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Registration number: 13274413

DJ Spall Recovery Ltd

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 30 April 2024

 

DJ Spall Recovery Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

DJ Spall Recovery Ltd

Company Information

Directors

Mr C Canham

Mr S J Canham

Registered office

1 Addison Way
Great Blakenham
Ipswich
Suffolk
IP6 0RL

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
DJ Spall Recovery Ltd
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of DJ Spall Recovery Ltd for the year ended 30 April 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of DJ Spall Recovery Ltd, as a body, in accordance with the terms of our engagement letter dated 3 August 2021. Our work has been undertaken solely to prepare for your approval the accounts of DJ Spall Recovery Ltd and state those matters that we have agreed to state to the Board of Directors of DJ Spall Recovery Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DJ Spall Recovery Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that DJ Spall Recovery Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of DJ Spall Recovery Ltd. You consider that DJ Spall Recovery Ltd 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 accounts of DJ Spall Recovery Ltd. 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 accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

25 July 2024

 

DJ Spall Recovery Ltd

(Registration number: 13274413)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,500

249,085

Current assets

 

Debtors

5

939

126,786

Cash at bank and in hand

 

196,198

131,272

 

197,137

258,058

Creditors: Amounts falling due within one year

6

(70,654)

(378,696)

Net current assets/(liabilities)

 

126,483

(120,638)

Total assets less current liabilities

 

132,983

128,447

Creditors: Amounts falling due after more than one year

6

-

(29,282)

Provisions for liabilities (deferred taxation)

-

(24,960)

Net assets

 

132,983

74,205

Capital and reserves

 

Called up share capital

4

4

Retained earnings

132,979

74,201

Shareholders' funds

 

132,983

74,205

For the financial year ending 30 April 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 

.........................................
Mr S J Canham
Director

 

DJ Spall Recovery Ltd

Statement of Changes in Equity for the Year Ended 30 April 2024

Called up share capital
£

Profit and loss account
£

Total Equity
£

At 1 May 2023

4

74,201

74,205

Profit for the year

-

58,778

58,778

Total comprehensive income

-

58,778

58,778

At 30 April 2024

4

132,979

132,983

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 May 2022

4

77,776

77,780

Loss for the year

-

(3,575)

(3,575)

Total comprehensive income

-

(3,575)

(3,575)

At 30 April 2023

4

74,201

74,205

 

DJ Spall Recovery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
1 Addison Way
Great Blakenham
Ipswich
Suffolk
IP6 0RL
England

These financial statements were authorised for issue by the Board on 25 July 2024.

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.

The financial statements are prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

 

DJ Spall Recovery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current corporation tax and deferred 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 corporation 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.

The company has tax losses brought forward from earlier years to offset against the taxable profits of the company for this final period.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Tools & equipment

15% reducing balance basis

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.

 

DJ Spall Recovery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

DJ Spall Recovery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

DJ Spall Recovery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Motor vehicles
 £

Tools & equipment
£

Total
£

Cost

At 1 May 2023

343,750

10,491

354,241

Additions

20,729

-

20,729

Disposals

(343,950)

(10,491)

(354,441)

At 30 April 2024

20,529

-

20,529

Depreciation

At 1 May 2023

103,787

1,369

105,156

Charge for the year

10,428

-

10,428

Eliminated on disposal

(100,186)

(1,369)

(101,555)

At 30 April 2024

14,029

-

14,029

Carrying amount

At 30 April 2024

6,500

-

6,500

At 30 April 2023

239,963

9,122

249,085

5

Debtors

2024
£

2023
£

Trade debtors

-

120,823

Prepayments

-

2,250

Other debtors

939

3,713

939

126,786

 

DJ Spall Recovery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

-

9,010

Trade creditors

 

-

340,519

Taxation and social security

 

45,939

3,587

Accruals and deferred income

 

4,693

5,025

Other creditors

 

20,022

20,555

 

70,654

378,696

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £9,010).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

-

29,282

Creditors include bnet obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £29,282).

7

Reserves

The profit and loss reserves of the company are fully distributable.

 

DJ Spall Recovery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Related party transactions

Other transactions with directors

Included in other creditors at 30th April 2024 is the sum of £20,022 (2023 £20,022) in respect of monies advanced as a loan in the 2022 period to the company by a UK registered trading company known as Ipswich Truck Services Limited. This company has a principal activity of vehicle repairers.

The directors in DJ Spall Recovery Ltd are also directors in Ipswich Truck Services Limited.

The loan has been made by Ipswich Truck Services Limited on an interest free basis and is repayable on demand.