts |
for the year ended 28 February 2022
|
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
|
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers.
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
|
|
|
Plant and machinery |
20% reducing balance |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
|
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
|
|
|
Government Grants |
|
Grants received as compensation for costs already incurred or for immediate financial support, with no future related costs, are recognised as income in the period in which it is receivable.
|
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate.
|
|
|
2 |
Employees |
2022 |
|
2021 |
Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 March 2021 |
4,072 |
|
At 28 February 2022 |
4,072 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 March 2021 |
3,792 |
|
Charge for the year |
56 |
|
At 28 February 2022 |
3,848 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 28 February 2022 |
224 |
|
At 28 February 2021 |
280 |
|
|
|
|
|
|
|
|
|
|
4 |
Debtors |
2022 |
|
2021 |
£ |
£ |
|
|
Trade debtors |
32,757 |
|
20,414 |
|
Other debtors |
15,000 |
|
15,000 |
|
|
|
|
|
|
47,757 |
|
35,414 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
£ |
£ |
|
|
Bank loans and overdrafts |
24,669 |
|
10,848 |
|
Trade creditors |
4,798 |
|
40 |
|
Other taxes and social security costs |
35,990 |
|
21,766 |
|
Other creditors |
3,268 |
|
8,548 |
|
|
|
|
|
|
68,725 |
|
41,202 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
£ |
£ |
|
|
Bank loans |
62,932 |
|
68,392 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2022 |
|
2021 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
50,000 |
|
50,000 |
|
|
|
|
|
|
|
|
|
|
The bank loan is guaranteed by the government to a maximum level of £40,000 being 80% of the principal loan sum.
|
|
|
8 |
Other information |
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Diva Creations Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 12a & 12b Balloon Wood Ind Estate |
|
Coventry Lane |
|
Bramcote |
|
Nottingham |
|
NG9 3GJ |