3 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 11892839 2022-04-01 2023-03-31 11892839 2023-03-31 11892839 2022-03-31 11892839 2021-04-01 2022-03-31 11892839 2022-03-31 11892839 core:LandBuildings core:ShortLeaseholdAssets 2022-04-01 2023-03-31 11892839 core:PlantMachinery 2022-04-01 2023-03-31 11892839 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 11892839 core:MotorVehicles 2022-04-01 2023-03-31 11892839 bus:Director1 2022-04-01 2023-03-31 11892839 core:WithinOneYear 2023-03-31 11892839 core:WithinOneYear 2022-03-31 11892839 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 11892839 core:PlantMachinery 2022-03-31 11892839 core:FurnitureFittingsToolsEquipment 2022-03-31 11892839 core:MotorVehicles 2022-03-31 11892839 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 11892839 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 11892839 core:PlantMachinery 2023-03-31 11892839 core:FurnitureFittingsToolsEquipment 2023-03-31 11892839 core:MotorVehicles 2023-03-31 11892839 core:AfterOneYear 2023-03-31 11892839 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 11892839 core:ShareCapital 2023-03-31 11892839 core:ShareCapital 2022-03-31 11892839 core:RetainedEarningsAccumulatedLosses 2023-03-31 11892839 core:RetainedEarningsAccumulatedLosses 2022-03-31 11892839 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 11892839 core:PlantMachinery 2022-03-31 11892839 core:FurnitureFittingsToolsEquipment 2022-03-31 11892839 core:MotorVehicles 2022-03-31 11892839 bus:Director1 2022-03-31 11892839 bus:Director1 2023-03-31 11892839 bus:Director1 2021-03-31 11892839 bus:Director1 2022-03-31 11892839 bus:Director1 2021-04-01 2022-03-31 11892839 bus:SmallEntities 2022-04-01 2023-03-31 11892839 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11892839 bus:FullAccounts 2022-04-01 2023-03-31 11892839 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11892839 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
Company registration number: 11892839
DMS DRYWALL SYSTEMS LIMITED
Unaudited filleted financial statements
31 March 2023
DMS DRYWALL SYSTEMS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 59,174 14,373
_______ _______
59,174 14,373
Current assets
Debtors 6 532,311 160,148
Cash at bank and in hand 306,997 164,579
_______ _______
839,308 324,727
Creditors: amounts falling due
within one year 8 ( 505,434) ( 250,512)
_______ _______
Net current assets 333,874 74,215
_______ _______
Total assets less current liabilities 393,048 88,588
Creditors: amounts falling due
after more than one year 9 ( 26,226) -
Provisions for liabilities ( 10,188) ( 2,731)
_______ _______
Net assets 356,634 85,857
_______ _______
Capital and reserves
Called up share capital 150 150
Profit and loss account 10 356,484 85,707
_______ _______
Shareholders funds 356,634 85,857
_______ _______
For the year ending 31 March 2023 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 October 2023 , and are signed on behalf of the board by:
Mr David Smith
Director
Company registration number: 11892839
DMS DRYWALL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 30 St Peter Street, Tiverton, Devon, EX16 6NR.
Principal activity
The principal activity of the company is that of building completion and finishing work.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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, except to the extent 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 in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tools and equipment - 15 % reducing balance
Computer equipment - 33 % reducing balance
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible assets
Long leasehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 April 2022 - 2,372 2,440 1,631 16,930 23,373
Additions 18,704 - 482 - 48,738 67,924
Disposals - - - - ( 16,930) ( 16,930)
_______ _______ _______ _______ _______ _______
At 31 March 2023 18,704 2,372 2,922 1,631 48,738 74,367
_______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2022 - 183 779 630 7,408 9,000
Charge for the year - 303 786 327 12,185 13,601
Disposals - - - - ( 7,408) ( 7,408)
_______ _______ _______ _______ _______ _______
At 31 March 2023 - 486 1,565 957 12,185 15,193
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 18,704 1,886 1,357 674 36,553 59,174
_______ _______ _______ _______ _______ _______
At 31 March 2022 - 2,189 1,661 1,001 9,522 14,373
_______ _______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 433,761 5,379
Other debtors 98,550 154,769
_______ _______
532,311 160,148
_______ _______
7. Cash and cash equivalents
2023 2022
£ £
Cash at bank and in hand 306,997 164,579
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 162,222 118,373
Accruals and deferred income 8,849 7,500
Social security and other taxes 88,040 27,347
Other creditors 246,323 97,292
_______ _______
505,434 250,512
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 26,226 -
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
The Director ( 80,659) ( 75,300) 465 ( 155,494)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
The Director ( 756) ( 89,800) 9,897 ( 80,659)
_______ _______ _______ _______