2023-01-012023-12-312023-12-31false00896862D.G.S. (GRINDING WHEELS & MACHINES) 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D.G.S. (GRINDING WHEELS & MACHINES) LIMITED

Registered Number
00896862
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

D.G.S. (GRINDING WHEELS & MACHINES) LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Mrs E Griffiths
Mrs L Kimpton
Mrs B Stevens

Company Secretary

Mrs B Stevens

Registered Address

Units 4 And 5 Spring Road Industrial Estate
Lanesfield Drive
Wolverhampton
WV4 6UA

Registered Number

00896862 (England and Wales)
D.G.S. (GRINDING WHEELS & MACHINES) LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets321,489243,678
Investments410,14310,143
31,632253,821
Current assets
Stocks66,70162,849
Debtors5,6447,563206,238
Cash at bank and on hand95,7131,253,676
609,9771,522,763
Creditors amounts falling due within one year7(312,917)(319,213)
Net current assets (liabilities)297,0601,203,550
Total assets less current liabilities328,6921,457,371
Net assets328,6921,457,371
Capital and reserves
Called up share capital985985
Revaluation reserve42,44242,442
Profit and loss account285,2651,413,944
Shareholders' funds8328,6921,457,371
The financial statements were approved and authorised for issue by the Board of Directors on 31 July 2024, and are signed on its behalf by:
Mrs B Stevens
Director
Registered Company No. 00896862
D.G.S. (GRINDING WHEELS & MACHINES) LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Fixtures and fittings15
Vehicles15
Office Equipment15
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. 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 and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year1414
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23540,376
Additions20,055
Disposals(325,723)
At 31 December 23231,871
Depreciation and impairment
At 01 January 23296,698
Charge for year2,321
On disposals(85,800)
At 31 December 23210,382
Net book value
At 31 December 2321,489
At 31 December 22243,678
Revaluation of assets took place before the year ended 31 December 2006, the revaluation reserve is carried forward at £42,442 and no further updates have been made to the revaluation. Any additions to assets have been included at cost.
4.Fixed asset investments
Fixed asset investments are held at cost value.

Total

£
Cost or valuation
At 01 January 2310,143
At 31 December 2310,143
Net book value
At 31 December 2310,143
At 31 December 2210,143
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables206,989187,804
Other debtors240,41417,726
Total447,403205,530
6.Debtors: amounts due after one year

2023

2022

££
Deferred tax asset, debtors160709
Total160709
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables129,995169,629
Taxation and social security61,39943,668
Other creditors121,523105,916
Total312,917319,213
8.Revaluation reserve

£
Reserve at 01 January 2342,442
At 31 December 2342,442