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Registration number: 00839602

Dennis Winter (Leven) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Dennis Winter (Leven) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Dennis Winter (Leven) Limited

Company Information

Director

M Winter

Company secretary

M Winter

Registered office

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

 

Dennis Winter (Leven) Limited

(Registration number: 00839602)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

171,172

163,882

Investment property

5

2,652,157

2,652,157

 

2,823,329

2,816,039

Current assets

 

Stocks

79,118

134,790

Debtors

6

36,306

46,181

Cash at bank and in hand

 

563,234

445,090

 

678,658

626,061

Creditors: Amounts falling due within one year

7

(173,987)

(207,698)

Net current assets

 

504,671

418,363

Total assets less current liabilities

 

3,328,000

3,234,402

Provisions for liabilities

(73,204)

(73,298)

Net assets

 

3,254,796

3,161,104

Capital and reserves

 

Called up share capital

2,000

2,000

Revaluation reserve

1,100,376

1,100,376

Retained earnings

2,152,420

2,058,728

Shareholders' funds

 

3,254,796

3,161,104

For the financial 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.

Director's 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 Director acknowledges his 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 Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 August 2024
 

.........................................
M Winter
Company secretary and director

 

Dennis Winter (Leven) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 00839602.

The address of its registered office is:
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

These financial statements were authorised for issue by the director on 16 August 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 have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover arises from the sale of goods. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the sale of motor vehicle parts in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is when the goods are delivered to the customer.

Rental income is accounted for as earned under the terms of the lease.

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 of each of the companies activities.

Tax

The tax expense for the period comprises current 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 income 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.

 

Dennis Winter (Leven) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% on cost (fully depreciated)

Motor vehicles

25% reducing balance

Freehold properties

No depreciation

Computer equipment

33% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, 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 the sale of goods in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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.

 

Dennis Winter (Leven) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 7 (2023 - 8).

 

Dennis Winter (Leven) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

195,778

4,707

31,695

232,180

Additions

-

-

37,046

37,046

Disposals

-

(1,723)

(31,695)

(33,418)

At 31 March 2024

195,778

2,984

37,046

235,808

Depreciation

At 1 April 2023

55,778

4,101

8,419

68,298

Charge for the year

-

306

6,174

6,480

Eliminated on disposal

-

(1,723)

(8,419)

(10,142)

At 31 March 2024

55,778

2,684

6,174

64,636

Carrying amount

At 31 March 2024

140,000

300

30,872

171,172

At 31 March 2023

140,000

606

23,276

163,882

Included within the net book value of land and buildings above is £140,000 (2023 - £140,000) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 April

2,652,157

At 31 March

2,652,157

The investment properties were valued by an independent valuer on an open market basis as at 12 February 2021.

A provision has been made for deferred tax on gains recognised on revaluing property to its market value or on the sale of properties where potentially taxable gains have been rolled over into replacement assets. Such tax would become payable only if the property were sold without it being possible to claim rollover relief. The total amount provided for is £66,513 (2023: £67,416). At present it is not envisaged that any tax will become payable in foreseeable future.

6

Debtors

2024
£

2023
£

Trade debtors

17,183

3,832

Prepayments

5,333

6,189

Other debtors

13,790

36,160

36,306

46,181

 

Dennis Winter (Leven) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

2,704

Trade creditors

 

126,593

152,058

Taxation and social security

 

37,897

41,413

Accruals and deferred income

 

8,912

10,938

Other creditors

 

585

585

 

173,987

207,698

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

-

2,704

9

Related party transactions

Transactions with the Director

2024

At 1 April 2023
£

Advances to Director
£

Repayments by Director
£

At 31 March 2024
£

M Winter

Unsecured, interest free, repayable on demand

27,567

26,088

(39,865)

13,790

         
       

 

Directors' remuneration

The Director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

11,132

11,133

Contributions paid to money purchase schemes

9,166

-

20,298

11,133

Other transactions with the Director

At the year end, the director owed the company £13,790 (2023: £27,567). This amount is unsecured, interest free and repayable on demand.