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Registration number: 02829116

D S Decorating Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

D S Decorating Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

D S Decorating Services Limited

Company Information

Directors

Mr D Standing

Mrs A L Standing

Company secretary

Mr D Standing

Registered office

3 Stadium Court
Plantation Road
Bromborough
Wirral
CH62 3QG

Accountants

G W Kelly & Company
Chartered Certified Accountants
3 Stadium Court
Plantation Road
Bromborough
Merseyside
CH62 3QG

 

D S Decorating Services Limited

(Registration number: 02829116)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,293

11,057

Current assets

 

Debtors

5

28,904

15,306

Cash at bank and in hand

 

34,623

25,787

 

63,527

41,093

Creditors: Amounts falling due within one year

6

(33,588)

(22,336)

Net current assets

 

29,939

18,757

Total assets less current liabilities

 

48,232

29,814

Creditors: Amounts falling due after more than one year

6

(14,619)

(23,631)

Net assets

 

33,613

6,183

Capital and reserves

 

Called up share capital

7

4

4

Retained earnings

33,609

6,179

Shareholders' funds

 

33,613

6,183

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 November 2023 and signed on its behalf by:
 

.........................................
Mr D Standing
Company secretary and director

 

D S Decorating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Stadium Court
Plantation Road
Bromborough
Wirral
CH62 3QG

These financial statements were authorised for issue by the Board on 30 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

D S Decorating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

20% of cost

Fixtures & Fittings

20% of cost

Motor Vehicles

25% of cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

D S Decorating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

D S Decorating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

10,000

1,762

12,495

2,320

26,577

Additions

-

-

10,000

-

10,000

At 31 March 2023

10,000

1,762

22,495

2,320

36,577

Depreciation

At 1 April 2022

-

1,761

11,440

2,319

15,520

Charge for the year

-

-

2,764

-

2,764

At 31 March 2023

-

1,761

14,204

2,319

18,284

Carrying amount

At 31 March 2023

10,000

1

8,291

1

18,293

At 31 March 2022

10,000

1

1,055

1

11,057

Included within the net book value of land and buildings above is £10,000 (2022 - £10,000) in respect of freehold land and buildings.
 

 

D S Decorating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

12,043

5,409

Other debtors

16,861

9,897

 

28,904

15,306

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

10,065

10,065

trade creditors

 

5,235

2,034

Other creditors

 

18,288

10,237

 

33,588

22,336

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,065 (2022 - £10,065).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

14,619

23,631

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £14,619 (2022 - £23,631).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

         
 

D S Decorating Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,619

23,631

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,065

10,065

9

Related party transactions

Transactions with directors

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

20,400

19,948