1 April 2022 v2023.26.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP098437892022-04-012023-03-31098437892023-03-31098437892022-03-3109843789core:WithinOneYear2023-03-3109843789core:WithinOneYear2022-03-3109843789core:ShareCapital2023-03-3109843789core:ShareCapital2022-03-3109843789core:RetainedEarningsAccumulatedLosses2023-03-3109843789core:RetainedEarningsAccumulatedLosses2022-03-3109843789bus:Director12022-04-012023-03-3109843789bus:RegisteredOffice2022-04-012023-03-3109843789core:NetGoodwill2022-04-012023-03-3109843789core:MotorVehicles2022-04-012023-03-3109843789core:PlantMachinery2022-04-012023-03-3109843789core:FurnitureFittingsToolsEquipment2022-04-012023-03-3109843789core:LandBuildings2022-04-012023-03-31098437892021-04-012022-03-3109843789core:NetGoodwill2023-03-3109843789core:NetGoodwill2022-04-0109843789core:NetGoodwill2022-03-3109843789core:LandBuildings2022-04-0109843789core:PlantMachinery2022-04-01098437892022-04-0109843789core:LandBuildings2023-03-3109843789core:PlantMachinery2023-03-3109843789core:LandBuildings2022-03-3109843789core:PlantMachinery2022-03-310984378912022-04-012023-03-3109843789countries:EnglandWales2022-04-012023-03-3109843789bus:AuditExemptWithAccountantsReport2022-04-012023-03-3109843789bus:PrivateLimitedCompanyLtd2022-04-012023-03-3109843789bus:SmallEntities2022-04-012023-03-3109843789bus:FullAccounts2022-04-012023-03-31
Company registration number:
09843789
DSW Motor Factors Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2023
DSW Motor Factors Limited
Statement of Financial Position
31 March 2023
20232022
Note££
Fixed assets    
Intangible assets 5
3,300
 
4,400
 
Tangible assets 6
403,947
 
302,265
 
407,247
 
306,665
 
Current assets    
Stocks
914,193
 
961,440
 
Debtors 7
560,240
 
470,507
 
Cash at bank and in hand
793,816
 
600,622
 
2,268,249
 
2,032,569
 
Creditors: amounts falling due within one year 8
(486,561
)
(635,546
)
Net current assets
1,781,688
 
1,397,023
 
Total assets less current liabilities 2,188,935   1,703,688  
Provisions for liabilities
(27,704
)
(7,588
)
Net assets
2,161,231
 
1,696,100
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
2,161,131
 
1,696,000
 
Shareholders funds
2,161,231
 
1,696,100
 
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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
27 October 2023
, and are signed on behalf of the board by:
Mr D Smith
Director
Company registration number:
09843789
DSW Motor Factors Limited
Notes to the Financial Statements
Year ended
31 March 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Willow Farm Mansfield Road
,
Creswell
,
Worksop
,
Nottinghamshire
,
S80 4HT
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor vehicles
20% reducing balance
Plant and machinery
20% straight line
Fixtures, fittings and equipment
20% straight line
Land and buildings
Straight line over 50 years .Property and Leasehold improvements over 10 years.

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.

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 stocks to their present location and condition.A provision is made in respect of stock over five years old.

Financial instruments

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account.
The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4 Average number of employees

The average number of persons employed by the company during the year was
12
(2022:
13.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 April 2022
and
31 March 2023
11,000
 
Amortisation  
At
1 April 2022
6,600
 
Charge
1,100
 
At
31 March 2023
7,700
 
Carrying amount  
At
31 March 2023
3,300
 
At 31 March 2022
4,400
 

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 April 2022
296,798
 
250,176
 
546,974
 
Additions
40,485
 
87,042
 
127,527
 
At
31 March 2023
337,283
 
337,218
 
674,501
 
Depreciation      
At
1 April 2022
34,560
 
210,149
 
244,709
 
Charge
12,015
 
13,830
 
25,845
 
At
31 March 2023
46,575
 
223,979
 
270,554
 
Carrying amount      
At
31 March 2023
290,708
 
113,239
 
403,947
 
At 31 March 2022
262,238
 
40,027
 
302,265
 

7 Debtors

20232022
££
Trade debtors
263,000
 
251,023
 
Other debtors
297,240
 
219,484
 
560,240
 
470,507
 

8 Creditors: amounts falling due within one year

20232022
££
Trade creditors
328,379
 
399,711
 
Taxation and social security
146,971
 
224,244
 
Other creditors
11,211
 
11,591
 
486,561
 
635,546
 

9 Director's advances, credit and guarantees

A Director owed £215,000 (2022;£215,000) at 31 March 2023.The loan has no fixed repayment term and are subject to an annual interest charge of 2.25 per-cent.