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Company registration number:
09126361
Derwent Capital Management Limited
Unaudited Filleted Financial Statements for the year ended
31 July 2023
BRIAN PAUL LIMITED
Chartered Accountants
Chase Green House, 42 Chase Side, Enfield, Middlesex, EN2 6NF, United Kingdom
Derwent Capital Management Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Derwent Capital Management Limited
Year ended
31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Derwent Capital Management Limited
for the year ended
31 July 2023
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Derwent Capital Management Limited
, as a body, in accordance with the terms of our engagement letter dated 24 October 2017. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Derwent Capital Management Limited
and state those matters that we have agreed to state to the Board of Directors of
Derwent Capital Management Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Derwent Capital Management Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Derwent Capital Management Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Derwent Capital Management Limited
. You consider that
Derwent Capital Management Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Derwent Capital Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BRIAN PAUL LIMITED
Chartered Accountants
Chase Green House
42 Chase Side
Enfield
Middlesex
EN2 6NF
United Kingdom
Date:
28 February 2024
Derwent Capital Management Limited
Statement of Financial Position
31 July 2023
20232022
Note££
Fixed assets    
Tangible assets 5
146,225
 
53,925
 
Current assets    
Debtors 6
58,366
 
52,647
 
Cash at bank and in hand
1,264,024
 
558,877
 
1,322,390
 
611,524
 
Creditors: amounts falling due within one year 7
(713,891
)
(278,053
)
Net current assets
608,499
 
333,471
 
Total assets less current liabilities 754,724   387,396  
Creditors: amounts falling due after more than one year 8
(65,847
) -  
Net assets
688,877
 
387,396
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
688,777
 
387,296
 
Shareholders funds
688,877
 
387,396
 
For the year ending
31 July 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
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
28 February 2024
, and are signed on behalf of the board by:
F Tasker
Director
Company registration number:
09126361
Derwent Capital Management Limited
Notes to the Financial Statements
Year ended
31 July 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Chase Green House
,
42 Chase Side
,
Enfield
,
Middlesex
,
EN2 6NF
, . The business address is 26 The Gardens, Brookmans Park, Hatfield, Hertfordshire AL9 7UL.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
20% straight line
Motor vehicles
20% straight line

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
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 entity 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.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
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

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Defined contribution pension plan

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 Average number of employees

The average number of persons employed by the company during the year was
4
(2022:
3
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 August 2022
126,617
 
Additions
115,146
 
At
31 July 2023
241,763
 
Depreciation  
At
1 August 2022
72,692
 
Charge
22,846
 
At
31 July 2023
95,538
 
Carrying amount  
At
31 July 2023
146,225
 
At 31 July 2022
53,925
 

6 Debtors

20232022
££
Amounts owed by group undertakings and undertakings in which the company has a participating interest
58,286
 
52,567
 
Other debtors
80
 
80
 
58,366
 
52,647
 

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors
406,912
 
143,056
 
Taxation and social security
252,465
 
112,368
 
Other creditors
54,514
 
22,629
 
713,891
 
278,053
 

8 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
65,847
  -