Registered number
08218843
Dexil Limited
Filleted Accounts
30 September 2023
Dexil Limited
Registered number: 08218843
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 3,190 3,343
Tangible assets 4 38,314 41,639
Investments 5 186,927 226,092
228,431 271,074
Current assets
Stocks 114,600 104,250
Debtors 6 18,107 29,378
Cash at bank and in hand 414,094 487,275
546,801 620,903
Creditors: amounts falling due within one year 7 (80,590) (53,463)
Net current assets 466,211 567,440
Total assets less current liabilities 694,642 838,514
Provisions for liabilities (7,279) (7,911)
Net assets 687,363 830,603
Capital and reserves
Called up share capital 200 200
Fair value reserve 8 6,927 46,092
Profit and loss account 680,236 784,311
Shareholders' funds 687,363 830,603
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J M Saville
Director
Approved by the board on 9 February 2024
Dexil Limited
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor Vehicles 25% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 3
3 Intangible fixed assets £
Trademarks and patents:
Cost
At 1 October 2022 28,665
Additions 1,061
At 30 September 2023 29,726
Amortisation
At 1 October 2022 25,322
Provided during the year 1,214
At 30 September 2023 26,536
Net book value
At 30 September 2023 3,190
At 30 September 2022 3,343
Trademarks and patents are being written off in equal annual instalments over their estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2022 8,302 52,990 61,292
Additions 7,662 - 7,662
At 30 September 2023 15,964 52,990 68,954
Depreciation
At 1 October 2022 6,419 13,234 19,653
Charge for the year 1,048 9,939 10,987
At 30 September 2023 7,467 23,173 30,640
Net book value
At 30 September 2023 8,497 29,817 38,314
At 30 September 2022 1,883 39,756 41,639
5 Investments
Other
investments
£
Value
At 1 October 2022 226,092
Fair value adjustments (39,165)
At 30 September 2023 186,927
Historical cost
At 1 October 2022 180,000
At 30 September 2023 180,000
6 Debtors 2023 2022
£ £
Trade debtors 18,107 29,378
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 54,978 37,442
Taxation and social security costs 22,633 13,925
Other creditors 2,979 2,096
80,590 53,463
8 Fair value reserve 2023 2022
£ £
At 1 October 2022 46,092 16,466
Fair value adjustments (39,165) 29,626
At 30 September 2023 6,927 46,092
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 12,000 9,960
10 Other information
Dexil Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 19
Uplands Park
Blandford Forum
Dorset
DT11 7UZ
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