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Registration number: 06282615

Drainwizards 24 -7 Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2022

 

Drainwizards 24 -7 Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

 

Drainwizards 24 -7 Ltd

Company Information

Directors

Mrs Belinda Stephenson

Mr Dean Stephenson

Registered office

High Gables
Plantation Road
Chippenham
Wilts
SN14 0EJ

Accountants

Aims Accountants for Business
Suite 4, The Syms Building
Bumpers Way
Bristol Road
Chippenham
Wiltshire
SN14 6LH

 

Drainwizards 24 -7 Ltd

Directors' Report for the Year Ended 30 June 2022

The directors present their report and the financial statements for the year ended 30 June 2022.

Directors of the company

The directors who held office during the year were as follows:

Mrs Belinda Stephenson

Mr Dean Stephenson

Principal activity

The principal activity of the company is Provision of Drainage Services

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 25 August 2022 and signed on its behalf by:
 

.........................................
Mrs Belinda Stephenson
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Drainwizards 24 -7 Ltd
for the Year Ended 30 June 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Drainwizards 24 -7 Ltd for the year ended 30 June 2022 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Drainwizards 24 -7 Ltd, as a body, in accordance with the terms of our engagement letter dated 2 March 2010. Our work has been undertaken solely to prepare for your approval the accounts of Drainwizards 24 -7 Ltd and state those matters that we have agreed to state to the Board of Directors of Drainwizards 24 -7 Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drainwizards 24 -7 Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Drainwizards 24 -7 Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Drainwizards 24 -7 Ltd. You consider that Drainwizards 24 -7 Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Drainwizards 24 -7 Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Aims Accountants for Business
Suite 4, The Syms Building
Bumpers Way
Bristol Road
Chippenham
Wiltshire
SN14 6LH

25 August 2022

 

Drainwizards 24 -7 Ltd

Profit and Loss Account for the Year Ended 30 June 2022

Note

2022
£

2021
£

Turnover

 

979,239

901,346

Cost of sales

 

(56,111)

(51,204)

Gross profit

 

923,128

850,142

Administrative expenses

 

(765,758)

(657,363)

Operating profit

 

157,370

192,779

Other interest receivable and similar income

 

31

55

Interest payable and similar expenses

 

(5,764)

(3,470)

   

(5,733)

(3,415)

Profit before tax

4

151,637

189,364

Tax on profit

 

(27,671)

(42,621)

Profit for the financial year

 

123,966

146,743

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Drainwizards 24 -7 Ltd

Statement of Comprehensive Income for the Year Ended 30 June 2022

2022
£

2021
£

Profit for the year

123,966

146,743

Total comprehensive income for the year

123,966

146,743

 

Drainwizards 24 -7 Ltd

(Registration number: 06282615)
Balance Sheet as at 30 June 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

868,391

738,825

Current assets

 

Debtors

6

127,835

98,816

Cash at bank and in hand

 

248,367

209,446

 

376,202

308,262

Creditors: Amounts falling due within one year

7

(99,934)

(134,971)

Net current assets

 

276,268

173,291

Total assets less current liabilities

 

1,144,659

912,116

Creditors: Amounts falling due after more than one year

7

(172,000)

-

Provisions for liabilities

(149,415)

(121,744)

Net assets

 

823,244

790,372

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

823,242

790,370

Shareholders' funds

 

823,244

790,372

For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 25 August 2022 and signed on its behalf by:
 

 

Drainwizards 24 -7 Ltd

(Registration number: 06282615)
Balance Sheet as at 30 June 2022

.........................................
Mr Dean Stephenson
Director

 

Drainwizards 24 -7 Ltd

Statement of Changes in Equity for the Year Ended 30 June 2022

Share capital
£

Retained earnings
£

Total
£

At 1 July 2021

2

790,370

790,372

Profit for the year

-

123,966

123,966

Dividends

-

(91,094)

(91,094)

At 30 June 2022

2

823,242

823,244

Share capital
£

Retained earnings
£

Total
£

At 1 July 2020

2

701,920

701,922

Profit for the year

-

146,743

146,743

Dividends

-

(58,293)

(58,293)

At 30 June 2021

2

790,370

790,372

 

Drainwizards 24 -7 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
High Gables
Plantation Road
Chippenham
Wilts
SN14 0EJ
United Kingdom

These financial statements were authorised for issue by the Board on 25 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Drainwizards 24 -7 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

10% straight line

Plant and machinery

25% Reducing Balance

Fixtures and fittings

25% Reducing Balance

Vehicles

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Drainwizards 24 -7 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2021 - 11).

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

241,962

181,487

 

Drainwizards 24 -7 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2021

170,670

723

427,748

819,469

1,418,610

Additions

-

-

400,883

-

400,883

Disposals

-

-

-

(83,500)

(83,500)

At 30 June 2022

170,670

723

828,631

735,969

1,735,993

Depreciation

At 1 July 2021

72,611

397

245,354

361,423

679,785

Charge for the year

16,067

326

96,409

129,160

241,962

Eliminated on disposal

-

-

-

(54,145)

(54,145)

At 30 June 2022

88,678

723

341,763

436,438

867,602

Carrying amount

At 30 June 2022

81,992

-

486,868

299,531

868,391

At 30 June 2021

98,059

326

182,394

458,046

738,825

Included within the net book value of land and buildings above is £81,992 (2021 - £98,059) in respect of freehold land and buildings.
 

6

Debtors

Current

2022
£

2021
£

Trade debtors

117,958

92,898

Prepayments

3,917

3,918

Other debtors

5,960

2,000

 

127,835

98,816

 

Drainwizards 24 -7 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

36,788

70,747

Trade creditors

 

5,098

345

Taxation and social security

 

53,798

35,768

Accruals and deferred income

 

4,250

28,111

 

99,934

134,971

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

172,000

-

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

Drainwizards 24 -7 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

172,000

-

2022
£

2021
£

Current loans and borrowings

Other borrowings

36,788

70,747

10

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £91,094.00 (2021 - £58,293.00) per ordinary share

 

91,094

 

58,293

         

11

Related party transactions

 

Drainwizards 24 -7 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

25,965

24,960

Contributions paid to money purchase schemes

15,828

12,138

41,793

37,098