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COMPANY REGISTRATION NUMBER: 03103450
Dowle Vehicle Enhancement Specialists Limited
Filleted Unaudited Financial Statements
31 August 2023
Dowle Vehicle Enhancement Specialists Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Dowle Vehicle Enhancement Specialists Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
25,310
Current assets
Debtors
6
127,801
143,127
Cash at bank and in hand
11,225
7,001,367
---------
------------
139,026
7,144,494
Creditors: amounts falling due within one year
7
5,634
6,931,193
---------
------------
Net current assets
133,392
213,301
---------
---------
Total assets less current liabilities
133,392
238,611
Provisions
Taxation including deferred tax
( 2,726)
( 4,611)
---------
---------
Net assets
136,118
243,222
---------
---------
Capital and reserves
Called up share capital
70
70
Profit and loss account
136,048
243,152
---------
---------
Shareholders funds
136,118
243,222
---------
---------
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 August 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 .
Dowle Vehicle Enhancement Specialists Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:
Mr G. Dowle
Director
Company registration number: 03103450
Dowle Vehicle Enhancement Specialists Limited
Notes to the Financial Statements
Year ended 31 August 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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
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, as modified by the revaluation of certain financial assets and liabilities. The accounts have been prepared in sterling which is the functional currency of the company.
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. Judgements includes the classification of leases as operating or finance leases, recognition of revenue and basis of inventory costing. Estimates include accruals, provisions, inventory obsolescene and depreciation.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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 of the transactions can be measured reliably.
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. 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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% and 15% reducing balance
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.
Government grants
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 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 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 September 2022
46,591
93,954
90
140,635
Disposals
( 46,591)
( 93,954)
( 90)
( 140,635)
--------
--------
----
---------
At 31 August 2023
--------
--------
----
---------
Depreciation
At 1 September 2022
28,248
86,987
90
115,325
Disposals
( 28,248)
( 86,987)
( 90)
( 115,325)
--------
--------
----
---------
At 31 August 2023
--------
--------
----
---------
Carrying amount
At 31 August 2023
--------
--------
----
---------
At 31 August 2022
18,343
6,967
25,310
--------
--------
----
---------
6. Debtors
2023
2022
£
£
Trade debtors
71,088
Other debtors
127,801
72,039
---------
---------
127,801
143,127
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
161
14,594
Corporation tax
1,329
Social security and other taxes
1,033
27,284
Other creditors
4,440
6,887,986
-------
------------
5,634
6,931,193
-------
------------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr G. Dowle
( 28,660)
31,167
( 2,507)
Mrs L.J. Dowle
( 31,239)
31,239
--------
--------
-------
----
( 59,899)
62,406
( 2,507)
--------
--------
-------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr G. Dowle
22,255
2,966
( 53,881)
( 28,660)
Mrs L.J. Dowle
6,278
935
( 38,452)
( 31,239)
--------
-------
--------
--------
28,533
3,901
( 92,333)
( 59,899)
--------
-------
--------
--------
Included within advances/(credits) to the directors above, is interest charged in the year on the overdrawn loan accounts at the official rate of £nil (2022: £440).
9. Related party transactions
Rent of £93,220 (2022: £62,333) was paid to the directors during the year. At the year end, the company was owed £8,632 (2022: company owed £6,473,367) to the parent company. At the year end, the company was owed £119,169 (2022: £70,500) by a company which is associated by common control.
10. Controlling party
The company's parent undertaking is Dowle Group Limited , a company registered in England and Wales, whose registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN .