Registered number
06993052
DSSL Group Limited
Filleted Accounts
31 March 2024
DSSL Group Limited
Registered number: 06993052
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 562,594 605,245
Investments 4 200 200
562,794 605,445
Current assets
Stocks 1,048,300 661,200
Debtors 5 1,449,674 1,074,305
Cash at bank and in hand 541,766 561,118
3,039,740 2,296,623
Creditors: amounts falling due within one year 6 (1,820,150) (1,281,430)
Net current assets 1,219,590 1,015,193
Total assets less current liabilities 1,782,384 1,620,638
Creditors: amounts falling due after more than one year 7 (274,436) (355,728)
Provisions for liabilities (115,535) (117,668)
Net assets 1,392,413 1,147,242
Capital and reserves
Called up share capital 200 200
Profit and loss account 1,392,213 1,147,042
Shareholders' funds 1,392,413 1,147,242
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Stephens
Director
Approved by the board on 26 July 2024
DSSL Group Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Buildings 2% straight line
Plant and machinery 20% reducing balance
Office equipment 25% reducing balance
Motor vehicles 20% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 75 63
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 369,874 53,481 331,286 754,641
Additions - 27,682 26,791 54,473
At 31 March 2024 369,874 81,163 358,077 809,114
Depreciation
At 1 April 2023 6,570 16,481 126,345 149,396
Charge for the year - 15,583 74,971 90,554
Surplus on revaluation 6,570 - - 6,570
At 31 March 2024 13,140 32,064 201,316 246,520
Net book value
At 31 March 2024 356,734 49,099 156,761 562,594
At 31 March 2023 363,304 37,000 204,941 605,245
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 200
At 31 March 2024 200
Historical cost
At 1 April 2023 200
At 31 March 2024 200
DSSL Group Limited is a parent company to the following subsidiaries and owns 100% of their shares:
Investment 2024 2023
£ £
CVSS Limited 200 200
The company has taken advantage of the exemption under the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds it is a small sized group.
5 Debtors 2024 2023
£ £
Trade debtors 1,446,091 1,049,046
Retentions - 20,676
Other debtors 3,583 4,583
1,449,674 1,074,305
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 37,374 35,063
Obligations under finance lease and hire purchase contracts 33,606 33,606
Directors loan accounts 46,415 46,915
Trade creditors 727,244 653,631
Corporation tax 159,054 75,250
Taxation and social security costs 411,800 309,757
Other creditors 404,657 127,208
1,820,150 1,281,430
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 116,184 164,937
Obligations under finance lease and hire purchase contracts 158,252 190,791
274,436 355,728
8 Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the Company.
Balance brought forward Advances / (credits) to the directors Amounts repaid Balance carried forward
£ £ £ £
Mr A Henderson (6,000) 10,000 (8,000) (4,000)
Mr A Stephens (22,915) 48,500 (49,000) (23,415)
Mr J Stephens (9,000) 18,500 (19,000) (9,500)
Mr L Stephens (9,000) 18,500 (19,000) (9,500)
(46,915) 95,500 (95,000) (46,415)
9 Related party transactions
The Company paid a dividend to the directors and shareholders of £180,000 (2023: £180,000).
At the year end the company owed £12,700 (2023: £NIL) to CVSS Limited a company owned by DSSL Group Limited.
The Company received a dividend from CVSS Limited of £10,000 (2023: £NIL).
10 Controlling party
The company was controlled by Mrs T Stephens in this and the preceding year by virtue of her ownership of 85% of the company's issued shares.
11 Other information
DSSL Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
1-3 Britannia Court
Burnt Mills Industrial Estate
Basildon
Essex
SS13 1EU
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