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Registered Number: 01302252
England and Wales

 

 

 

DAWCUL LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 October 2022

End date: 30 September 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 5 95,191    6,046 
Investments 6 22,516    22,516 
117,707    28,562 
Current assets      
Debtors 7 2,633,381    976,550 
Cash at bank and in hand 2,011,063    1,259,363 
4,644,444    2,235,913 
Creditors: amount falling due within one year 8 (3,126,779)   (940,512)
Net current assets 1,517,665    1,295,401 
 
Total assets less current liabilities 1,635,372    1,323,963 
Creditors: amount falling due after more than one year 9 (67,416)  
Net assets 1,567,956    1,323,963 
 

Capital and reserves
     
Called up share capital 27,778    27,778 
Profit and loss account 1,540,178    1,296,185 
Shareholder's funds 1,567,956    1,323,963 
 


For the year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 24 November 2023 and were signed on its behalf by:


-------------------------------
J N Bovill
Director
1
General Information
Dawcul Limited is a private company, limited by shares, registered in England and Wales, registration number 01302252, registration address 8 Beech Court, Wokingham Road, Reading, Berkshire, RG10 0RQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Operating lease rentals
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Hire purchase and leasing agreements
Assets held under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:                                     Motor vehicles                         25% on reducing balance
Computer Equipment.             25% straight line
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 11 (2022 : 11).
3.

Financial Commitments, Guarantees and Contingencies

The company issues performance bonds for supplied products in the ordinary course of trade with typical validity of 6-18 months. The total of these bonds outstanding in respect of these guarantees at 30 September 2023 was £121,348 (2022: £291,246) although Dawcul engages in UK Export Finance (UKEF) via its bankers who provide 80% of the value of the issued bonds in terms of required cash cover by its bankers. The director does not anticipate there being any call on these guarantees.

4.

Indebtedness

HP / Leasing creditors are secured on the assets concerned.

5.

Tangible fixed assets

Cost or valuation Computer Equipment   Motor Vehicles   Total
  £   £   £
At 01 October 2022 28,453      28,453 
Additions   110,157    110,157 
Disposals    
At 30 September 2023 28,453    110,157    138,610 
Depreciation
At 01 October 2022 22,407      22,407 
Charge for year 2,652    18,360    21,012 
On disposals    
At 30 September 2023 25,059    18,360    43,419 
Net book values
Closing balance as at 30 September 2023 3,394    91,797    95,191 
Opening balance as at 01 October 2022 6,046      6,046 

The net book value of Motor Vehicles includes £ 91,797 in respect of assets leased under finance leases or hire purchase contracts.

6.

Investments

Cost Investments in group undertakings   Total
  £   £
At 01 October 2022 22,516    22,516 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 30 September 2023 22,516    22,516 
Dawcul Limited owns 3.33% of the ordinary share capital of Dawcul Hungary KFT, a company incorporated in Hungary.

Dawcul Limited owns 100% of the ordinary share capital of Dawcul Austria GmbH, a company incorporated in Austria.

7.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 1,227,214    362,396 
Amount Owed by Group Undertakings 474,666    355,410 
Prepayments & Accrued Income 626,757    103,277 
Other Debtors 304,744    155,467 
2,633,381    976,550 

8.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,605,538    342,383 
Amounts Owed to Group Undertakings 27,104    282 
Corporation Tax 119,856    71,434 
PAYE & Social Security 5,332    10,677 
Accrued Expenses 1,356,425    498,951 
Other Creditors 3,700    2,562 
Obligations under HP/Financial Leases 8,824   
Wages & Salaries Control Account   14,223 
3,126,779    940,512 

9.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Obligations Under HP/Financial Leases 67,416   
67,416   

10.

Director’s loan

Directors' advances, credits and guarantees

Included in other debtors is a loan to one of the directors of £60,000, this was the maximum amount outstanding during the year. The loan is interest free with no fixed date for repayment.

In the year to 30 September 2022 the company advanced £62,257 to one of the directors, this amount was repaid in full prior to to the year end.
11.

Ultimate controlling party

The director J Bovill is the ultimate controlling party by virtue of his 100% shareholding in Dawcul Holdings Limited, the parent company.
2