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Registration number: 13128315

Dallas Wilding Drew Ltd

Annual Report and Financial Statements

for the Period from 12 January 2021 to 31 December 2021

 

Dallas Wilding Drew Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Dallas Wilding Drew Ltd

(Registration number: 13128315)
Balance Sheet as at 31 December 2021

Note

2021

   

£

£

Fixed assets

   

Intangible assets

4

 

2,585

Tangible assets

5

 

702

   

3,287

Current assets

   

Debtors

6

7,399

 

Cash at bank and in hand

 

8,809

 

 

16,208

 

Creditors: Amounts falling due within one year

7

(154,130)

 

Net current liabilities

   

(137,922)

Net liabilities

   

(134,635)

Capital and reserves

   

Called up share capital

8

100

 

Profit and loss account

(134,735)

 

Total equity

   

(134,635)

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 and the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 June 2022 and signed on its behalf by:
 

.........................................
P E O Staveley
Director

 

Dallas Wilding Drew Ltd

Notes to the Financial Statements for the Period from 12 January 2021 to 31 December 2021

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:
Dallas House
Low Moor
Bradford
West Yorkshire
BD12 0HF

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Disclosure of long or short period

The financial statements are for the period 12 January 2021 to 31 December 2021 as a result of incorporation. The short period is to align the year end with fellow group companies.

Going concern

At the period end the company has net current liabilities of £137,922. The company is dependent upon the continued support of its parent undertaking and shareholder. On the basis that both parties have indicated that this support will continue, the directors have prepared the accounts on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 June 2022 was Gillian Craven FCA, who signed for and on behalf of Watson Buckle Limited.

Revenue recognition

Turnover represents commissions and fees, which are taken to revenue in full at the later of the binding contract date and the renewal or commencement date of the policy; and profit commission which is recognised on receipt.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Dallas Wilding Drew Ltd

Notes to the Financial Statements for the Period from 12 January 2021 to 31 December 2021

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 and 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

Office equipment

33.33% straight line basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

33.33% straight line basis

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.

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.

 

Dallas Wilding Drew Ltd

Notes to the Financial Statements for the Period from 12 January 2021 to 31 December 2021

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company during the period was 2.

 

Dallas Wilding Drew Ltd

Notes to the Financial Statements for the Period from 12 January 2021 to 31 December 2021

4

Intangible assets

Other intangible assets
 £

Total
£

Cost

Additions acquired separately

3,000

3,000

At 31 December 2021

3,000

3,000

Amortisation

Amortisation charge

415

415

At 31 December 2021

415

415

Carrying amount

At 31 December 2021

2,585

2,585

5

Tangible assets

Office equipment
 £

Total
£

Cost

Additions

840

840

At 31 December 2021

840

840

Depreciation

Charge for the period

138

138

At 31 December 2021

138

138

Carrying amount

At 31 December 2021

702

702

6

Debtors

Note

2021
£

Amounts owed by group undertakings

 

7,219

Other debtors

9

100

Prepayments

 

80

 

7,399

 

Dallas Wilding Drew Ltd

Notes to the Financial Statements for the Period from 12 January 2021 to 31 December 2021

7

Creditors

Note

2021
£

Due within one year

 

Amounts owed to group undertakings

9

150,000

Accruals and deferred income

 

4,130

 

154,130

8

Share capital

Allotted, called up and not fully paid shares

 

2021

 

No.

£

Ordinary shares of £1 each

100

100

     

9

Related party transactions

Income and receivables from related parties

2021

Parent
£

Key management
£

Amounts receivable from related party

70

30

Expenditure with and payables to related parties

2021

Parent
£

Amounts payable to related party

150,000

10

Parent and ultimate parent undertaking

The company's immediate parent is T L Dallas Group Limited, incorporated in England and Wales. The registered office of T L Dallas Group Limited is Dallas House, Low Moor, Bradford, BD12 0HF.

  These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.