1 March 2022 v2023.26.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP033234882022-03-012023-02-28033234882023-02-28033234882022-02-2803323488core:WithinOneYear2023-02-2803323488core:WithinOneYear2022-02-2803323488core:AfterOneYear2023-02-2803323488core:AfterOneYear2022-02-2803323488core:ShareCapital2023-02-2803323488core:ShareCapital2022-02-2803323488core:RetainedEarningsAccumulatedLosses2023-02-2803323488core:RetainedEarningsAccumulatedLosses2022-02-2803323488bus:Director12022-03-012023-02-2803323488bus:RegisteredOffice2022-03-012023-02-2803323488core:MotorVehicles2022-03-012023-02-2803323488core:FurnitureFittingsToolsEquipment2022-03-012023-02-2803323488core:PlantMachinery2022-03-012023-02-28033234882021-03-012022-02-2803323488core:PlantMachinery2022-03-0103323488core:PlantMachinery2023-02-2803323488core:PlantMachinery2022-02-280332348812022-03-012023-02-2803323488countries:EnglandWales2022-03-012023-02-2803323488bus:AuditExemptWithAccountantsReport2022-03-012023-02-2803323488bus:PrivateLimitedCompanyLtd2022-03-012023-02-2803323488bus:SmallEntities2022-03-012023-02-2803323488bus:FullAccounts2022-03-012023-02-28
Company registration number:
03323488
DMS Laminated Floors & Walls Limited
Unaudited Filleted Financial Statements for the year ended
28 February 2023
DMS Laminated Floors & Walls Limited
Statement of Financial Position
28 February 2023
20232022
Note££
Fixed assets    
Tangible assets 5
91,562
 
54,343
 
Current assets    
Stocks
19,539
 
6,623
 
Debtors 6
289,173
 
238,020
 
Cash at bank and in hand
69,559
 
155,035
 
378,271
 
399,678
 
Creditors: amounts falling due within one year 7
(274,986
)
(233,487
)
Net current assets
103,285
 
166,191
 
Total assets less current liabilities 194,847   220,534  
Creditors: amounts falling due after more than one year 8
(192,476
)
(209,323
)
Provisions for liabilities
(12,997
)
(10,325
)
Net (liabilities)/assets
(10,626
)
886
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
(10,726
)
786
 
Shareholders (deficit)/funds
(10,626
)
886
 
For the year ending
28 February 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
15 November 2023
, and are signed on behalf of the board by:
D Smith
Director
Company registration number:
03323488
DMS Laminated Floors & Walls Limited
Notes to the Financial Statements
Year ended
28 February 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
Unit 8 Laceby Business Park
,
Laceby
,
Grimsby
,
North East Lincolnshire
,
DN37 7DP
, 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 and services rendered, net of discounts and Value Added Tax.

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.

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.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
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
25% reducing balance
Fixtures, fittings and equipment
25% reducing balance
Plant and machinery
25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases 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 relating to revenue are recognised on a systematic basis over the periods in which the entity 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 were also received from the Coronavirus Job Retention Scheme to assist with the impact of COVID 19 on the business.

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. 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.

4 Average number of employees

The average number of persons employed by the company during the year was
18
(2022:
17.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 March 2022
127,624
 
Additions
57,257
 
At
28 February 2023
184,881
 
Depreciation  
At
1 March 2022
73,281
 
Charge
20,038
 
At
28 February 2023
93,319
 
Carrying amount  
At
28 February 2023
91,562
 
At 28 February 2022
54,343
 

6 Debtors

20232022
££
Trade debtors
103,024
 
116,097
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest -  
50,450
 
Other debtors
186,149
 
71,473
 
289,173
 
238,020
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
51,356
 
49,757
 
Trade creditors
123,542
 
108,837
 
Taxation and social security
66,941
 
56,888
 
Other creditors
33,147
 
18,005
 
274,986
 
233,487
 
Hire purchase agreements and finance leases are secured on the assets to which they relate.

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
132,208
 
179,215
 
Other creditors
60,268
 
30,108
 
192,476
 
209,323
 
Hire purchase agreements and finance leases are secured on the assets to which they relate.

9 Director's advances, credit and guarantees

Included in debtors is a balance due from the director of £115,811 (2022 - £49,723), advances during the period amount to £75,166 (2021 - £55,283), repayments during the period amount to £9,078 (2022 - £56,836). The loan is subject to interest at HMRC approved rates and is repayable on demand.