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Company registration number:
03323488
DMS Laminated Floors & Walls Limited
Unaudited Filleted Financial Statements for the year ended
28 February 2022
DMS Laminated Floors & Walls Limited
Statement of Financial Position
28 February 2022
20222021
Note££
Fixed assets    
Tangible assets 5
54,343
 
37,449
 
Current assets    
Stocks
6,623
 
34,006
 
Debtors 6
238,020
 
144,109
 
Cash at bank and in hand
155,035
 
32,606
 
399,678
 
210,721
 
Creditors: amounts falling due within one year 7
(233,487
)
(143,332
)
Net current assets
166,191
 
67,389
 
Total assets less current liabilities 220,534   104,838  
Creditors: amounts falling due after more than one year 8
(209,323
)
(94,738
)
Provisions for liabilities
(10,325
)
(7,115
)
Net assets
886
 
2,985
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
786
 
2,885
 
Shareholders funds
886
 
2,985
 
For the year ending
28 February 2022
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
15 August 2022
, and are signed on behalf of the board by:
Mr D Smith
Director
Company registration number:
03323488
DMS Laminated Floors & Walls Limited
Notes to the Financial Statements
Year ended
28 February 2022

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 8 Laceby Business Park
,
Laceby
,
Grimsby
,
North East Lincolnshire
,
DN37 7DP
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor vehicles
25% reducing balance
Fixtures, fittings and equipment
25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants were also received from the Coronavirus Job Retention Scheme to assist with the impact of COVID 19 on the business.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
17
(2021:
17.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 March 2021
95,298
 
Additions
32,326
 
At
28 February 2022
127,624
 
Depreciation  
At
1 March 2021
57,849
 
Charge
15,432
 
At
28 February 2022
73,281
 
Carrying amount  
At
28 February 2022
54,343
 
At 28 February 2021
37,449
 

6 Debtors

20222021
££
Trade debtors
116,097
 
27,328
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
50,450
 
50,162
 
Other debtors
71,473
 
66,619
 
238,020
 
144,109
 

7 Creditors: amounts falling due within one year

20222021
££
Bank loans and overdrafts
49,757
 
12,920
 
Trade creditors
108,837
 
75,696
 
Taxation and social security
56,888
 
34,693
 
Other creditors
18,005
 
20,023
 
233,487
 
143,332
 
Hire purchase agreements and finance leases are secured on the assets to which they relate.

8 Creditors: amounts falling due after more than one year

20222021
££
Bank loans and overdrafts
179,215
 
74,367
 
Other creditors
30,108
 
20,371
 
209,323
 
94,738
 
Hire purchase agreements and finance leases are secured on the assets to which they relate.

9 Director's advances, credit and guarantees

Included in debtors is a balance due from the director of £49,723 (2021 - £51,276), advances during the period amount to £55,283 (2021 - £52,971), repayments during the period amount to £56,836 (2021 - £52,971). The loan is subject to interest at HMRC approved rates and is repayable on demand.