Registered Number 01718891

DARO LIMITED

Abbreviated Accounts

31 December 2013

DARO LIMITED Registered Number 01718891

Abbreviated Balance Sheet as at 31 December 2013

Notes 2013 2012
£ £
Fixed assets
Intangible assets - -
Tangible assets 2 - 301,223
Investments 3 568,267 568,267
568,267 869,490
Current assets
Stocks - 473,044
Debtors 4 1,249,265 563,179
Cash at bank and in hand - 465,363
1,249,265 1,501,586
Prepayments and accrued income - -
Creditors: amounts falling due within one year 5 (55,853) (380,616)
Net current assets (liabilities) 1,193,412 1,120,970
Total assets less current liabilities 1,761,679 1,990,460
Creditors: amounts falling due after more than one year 5 - (3,822)
Provisions for liabilities - (18,682)
Total net assets (liabilities) 1,761,679 1,967,956
Capital and reserves
Called up share capital 6 50,000 50,000
Revaluation reserve 29,126 29,126
Profit and loss account 1,682,553 1,888,830
Shareholders' funds 1,761,679 1,967,956
  • For the year ending 31 December 2013 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 29 September 2014

And signed on their behalf by:
D W Brown, Director

DARO LIMITED Registered Number 01718891

Notes to the Abbreviated Accounts for the period ended 31 December 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold improvements - 12.5% reducing balance
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Fixtures, fittings and equipment - 25% reducing balance

Other accounting policies
Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Leasing and hire purchase
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Operating leases
Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Profit and loss account.

2 Tangible fixed assets
£
Cost
At 1 January 2013 1,196,830
Additions -
Disposals (1,196,830)
Revaluations -
Transfers -
At 31 December 2013 0
Depreciation
At 1 January 2013 895,607
Charge for the year 27,671
On disposals (923,278)
At 31 December 2013 0
Net book values
At 31 December 2013 0
At 31 December 2012 301,223

3Fixed assets Investments
Investment Property

Valuation at 1 January 2013 and 31 December 2013 £568,267

In the opinion of the directors, the open market value of the properties at the year end was £568,267 (2012: £568,267). The comparable historic cost for the revalued investment properties was £539,141 (2012: £539,141).

The amounts above represent investment properties which are held for use in operating leases.

4 Debtors
2013
£
2012
£
Debtors include the following amounts due after more than one year 1,163,752 0
5 Creditors
2013
£
2012
£
Secured Debts 0 66,535
6 Called Up Share Capital
Allotted, called up and fully paid:
2013
£
2012
£
50,000 Ordinary shares of £1 each 50,000 50,000

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