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COMPANY REGISTRATION NUMBER: 07193036
Dirtbusters Oven Cleaning Supplies Ltd
Filleted Unaudited Financial Statements
31 March 2023
Dirtbusters Oven Cleaning Supplies Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Dirtbusters Oven Cleaning Supplies Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
102,247
123,992
Current assets
Stocks
212,064
190,827
Debtors
7
7,422
1,229
Cash at bank and in hand
489,840
421,418
---------
---------
709,326
613,474
Creditors: amounts falling due within one year
8
373,105
364,880
---------
---------
Net current assets
336,221
248,594
---------
---------
Total assets less current liabilities
438,468
372,586
Creditors: amounts falling due after more than one year
9
23,276
33,207
Provisions
Taxation including deferred tax
2,628
2,548
---------
---------
Net assets
412,564
336,831
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
411,564
335,831
---------
---------
Shareholders funds
412,564
336,831
---------
---------
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 31 March 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 .
Dirtbusters Oven Cleaning Supplies Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
Mr G Finch
Director
Company registration number: 07193036
Dirtbusters Oven Cleaning Supplies Ltd
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 St Margaret's Farm, Napchester Road, Whitfield, Dover, Kent, CT15 5HD.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. 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 The turnover shown in the profit and loss account represents the value of goods sold during the year, exclusive of Value Added Tax. 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. 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. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. 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 - 20% 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. 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:
Fixtures and fittings - 20% straight line
Motor vehicles - 25% reducing balance
Equipment - 25% reducing balance
Leasehold Improvements - 10% straight line
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.
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. 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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 and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
53,000
--------
Amortisation
At 1 April 2022 and 31 March 2023
53,000
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Leasehold improvements
Total
£
£
£
£
£
Cost
At 1 April 2022
2,336
49,689
49,920
148,248
250,193
Additions
2,930
2,930
Disposals
( 3,704)
( 3,704)
-------
--------
--------
---------
---------
At 31 March 2023
2,336
49,689
52,850
144,544
249,419
-------
--------
--------
---------
---------
Depreciation
At 1 April 2022
2,336
42,993
40,701
40,171
126,201
Charge for the year
1,674
2,366
17,460
21,500
Disposals
( 529)
( 529)
-------
--------
--------
---------
---------
At 31 March 2023
2,336
44,667
43,067
57,102
147,172
-------
--------
--------
---------
---------
Carrying amount
At 31 March 2023
5,022
9,783
87,442
102,247
-------
--------
--------
---------
---------
At 31 March 2022
6,696
9,219
108,077
123,992
-------
--------
--------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
5,494
40
Other debtors
1,928
1,189
-------
-------
7,422
1,229
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,931
9,686
Trade creditors
204,106
162,737
Accruals and deferred income
5,046
4,662
Corporation tax
53,358
39,513
Social security and other taxes
89,955
69,010
Director loan accounts
1,705
72,371
Other creditors
9,004
6,901
---------
---------
373,105
364,880
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,276
33,207
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
6,596
Later than 1 year and not later than 5 years
4,527
--------
----
11,123
--------
----
11. Related party transactions
At the year end a director was owed £1,705 (2022 £72,371).