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Registration number: 02501184

Doms Power Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Doms Power Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Doms Power Limited

Company Information

Director

Mr Dominic Trickett

Company secretary

Ms Daryl Kinder

Registered office

339 Bedworth Road
Longford
Coventry
Warwickshire
CV6 6BN

Accountants

Sheridan Accounting Solutions Limited
Enterprise House
Tenlons Road
Nuneaton
Warwickshire
CV10 7HR

 

Doms Power Limited

Director's Report for the Year Ended 31 December 2022

The director presents his report and the financial statements for the year ended 31 December 2022.

Director of the company

The director who held office during the year was as follows:

Mr Dominic Trickett

Principal activity

The principal activity of the company is Repairs, maintenance & servicing of Cars

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 director on 28 September 2023
 

.........................................
Mr Dominic Trickett
Director

 

Doms Power Limited

(Registration number: 02501184)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

324,766

283,197

Current assets

 

Stocks

6

85,443

82,750

Debtors

7

253,151

144,281

Cash at bank and in hand

 

1,290,154

1,296,137

 

1,628,748

1,523,168

Creditors: Amounts falling due within one year

8

(598,202)

(549,336)

Net current assets

 

1,030,546

973,832

Total assets less current liabilities

 

1,355,312

1,257,029

Creditors: Amounts falling due after more than one year

8

(29,167)

-

Net assets

 

1,326,145

1,257,029

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,326,045

1,256,929

Shareholders' funds

 

1,326,145

1,257,029

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director on 28 September 2023
 

.........................................
Mr Dominic Trickett
Director

 

Doms Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
339 Bedworth Road
Longford
Coventry
Warwickshire
CV6 6BN
England

These financial statements were authorised for issue by the director on 28 September 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 current 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.

 

Doms Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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

Motor Vehicles

25% Straight Line

Plant and Machinery

15% Straight Line

Fixtures and Fittings

15% Straight Line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

 

Doms Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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 the director) during the year, was 12 (2021 - 12).

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

82,614

70,351

 

Doms Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 January 2022

35,921

43,143

852,813

33,905

Additions

-

1,050

105,829

17,303

At 31 December 2022

35,921

44,193

958,642

51,208

Depreciation

At 1 January 2022

35,921

43,143

569,616

33,905

Charge for the year

-

157

82,096

360

At 31 December 2022

35,921

43,300

651,712

34,265

Carrying amount

At 31 December 2022

-

893

306,930

16,943

At 31 December 2021

-

-

283,197

-

Total
£

Cost or valuation

At 1 January 2022

965,782

Additions

124,182

At 31 December 2022

1,089,964

Depreciation

At 1 January 2022

682,585

Charge for the year

82,613

At 31 December 2022

765,198

Carrying amount

At 31 December 2022

324,766

At 31 December 2021

283,197

Included within the net book value of land and buildings above is £Nil (2021 - £Nil) in respect of short leasehold land and buildings.
 

 

Doms Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Stocks

2022
£

2021
£

Raw materials and consumables

85,443

82,750

7

Debtors

Current

2022
£

2021
£

Trade debtors

18,944

38,986

Prepayments

929

929

Other debtors

233,278

104,366

 

253,151

144,281

 

Doms Power Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

10,000

-

Trade creditors

 

24,673

45,609

Taxation and social security

 

30,351

3,100

Accruals and deferred income

 

179,189

198,658

Other creditors

 

353,989

301,969

 

598,202

549,336

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

29,167

-

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

29,167

-

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

-