Company Registration No. 12800520 (England and Wales)
DRS FLOORING LTD
Unaudited accounts
for the year ended 31 August 2023
DRS FLOORING LTD
Unaudited accounts
Contents
DRS FLOORING LTD
Company Information
for the year ended 31 August 2023
Director
DANIEL ROBERT SKATE
Company Number
12800520 (England and Wales)
Registered Office
21 CLEVELAND AVENUE
NORTH HYKEHAM
LINCOLN
LN6 9TH
ENGLAND
Accountants
CALCUL8 LIMITED
57 HIGH STREET
SAXILBY
LINCOLN
LINCOLNSHIRE
LN1 2HA
DRS FLOORING LTD
Statement of financial position
as at 31 August 2023
Tangible assets
49,942
56,753
Cash at bank and in hand
90,548
88,264
Creditors: amounts falling due within one year
(33,173)
(39,548)
Net current assets
82,269
95,446
Total assets less current liabilities
132,211
152,199
Creditors: amounts falling due after more than one year
(37,498)
(38,526)
Provisions for liabilities
Called up share capital
10
10
Profit and loss account
94,087
109,166
Shareholders' funds
94,097
109,176
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 November 2023 and were signed on its behalf by
DANIEL ROBERT SKATE
Director
Company Registration No. 12800520
DRS FLOORING LTD
Notes to the Accounts
for the year ended 31 August 2023
DRS FLOORING LTD is a private company, limited by shares, registered in England and Wales, registration number 12800520. The registered office is 21 CLEVELAND AVENUE, NORTH HYKEHAM, LINCOLN, LN6 9TH, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods and services is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing balance
Motor vehicles
25% Reducing balance
Computer equipment
15% Reducing balance
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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 tax rates and laws.
Deferred tax assets and liabilities are not discounted.
DRS FLOORING LTD
Notes to the Accounts
for the year ended 31 August 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2022
694
67,203
-
67,897
Additions
1,234
52,145
591
53,970
Disposals
-
(55,417)
-
(55,417)
At 31 August 2023
1,928
63,931
591
66,450
At 1 September 2022
17
11,127
-
11,144
Charge for the year
208
5,757
59
6,024
On disposals
-
(660)
-
(660)
At 31 August 2023
225
16,224
59
16,508
At 31 August 2023
1,703
47,707
532
49,942
At 31 August 2022
677
56,076
-
56,753
Amounts falling due within one year
Trade debtors
12,415
26,624
Other debtors
12,479
20,106
6
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
13,417
10,826
Trade creditors
9,666
7,376
Taxes and social security
16,442
17,682
Loans from directors
11
91
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
37,498
38,526
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10
10
DRS FLOORING LTD
Notes to the Accounts
for the year ended 31 August 2023
9
Transactions with related parties
Dividends of £80,600 (2022: £28,200) were declared in relation to this financial year.
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).