7 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 55,000 43,210 5,510 48,720 6,280 11,790 xbrli:pure xbrli:shares iso4217:GBP 06071182 2022-04-01 2023-03-31 06071182 2023-03-31 06071182 2022-03-31 06071182 2021-04-01 2022-03-31 06071182 2022-03-31 06071182 core:NetGoodwill 2022-04-01 2023-03-31 06071182 core:FurnitureFittings 2022-04-01 2023-03-31 06071182 core:MotorVehicles 2022-04-01 2023-03-31 06071182 bus:Director1 2022-04-01 2023-03-31 06071182 core:NetGoodwill 2022-03-31 06071182 core:NetGoodwill 2023-03-31 06071182 core:LandBuildings 2022-03-31 06071182 core:FurnitureFittings 2022-03-31 06071182 core:MotorVehicles 2022-03-31 06071182 core:LandBuildings 2023-03-31 06071182 core:FurnitureFittings 2023-03-31 06071182 core:MotorVehicles 2023-03-31 06071182 core:LandBuildings 2022-04-01 2023-03-31 06071182 core:WithinOneYear 2023-03-31 06071182 core:WithinOneYear 2022-03-31 06071182 core:AfterOneYear 2023-03-31 06071182 core:AfterOneYear 2022-03-31 06071182 core:ShareCapital 2023-03-31 06071182 core:ShareCapital 2022-03-31 06071182 core:RevaluationReserve 2023-03-31 06071182 core:RevaluationReserve 2022-03-31 06071182 core:RetainedEarningsAccumulatedLosses 2023-03-31 06071182 core:RetainedEarningsAccumulatedLosses 2022-03-31 06071182 core:NetGoodwill 2022-03-31 06071182 core:LandBuildings 2022-03-31 06071182 core:FurnitureFittings 2022-03-31 06071182 core:MotorVehicles 2022-03-31 06071182 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-03-31 06071182 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-03-31 06071182 bus:SmallEntities 2022-04-01 2023-03-31 06071182 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06071182 bus:FullAccounts 2022-04-01 2023-03-31 06071182 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06071182 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06071182 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 06071182 core:OtherPropertyPlantEquipment 2022-03-31 06071182 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 06071182 core:OtherPropertyPlantEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 06071182
DWYFOR OILS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
DWYFOR OILS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
4
6,280
11,790
Tangible assets
5
1,190,792
1,203,188
------------
------------
1,197,072
1,214,978
Current assets
Stocks
275,132
232,000
Debtors
6
300,313
305,396
Cash at bank and in hand
42,340
79,763
---------
---------
617,785
617,159
Creditors: amounts falling due within one year
7
565,894
576,575
---------
---------
Net current assets
51,891
40,584
------------
------------
Total assets less current liabilities
1,248,963
1,255,562
Creditors: amounts falling due after more than one year
8
553,606
610,312
Provisions
Taxation including deferred tax
24,895
22,822
------------
------------
Net assets
670,462
622,428
------------
------------
Capital and reserves
Called up share capital
20,102
20,102
Revaluation reserve
314,301
314,301
Profit and loss account
336,059
288,025
---------
---------
Shareholders funds
670,462
622,428
---------
---------
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 income statement has not been delivered.
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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DWYFOR OILS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Mr R A Jones
Director
Company registration number: 06071182
DWYFOR OILS 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 Zone 4 Cibyn Industrial Estate, Caernarfon, Gwynedd, LL55 2BD.
2. 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.
Revenue recognition
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
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company`s accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current rates and laws.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Freehold Property
-
2% per annum on revalued amounts
Equipment
-
15% reducing balance
Fixtures and Fittings
-
15% reducing balance
Motor Vehicles
-
20 % reducing balance
No depreciation is provided on freehold land.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 as a finance cost in profit or loss in the period it arises.
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 as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
4. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
55,000
--------
Amortisation
At 1 April 2022
43,210
Charge for the year
5,510
--------
At 31 March 2023
48,720
--------
Carrying amount
At 31 March 2023
6,280
--------
At 31 March 2022
11,790
--------
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
1,223,801
130,614
31,359
183,654
1,569,428
Additions
1,500
44,089
45,589
Disposals
( 12,600)
( 12,600)
------------
---------
--------
---------
------------
At 31 March 2023
1,223,801
132,114
31,359
215,143
1,602,417
------------
---------
--------
---------
------------
Depreciation
At 1 April 2022
140,728
80,828
24,378
120,306
366,240
Charge for the year
23,307
7,805
1,048
24,135
56,295
Disposals
( 10,910)
( 10,910)
------------
---------
--------
---------
------------
At 31 March 2023
164,035
88,633
25,426
133,531
411,625
------------
---------
--------
---------
------------
Carrying amount
At 31 March 2023
1,059,766
43,481
5,933
81,612
1,190,792
------------
---------
--------
---------
------------
At 31 March 2022
1,083,073
49,786
6,981
63,348
1,203,188
------------
---------
--------
---------
------------
Tangible assets held at valuation
Land and buildings were revalued on 29 July 2011 at an open market value at £600,000. The historical cost of the freehold and buildings included above at a valuation of £600,000 was £307,874
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2023
27,190
--------
At 31 March 2022
37,719
--------
6. Debtors
2023
2022
£
£
Trade debtors
272,115
290,810
Other debtors
28,198
14,586
---------
---------
300,313
305,396
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
199,677
210,312
Trade creditors
245,912
258,992
Corporation tax
29,561
32,442
Social security and other taxes
41,449
21,250
Other creditors
49,295
53,579
---------
---------
565,894
576,575
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
106,977
127,008
Other creditors
446,629
483,304
---------
---------
553,606
610,312
---------
---------
9. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in creditors:
Deferred government grants due within one year
29,175
29,175
Deferred government grants due after more than one year
437,629
466,804
---------
---------
466,804
495,979
---------
---------
Recognised in other operating income:
Government grants recognised directly in income
29,175
29,175
--------
--------
The Welsh Government grant was for the compulsory purchase order and the permanent loss of 0.15ha of land to the A487 Caernafron and Bontnewydd Bypass. The government grant was received to build a replacement unit in exchange for the 0.15ha of land.
10. Director's advances, credits and guarantees
No director's advances, credits or guarantees need to be disclosed in the accounts.