Company Registration No. 06478896 (England and Wales)
DAC Group UK Operations Ltd
Unaudited accounts
for the year ended 31 December 2022
DAC Group UK Operations Ltd
Unaudited accounts
Contents
DAC Group UK Operations Ltd
Company Information
for the year ended 31 December 2022
Directors
Norman Hagarty
Kiran Prashad
Company Number
06478896 (England and Wales)
Registered Office
1 Berry Street
London
EC1V0AA
England
DAC Group UK Operations Ltd
Statement of financial position
as at 31 December 2022
Tangible assets
27,276
16,836
Debtors
5,773,458
5,186,816
Cash at bank and in hand
1,188,204
2,083,401
Creditors: amounts falling due within one year
(3,795,058)
(3,595,001)
Net current assets
3,166,604
3,675,216
Total assets less current liabilities
3,193,880
3,692,052
Creditors: amounts falling due after more than one year
(4,735,879)
(5,471,437)
Net liabilities
(1,541,999)
(1,779,385)
Called up share capital
200
200
Profit and loss account
(1,542,199)
(1,779,585)
Shareholders' funds
(1,541,999)
(1,779,385)
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2023 and were signed on its behalf by
Norman Hagarty
Director
Company Registration No. 06478896
DAC Group UK Operations Ltd
Notes to the Accounts
for the year ended 31 December 2022
DAC Group UK Operations Ltd is a private company, limited by shares, registered in England and Wales, registration number 06478896. The registered office is 1 Berry Street, London, EC1V0AA, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The members have agreed to the preparation of abridge accounts for this accounting period in accordance with section 444(2A)
2.2 Foreign currency translation
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
DAC Group UK Operations Ltd
Notes to the Accounts
for the year ended 31 December 2022
Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
2.5 Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Depreciation is provided on the following basis:
Short term debtors are initially measured at transaction price (Including transaction costs) and subsequently held at cost, less any impairment.
Short term creditors are initially measured at transaction price (Including transaction costs) and subsequently held at cost, less any impairment.
2.8 Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
After making appropriate enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing the financial statements. The Company has considerable financial resources and no external debt.
The impacts of COVID-19 are considered to be immaterial and the financial statements do not include adjustments as a result of this event.
DAC Group UK Operations Ltd
Notes to the Accounts
for the year ended 31 December 2022
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2022
77,754
70,742
148,496
At 31 December 2022
77,754
91,302
169,056
At 1 January 2022
73,074
58,586
131,660
Charge for the year
1,947
8,173
10,120
At 31 December 2022
75,021
66,759
141,780
At 31 December 2022
2,733
24,543
27,276
At 31 December 2021
4,680
12,156
16,836
Amounts falling due within one year
Trade debtors
3,338,477
2,456,867
Accrued income and prepayments
538,715
602,770
Amounts falling due after more than one year
Amounts due from group undertakings etc.
1,896,266
2,127,179
6
Creditors: amounts falling due within one year
2022
2021
Trade creditors
2,835,900
2,622,502
Taxes and social security
387,844
330,733
Other creditors
571,314
641,766
7
Creditors: amounts falling due after more than one year
2022
2021
Amounts owed to group undertakings and other participating interests
4,690,469
5,471,437
Allotted, called up and fully paid:
200,000 Ordinary shares of £0.001 each
200
200
DAC Group UK Operations Ltd
Notes to the Accounts
for the year ended 31 December 2022
The company's immediate holding corporation is DAC Group Europe Limited, incorporated in United Kingdom. The ultimate holding corporation is DAC Group (Holdings) Limited, incorporated in Canada.
10
Average number of employees
During the year the average number of employees was 25 (2021: 25).