COMPANY REGISTRATION NUMBER:
00084512
|
Filleted Financial Statements |
|
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
|
Tangible assets |
5 |
67,220 |
77,449 |
|
|
|
|
Current assets
|
Stocks |
– |
61,203 |
|
Debtors |
6 |
680,261 |
462,310 |
|
Cash at bank and in hand |
44,795 |
53,146 |
|
--------- |
--------- |
|
725,056 |
576,659 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
563,545 |
470,896 |
|
--------- |
--------- |
|
Net current assets |
161,511 |
105,763 |
|
--------- |
--------- |
|
Total assets less current liabilities |
228,731 |
183,212 |
|
--------- |
--------- |
|
Net assets |
228,731 |
183,212 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
20,000 |
20,000 |
|
Profit and loss account |
208,731 |
163,212 |
|
--------- |
--------- |
|
Shareholders funds |
228,731 |
183,212 |
|
--------- |
--------- |
|
|
|
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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
8 August 2023
, and are signed on behalf of the board by:
Company registration number:
00084512
|
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 Midway House, Staverton Technology Park, Herrick Way, Staverton, Gloucestershire, GL51 6TQ, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Long term contract balances
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value, and costs are released to profit and loss based also on the percentage complete and total expected costs for that contract. Revenues derived from variations on contracts are recognised only when there is reasonable certainty they will be paid. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of D.I.S Ltd which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
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 comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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:
|
Motor Vehicles |
- |
25% straight line |
|
Equipment |
- |
|
|
|
|
|
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.
Defined contribution plans
The company operates a contributory pension scheme, covering certain of its permanent employees. The scheme's funds are administered by trustees and are independent of the company finances. The scheme is fully funded and is a defined contribution scheme. The company's contributions are charged against profits in the year in which they are made.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2022:
8
).
5.
Tangible assets
|
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 April 2022 |
161,252 |
|
188,904 |
|
Additions |
26,795 |
|
37,293 |
|
Disposals |
(
19,995) |
– |
(
19,995) |
|
--------- |
-------- |
--------- |
|
At 31 March 2023 |
168,052 |
|
206,202 |
|
--------- |
-------- |
--------- |
|
Depreciation |
|
|
|
|
At 1 April 2022 |
85,660 |
|
111,455 |
|
Charge for the year |
33,147 |
|
37,525 |
|
Disposals |
(
9,998) |
– |
(
9,998) |
|
--------- |
-------- |
--------- |
|
At 31 March 2023 |
108,809 |
|
138,982 |
|
--------- |
-------- |
--------- |
|
Carrying amount |
|
|
|
|
At 31 March 2023 |
59,243 |
|
67,220 |
|
--------- |
-------- |
--------- |
|
At 31 March 2022 |
75,592 |
|
77,449 |
|
--------- |
-------- |
--------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
|
Trade debtors |
356,191 |
221,833 |
|
Other debtors |
324,070 |
240,477 |
|
--------- |
--------- |
|
680,261 |
462,310 |
|
--------- |
--------- |
|
|
|
Included in other debtors is an amount of £9,855 (2021: £6,663) relating to deferred taxation on capital allowance timing differences.
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
|
Trade creditors |
343,703 |
270,879 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
105,131 |
93,829 |
|
Corporation tax |
62,425 |
71,207 |
|
Social security and other taxes |
10,109 |
18,049 |
|
Other creditors |
|
|
|
Other creditors |
38,965 |
13,845 |
|
--------- |
--------- |
|
563,545 |
470,896 |
|
--------- |
--------- |
|
|
|
8.
Summary audit opinion
The auditor's report for the year dated
8 August 2023
was
unqualified
.
The senior statutory auditor was
James Harper
, for and on behalf of
Harper Sheldon Limited
.
9.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
Balance brought forward and outstanding |
|
2023 |
2022 |
|
£ |
£ |
|
Mr W Davies |
– |
(
8,095) |
|
---- |
------- |
|
|
|
10.
Related party transactions
The company has taken advantage of the exemption under FRS 102 from reporting transactions entered into with group companies since the company's results are included in consolidated financial statements which are publicly available.
11.
Controlling party
The ultimate parent undertaking and controlling party is D.I.S Limited, a company registered in England and Wales. A copy of the group financial statements is available from Companies House, Cardiff. DIS Limited registered office is Midway House, Staverton Technology Park, Herrick Way, Staverton, Gloucestershire, GL51 6TQ, England.