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Registered number: 09863604
DFS COMPOSITES LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2024
Whitefield Tax Limited
Chartered Certified Accountants and Registered Auditor
Arnold House
2 New Road
Brading
Isle Of Wight
PO36 0DT
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09863604
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 53,322 41,127
Tangible Assets 5 553,913 501,729
Investments 6 175,590 97,179
782,825 640,035
CURRENT ASSETS
Debtors 7 1,468,285 438,196
Cash at bank and in hand 1,126,925 851,911
2,595,210 1,290,107
Creditors: Amounts Falling Due Within One Year 8 (1,556,089 ) (535,126 )
NET CURRENT ASSETS (LIABILITIES) 1,039,121 754,981
TOTAL ASSETS LESS CURRENT LIABILITIES 1,821,946 1,395,016
Creditors: Amounts Falling Due After More Than One Year 9 (286,650 ) -
NET ASSETS 1,535,296 1,395,016
CAPITAL AND RESERVES
Called up share capital 11 50 50
Capital redemption reserve 50 50
Profit and Loss Account 1,535,196 1,394,916
SHAREHOLDERS' FUNDS 1,535,296 1,395,016
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Feras Yosef
Director
4 July 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
DFS COMPOSITES LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 09863604 . The registered office is Unit 15 Faraday Business Park, Spitfire Way, Lee on the Solent, Hampshire, PO13 9GW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are registered patents. These are not amortised.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 20% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
31 March 2024 31 March 2023
Office and administration 18 14
18 14
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 41,127
Additions 12,195
As at 31 March 2024 53,322
Net Book Value
As at 31 March 2024 53,322
As at 1 April 2023 41,127
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5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 543,720 16,740 168,147 728,607
Additions 147,069 53,899 6,008 206,976
Disposals - - (24,535 ) (24,535 )
As at 31 March 2024 690,789 70,639 149,620 911,048
Depreciation
As at 1 April 2023 147,091 4,464 75,323 226,878
Provided during the period 108,740 13,235 16,503 138,478
Disposals - - (8,221 ) (8,221 )
As at 31 March 2024 255,831 17,699 83,605 357,135
Net Book Value
As at 31 March 2024 434,958 52,940 66,015 553,913
As at 1 April 2023 396,629 12,276 92,824 501,729
6. Investments
Subsidiaries Unlisted Total
£ £ £
Cost
As at 1 April 2023 - 97,179 97,179
Additions 175,590 - 175,590
Disposals - (97,179 ) (97,179 )
As at 31 March 2024 175,590 - 175,590
Provision
As at 1 April 2023 - - -
As at 31 March 2024 - - -
Net Book Value
As at 31 March 2024 175,590 - 175,590
As at 1 April 2023 - 97,179 97,179
7. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 1,233,327 412,263
Prepayments and accrued income 79,490 -
Loans made to other companies 14,200 24,200
VAT 19,779 1,733
Amounts owed by subsidiaries 121,489 -
1,468,285 438,196
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8. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts 90,521 -
Trade creditors 1,324,020 386,543
Corporation tax 83,448 84,947
Other taxes and social security (Current liabilities - creditors < 1 year) 21,026 13,139
Other creditors 36,805 49,717
Director's loan account 269 780
1,556,089 535,126
9. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts 286,650 -
286,650 -
10. Obligations Under Finance Leases and Hire Purchase
31 March 2024 31 March 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 90,521 -
Later than one year and not later than five years 286,650 -
377,171 -
377,171 -
11. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 50 50
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