14 false false false false false false false false false true false false false false false false 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 291,244 291,244 6,121 6,121 6,121 xbrli:pure xbrli:shares iso4217:GBP SC237206 2022-03-01 2023-02-28 SC237206 2023-02-28 SC237206 2022-02-28 SC237206 2021-03-01 2022-02-28 SC237206 2022-02-28 SC237206 core:NetGoodwill 2022-03-01 2023-02-28 SC237206 core:PlantMachinery 2022-03-01 2023-02-28 SC237206 core:MotorVehicles 2022-03-01 2023-02-28 SC237206 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC237206 bus:Director3 2022-03-01 2023-02-28 SC237206 core:NetGoodwill 2023-02-28 SC237206 core:PlantMachinery 2022-02-28 SC237206 core:MotorVehicles 2022-02-28 SC237206 core:PlantMachinery 2023-02-28 SC237206 core:MotorVehicles 2023-02-28 SC237206 core:WithinOneYear 2023-02-28 SC237206 core:WithinOneYear 2022-02-28 SC237206 core:AfterOneYear 2023-02-28 SC237206 core:AfterOneYear 2022-02-28 SC237206 core:ShareCapital 2023-02-28 SC237206 core:ShareCapital 2022-02-28 SC237206 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC237206 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC237206 core:BetweenOneFiveYears 2023-02-28 SC237206 core:BetweenOneFiveYears 2022-02-28 SC237206 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 SC237206 core:Non-currentFinancialInstruments 2023-02-28 SC237206 core:Non-currentFinancialInstruments 2022-02-28 SC237206 core:PlantMachinery 2022-02-28 SC237206 core:MotorVehicles 2022-02-28 SC237206 bus:SmallEntities 2022-03-01 2023-02-28 SC237206 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC237206 bus:FullAccounts 2022-03-01 2023-02-28 SC237206 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 SC237206 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC237206 bus:OrdinaryShareClass1 2023-02-28 SC237206 bus:OrdinaryShareClass1 2022-02-28 SC237206 core:OfficeEquipment 2022-03-01 2023-02-28 SC237206 core:LeaseholdImprovements 2022-03-01 2023-02-28 SC237206 core:OfficeEquipment 2022-02-28 SC237206 core:LeaseholdImprovements 2022-02-28 SC237206 core:OfficeEquipment 2023-02-28 SC237206 core:LeaseholdImprovements 2023-02-28
COMPANY REGISTRATION NUMBER: SC237206
DRS Moving & Storage Limited
Filleted Unaudited Financial Statements
28 February 2023
DRS Moving & Storage Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
DRS Moving & Storage Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
15,292
20,971
Investments
7
6,121
6,121
--------
--------
21,413
27,092
Current assets
Stocks
7,650
6,000
Debtors
8
141,119
127,496
Cash at bank and in hand
8,800
13,147
---------
---------
157,569
146,643
Creditors: amounts falling due within one year
9
251,545
246,754
---------
---------
Net current liabilities
93,976
100,111
--------
---------
Total assets less current liabilities
( 72,563)
( 73,019)
Creditors: amounts falling due after more than one year
10
34,278
43,255
---------
---------
Net liabilities
( 106,841)
( 116,274)
---------
---------
DRS Moving & Storage Limited
Statement of Financial Position (continued)
28 February 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
11
5,000
5,000
Profit and loss account
( 111,841)
( 121,274)
---------
---------
Shareholders deficit
( 106,841)
( 116,274)
---------
---------
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.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act 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 23 November 2023 , and are signed on behalf of the board by:
Mr Scot Brown
Director
Company registration number: SC237206
DRS Moving & Storage Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB. The principal trading address is Block 5 Unit 2, Nobel Road, Wester Gourdie Industrial Estate, Dundee, DD2 4UH.
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.
Going concern
The company made a profit for the year before taxation of £10,222 (2022 - £40,513). The directors consider that despite the balance sheet deficit of £106,841 (2022 - £116,274) the going concern basis is still applicable for the preparation of the financial statements as the ability of the company to continue to trade is dependant on the support of the bankers and other lenders.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation and deferred 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.
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.
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Tenants Improvements
-
25% reducing balance
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Government grants
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. 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 13 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
291,244
---------
Amortisation
At 1 March 2022 and 28 February 2023
291,244
---------
Carrying amount
At 28 February 2023
---------
At 28 February 2022
---------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Tenants Improvements
Total
£
£
£
£
£
Cost
At 1 March 2022
32,667
100
21,313
1,030
55,110
Additions
100
100
Disposals
( 100)
( 9,101)
( 9,201)
--------
----
--------
-------
--------
At 28 February 2023
32,667
100
12,212
1,030
46,009
--------
----
--------
-------
--------
Depreciation
At 1 March 2022
13,181
82
20,425
451
34,139
Charge for the year
4,872
25
56
144
5,097
Disposals
( 82)
( 8,437)
( 8,519)
--------
----
--------
-------
--------
At 28 February 2023
18,053
25
12,044
595
30,717
--------
----
--------
-------
--------
Carrying amount
At 28 February 2023
14,614
75
168
435
15,292
--------
----
--------
-------
--------
At 28 February 2022
19,486
18
888
579
20,971
--------
----
--------
-------
--------
7. Investments
Other investments other than loans
£
Cost
At 1 March 2022 and 28 February 2023
6,121
-------
Impairment
At 1 March 2022 and 28 February 2023
-------
Carrying amount
At 28 February 2023
6,121
-------
At 28 February 2022
6,121
-------
The company owns 3,000 (2022 - 2,068) shares in Britannia Movers International PLC.
8. Debtors
2023
2022
£
£
Trade debtors
80,495
81,976
Other debtors
60,624
45,520
---------
---------
141,119
127,496
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,130
10,530
Trade creditors
35,964
30,772
Corporation tax
789
Social security and other taxes
91,995
49,745
Other creditors
113,667
155,707
---------
---------
251,545
246,754
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,278
43,255
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £10,278 (2022: £20,833) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.10 each
50,000
5,000
50,000
5,000
--------
-------
--------
-------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
21,453
11,805
Later than 1 year and not later than 5 years
56,323
31,948
--------
--------
77,776
43,753
--------
--------
13. Transactions with directors
The company was under the control of Mr J. Brown throughout the current and previous year. Mr J. Brown is the managing director and majority shareholder. During the year the company traded with M&S Tayside Ltd, a company in which the director Mr S. Brown, is a shareholder and director. At the year end the directors were due to repay the company £3,171 (2022 - company was due to repay the directors £7,712)