Drainwizards 24 -7 Ltd 06282615 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is Provision of Drainage Services Digita Accounts Production Advanced 6.30.9574.0 true 06282615 2022-07-01 2023-06-30 06282615 2023-06-30 06282615 bus:OrdinaryShareClass1 2023-06-30 06282615 core:RetainedEarningsAccumulatedLosses 2023-06-30 06282615 core:ShareCapital 2023-06-30 06282615 core:CurrentFinancialInstruments 2023-06-30 06282615 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 06282615 core:Non-currentFinancialInstruments 2023-06-30 06282615 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 06282615 core:FurnitureFittings 2023-06-30 06282615 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 06282615 core:MotorVehicles 2023-06-30 06282615 core:PlantMachinery 2023-06-30 06282615 bus:SmallEntities 2022-07-01 2023-06-30 06282615 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 06282615 bus:FullAccounts 2022-07-01 2023-06-30 06282615 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 06282615 bus:RegisteredOffice 2022-07-01 2023-06-30 06282615 bus:Director1 2022-07-01 2023-06-30 06282615 bus:Director2 2022-07-01 2023-06-30 06282615 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 06282615 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 06282615 bus:Agent1 2022-07-01 2023-06-30 06282615 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 06282615 core:ShareCapital 2022-07-01 2023-06-30 06282615 core:Buildings 2022-07-01 2023-06-30 06282615 core:FurnitureFittings 2022-07-01 2023-06-30 06282615 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 06282615 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06282615 core:MotorVehicles 2022-07-01 2023-06-30 06282615 core:PlantMachinery 2022-07-01 2023-06-30 06282615 core:Vehicles 2022-07-01 2023-06-30 06282615 countries:EnglandWales 2022-07-01 2023-06-30 06282615 2022-06-30 06282615 core:RetainedEarningsAccumulatedLosses 2022-06-30 06282615 core:ShareCapital 2022-06-30 06282615 core:FurnitureFittings 2022-06-30 06282615 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 06282615 core:MotorVehicles 2022-06-30 06282615 core:PlantMachinery 2022-06-30 06282615 2021-07-01 2022-06-30 06282615 2022-06-30 06282615 bus:OrdinaryShareClass1 2022-06-30 06282615 core:RetainedEarningsAccumulatedLosses 2022-06-30 06282615 core:ShareCapital 2022-06-30 06282615 core:CurrentFinancialInstruments 2022-06-30 06282615 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 06282615 core:Non-currentFinancialInstruments 2022-06-30 06282615 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 06282615 core:FurnitureFittings 2022-06-30 06282615 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 06282615 core:MotorVehicles 2022-06-30 06282615 core:PlantMachinery 2022-06-30 06282615 core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 06282615 core:ShareCapital 2021-07-01 2022-06-30 06282615 2021-06-30 06282615 core:RetainedEarningsAccumulatedLosses 2021-06-30 06282615 core:ShareCapital 2021-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06282615

Drainwizards 24 -7 Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

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

BNL Accounting Services Ltd
42 Vanbrugh Gate
Broome manor
Wiltshire
SN3 1NQ

 

Drainwizards 24 -7 Ltd

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

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 30 September 2023 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 2023

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 2023 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 20 January 2022. 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 loss 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.

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

BNL Accounting Services Ltd
42 Vanbrugh Gate
Broome manor
Wiltshire
SN3 1NQ

30 September 2023

 

Drainwizards 24 -7 Ltd

Profit and Loss Account for the Year Ended 30 June 2023

Note

2023
£

2022
£

Turnover

 

905,799

979,239

Cost of sales

 

(63,979)

(56,111)

Gross profit

 

841,820

923,128

Administrative expenses

 

(838,034)

(765,758)

Operating profit

 

3,786

157,370

Other interest receivable and similar income

 

468

31

Interest payable and similar expenses

 

(12,541)

(5,764)

   

(12,073)

(5,733)

(Loss)/profit before tax

4

(8,287)

151,637

Tax on (loss)/profit

 

(31,387)

(27,671)

(Loss)/profit for the financial year

 

(39,674)

123,966

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 2023

2023
£

2022
£

(Loss)/profit for the year

(39,674)

123,966

Total comprehensive income for the year

(39,674)

123,966

 

Drainwizards 24 -7 Ltd

(Registration number: 06282615)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

935,317

868,391

Current assets

 

Debtors

6

153,116

127,835

Cash at bank and in hand

 

229,860

248,367

 

382,976

376,202

Creditors: Amounts falling due within one year

7

(113,737)

(99,934)

Net current assets

 

269,239

276,268

Total assets less current liabilities

 

1,204,556

1,144,659

Creditors: Amounts falling due after more than one year

7

(320,208)

(172,000)

Provisions for liabilities

(180,803)

(149,415)

Net assets

 

703,545

823,244

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

703,543

823,242

Shareholders' funds

 

703,545

823,244

For the financial year ending 30 June 2023 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 30 September 2023 and signed on its behalf by:
 

 

Drainwizards 24 -7 Ltd

(Registration number: 06282615)
Balance Sheet as at 30 June 2023

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

 

Drainwizards 24 -7 Ltd

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

2

823,242

823,244

Loss for the year

-

(39,674)

(39,674)

Dividends

-

(80,025)

(80,025)

At 30 June 2023

2

703,543

703,545

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

 

Drainwizards 24 -7 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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 30 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.

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 2023

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 2023

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 14 (2022 - 10).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

316,612

241,962

 

Drainwizards 24 -7 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

170,670

723

828,631

735,969

1,735,993

Additions

-

-

479,632

-

479,632

Disposals

-

-

(150,000)

-

(150,000)

At 30 June 2023

170,670

723

1,158,263

735,969

2,065,625

Depreciation

At 1 July 2022

88,678

723

341,763

436,438

867,602

Charge for the year

16,067

-

131,531

169,014

316,612

Eliminated on disposal

-

-

(53,906)

-

(53,906)

At 30 June 2023

104,745

723

419,388

605,452

1,130,308

Carrying amount

At 30 June 2023

65,925

-

738,875

130,517

935,317

At 30 June 2022

81,992

-

486,868

299,531

868,391

Included within the net book value of land and buildings above is £65,925 (2022 - £81,992) in respect of freehold land and buildings.
 

6

Debtors

Current

2023
£

2022
£

Trade debtors

145,733

117,958

Prepayments

3,919

3,917

Other debtors

3,464

5,960

 

153,116

127,835

 

Drainwizards 24 -7 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

56,959

36,788

Trade creditors

 

8

5,098

Taxation and social security

 

52,520

53,798

Accruals and deferred income

 

4,250

4,250

 

113,737

99,934

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

320,208

172,000

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

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 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

320,208

172,000

2023
£

2022
£

Current loans and borrowings

Other borrowings

56,959

36,788

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £40,012.50 (2022 - £45,547.00) per ordinary share

 

80,025

 

91,094

         

11

Related party transactions

 

Drainwizards 24 -7 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,960

25,965

Contributions paid to money purchase schemes

14,824

15,828

39,784

41,793