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Company registration number: 02090638
DATATEC COMPUTER SERVICES (WEST MIDLANDS) LIMITED
Unaudited abridged financial statements
31 October 2023
DATATEC COMPUTER SERVICES (WEST MIDLANDS) LIMITED
Contents
Directors report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
DATATEC COMPUTER SERVICES (WEST MIDLANDS) LIMITED
Directors report
Year ended 31 October 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2023.
Directors
The directors who served the company during the year were as follows:
D Griffiths
A G Smallwood
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 05 July 2024 and signed on behalf of the board by:
D Griffiths
Director
DATATEC COMPUTER SERVICES (WEST MIDLANDS) LIMITED
Abridged statement of comprehensive income
Year ended 31 October 2023
2023 2022
Note £ £
Gross profit 22,499 19,174
Administrative expenses ( 3,626) ( 7,281)
_______ _______
Operating profit 18,873 11,893
Interest payable and similar expenses ( 1,142) ( 857)
_______ _______
Profit before taxation 5 17,731 11,036
Tax on profit ( 3,369) ( 2,100)
_______ _______
Profit for the financial year and total comprehensive income 14,362 8,936
_______ _______
All the activities of the company are from continuing operations.
DATATEC COMPUTER SERVICES (WEST MIDLANDS) LIMITED
Abridged statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 121,936 122,278
Investments 7 30,000 30,000
_______ _______
151,936 152,278
Current assets
Debtors 15,888 17,456
Cash at bank and in hand 140 140
_______ _______
16,028 17,596
Creditors: amounts falling due
within one year 8 ( 27,325) ( 33,533)
_______ _______
Net current liabilities ( 11,297) ( 15,937)
_______ _______
Total assets less current liabilities 140,639 136,341
Creditors: amounts falling due
after more than one year - ( 3,999)
Provisions for liabilities ( 368) ( 433)
_______ _______
Net assets 140,271 131,909
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 69,548 69,548
Profit and loss account 70,623 62,261
_______ _______
Shareholders funds 140,271 131,909
_______ _______
For the year ending 31 October 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 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'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 05 July 2024 , and are signed on behalf of the board by:
D Griffiths
Director
Company registration number: 02090638
DATATEC COMPUTER SERVICES (WEST MIDLANDS) LIMITED
Statement of changes in equity
Year ended 31 October 2023
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 November 2021 100 69,548 59,325 128,973
Profit for the year 8,936 8,936
_______ _______ _______ _______
Total comprehensive income for the year - - 8,936 8,936
Dividends paid and payable ( 6,000) ( 6,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 6,000) ( 6,000)
_______ _______ _______ _______
At 31 October 2022 and 1 November 2022 100 69,548 62,261 131,909
Profit for the year 14,362 14,362
_______ _______ _______ _______
Total comprehensive income for the year - - 14,362 14,362
Dividends paid and payable ( 6,000) ( 6,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 6,000) ( 6,000)
_______ _______ _______ _______
At 31 October 2023 100 69,548 70,623 140,271
_______ _______ _______ _______
DATATEC COMPUTER SERVICES (WEST MIDLANDS) LIMITED
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 121 Brownswall Road, Sedgley, West Midlands, DY3 3NS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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 the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. 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, except to the extent 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 in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 company 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 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. 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.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 342 405
_______ _______
6. Tangible assets
£
Cost
At 1 November 2022 and 31 October 2023 152,315
_______
Depreciation
At 1 November 2022 30,037
Charge for the year 342
_______
At 31 October 2023 30,379
_______
Carrying amount
At 31 October 2023 121,936
_______
At 31 October 2022 122,278
_______
No depreciation is provided in respect of freehold property. Freehold property is fully maintained and expected to increase in value in the future.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 October 2023
Aggregate cost 50,543
Aggregate depreciation -
_______
Carrying amount 50,543
_______
At 31 October 2022
Aggregate cost 50,543
Aggregate depreciation -
_______
Carrying amount 50,543
_______
7. Investments
£
Cost
At 1 November 2022 and 31 October 2023 30,000
_______
Impairment
At 1 November 2022 and 31 October 2023 -
_______
Carrying amount
At 31 October 2023 30,000
_______
At 31 October 2022 30,000
_______
8. Creditors: amounts falling due within one year
Bank loan of £7,370 (2022 £8,843) secured by a mortgage on the freehold property and director's personal guarantees.
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Recharges ( 5,160) ( 4,667) - -
Equipment rent and Rent receivable ( 5,040) ( 5,040) - -
Aggregate inter-company debt - - ( 8,268) 19,511
_______ _______ _______ _______
The directors have an interest in Palmer Griffiths (Accountants) Limited. Business was conducted with this company during the year (see above).