Company Registration No. SC122631 (Scotland)
DASHSTREAM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
DASHSTREAM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DASHSTREAM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
69,262
3,534
Current assets
Debtors
4
16,196
60,525
Cash at bank and in hand
1,165
16,135
17,361
76,660
Creditors: amounts falling due within one year
5
(108,200)
(67,445)
Net current (liabilities)/assets
(90,839)
9,215
Total assets less current liabilities
(21,577)
12,749
Capital and reserves
Called up share capital
133
133
Share premium account
4,967
4,967
Profit and loss reserves
(26,677)
7,649
Total equity
(21,577)
12,749
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 February 2022 and are signed on its behalf by:
I DONALD
I Donald
Director
Company Registration No. SC122631
- 1 -
DASHSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
General Information
Dashstream Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Ramstone Mill House, Monymusk, Inverurie, AB51 7JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Going concern
The director
true
s
, having made due and careful enquiry, is of the opinion that the company has adequate
working capital to execute its operations over the next 12 months. The company has net current liabilities of
£
90,839
and included within other creditors is an amount due to the director
s
of £
90,074
. The director
s
do
not intend to seek repayment of the loan amounts until there is adequate funds available. This has allowed
the director
s
to assess that there is a reasonable expectation that the company has adequate resources to
continue in operational existence for the foreseeable future. As a result, the director
s
ha
ve
continued to adopt
the going concern basis of accounting in preparing the annual financial statements
1.3
Turnover
- 2 -
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office improvements
25% straight line
Computer equipment
25% straight line
Boats
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
DASHSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors and loans from group
companies. These are measured at amortised cost and are assessed at the end of
each reporting
period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the Statement of comprehensive income.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.9
Equity dividends are recognised when they become legally payable. Interim equity dividends are
recognised when paid. Final equity dividends are recognised when approved by the
shareholders at
an annual general meeting.
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DASHSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
3
Tangible fixed assets
Office improvements
Computer equipment
Boats
Total
£
£
£
£
Cost
At 1 April 2020
44,239
29,491
-
73,730
Additions
-
-
67,870
67,870
At 31 March 2021
44,239
29,491
67,870
141,600
Depreciation and impairment
At 1 April 2020
43,418
26,778
-
70,196
Depreciation charged in the year
821
1,321
-
2,142
At 31 March 2021
44,239
28,099
-
72,338
Carrying amount
At 31 March 2021
-
1,392
67,870
69,262
At 31 March 2020
821
2,713
-
3,534
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
7,657
-
Other debtors
8,539
60,525
16,196
60,525
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DASHSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
-
180
Corporation tax
-
32,173
Other taxation and social security
14,513
26,747
Other creditors
93,687
8,345
108,200
67,445
6
Capital commitments
Amounts contracted for but not provided in the financial statements:
2021
2020
£
£
Acquisition of tangible fixed assets
340,640
-
7
Related party transactions
During the current year,
the company made advances to the directors of £56,790 and received credits of £145,000 which resulted in a balance due to directors at the year end of £90,074
(20
20
- £
1,864
).
- 5 -