REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
DCMN MARKETING SOLUTIONS LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
DCMN MARKETING SOLUTIONS LTD |
DCMN MARKETING SOLUTIONS LTD (REGISTERED NUMBER: 10312062) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
DCMN MARKETING SOLUTIONS LTD |
COMPANY INFORMATION |
For The Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
7a Abbey Business Park |
Monks Walk |
Farnham |
Surrey |
GU9 8HT |
DCMN MARKETING SOLUTIONS LTD (REGISTERED NUMBER: 10312062) |
BALANCE SHEET |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DCMN MARKETING SOLUTIONS LTD (REGISTERED NUMBER: 10312062) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Dcmn Marketing Solutions Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate, as they have agreed not to withdraw their loan account (if applicable or use alternative reason) and to provide the necessary finance to enable the company to meet its liabilities as they fall due. |
Critical accounting judgements and key sources of estimation uncertainty |
Management have applied the following judgements in the preparation of these financial statements: |
Useful economic lives of tangible fixed assets |
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. |
The actual lives of the assets are assessed annually and may vary depending on a number of factors. In |
re-assessing asset lives, factors such as technological innovation and product life cycles are taken into |
account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Deferred tax assets |
Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to |
taxable losses available to the Company. The recognition of deferred tax assets is based upon whether it |
is more likely than not that sufficient and suitable taxable profits will be available in the future against |
which the reversal of losses and other deductions can be deducted. |
To determine the future taxable profits, reference is made to the latest available forecasts. Therefore, this |
involves judgement regarding the future financial performance of the Company in which a deferred tax |
asset would be recognised. |
Bad debt provision |
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing |
impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience of payment. |
DCMN MARKETING SOLUTIONS LTD (REGISTERED NUMBER: 10312062) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. During the year the Company changed its role |
within the Group to which it belongs and is now predominantly a sales and marketing division. As a |
result a significant proportion of revenue now reflects the recharge of costs to its parent company, |
DCMN GmbH in accordance with a cost-plus agreement between the two entities. 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 for revenue to be |
recognised: |
Rendering of services |
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 measuredreliably; and |
- | the costs incurred and the costs to complete the contract can be measured reliably. |
- 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. |
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. |
Depreciation is provided on the following basis: |
Office equipment | - | 3 years |
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 profit or loss. |
Financial instruments |
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost, [except for investments in shares which are measured at fair value]. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss. |
DCMN MARKETING SOLUTIONS LTD (REGISTERED NUMBER: 10312062) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. |
Consideration is given to whether deferred tax should be provided in respect of material timing differences which have not reversed at the balance sheet date. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits. |
Current tax assets and liabilities are not discounted and are recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Foreign currencies |
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Defined contribution pension plan |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a |
pension plan under which the Company pays fixed contributions into a separate entity. Once the |
contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid |
are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately |
from the Company in independently administered funds. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
Disposals | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
DCMN MARKETING SOLUTIONS LTD (REGISTERED NUMBER: 10312062) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Share capital |
2022 | 2021 |
Allotted, called up and fully paid |
20,000 (2021 - 20,000) Ordinary shares of £1.00 each | 20,000 | 20,000 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
DCMN Marketing Solutions Ltd have taken the exemption under FRS 102, section 33 Related Party Disclosures paragraph 33.1A whereby the company is not required to disclose transactions with other companies who are wholly owned within the group. |
At the year end, the parent company had loaned £2,348,396. £375,362 is shown in other creditors due in one year. The remaining £1,965,823 is shown in other creditors due in over one year which includes a loan balance of £1,865,997 with 5.5% interest being charged each year. |
11. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is DCMN GmbH, a company incorporated in Germany. DCMN GmbH prepares consolidated accounts and these are available from the company's registered office at Boxhanger StraBe 18, 10245, Berlin, Germany. |