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Registration number: 10897225

DC Space & Storage Solutions Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2023

 

DC Space & Storage Solutions Ltd

Contents

Abridged Statement of Financial Position

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 9

 

DC Space & Storage Solutions Ltd

(Registration number: 10897225)
Abridged Statement of Financial Position as at 31 December 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Intangible assets

4

 

200

 

400

Tangible assets

5

 

42,265

 

15,555

   

42,465

 

15,955

Current assets

   

 

Inventories

6

70,193

 

94,504

 

Debtors

7

170,521

 

273,974

 

Cash at bank and in hand

 

330,991

 

242,673

 

 

571,705

 

611,151

 

Prepayments and accrued income

 

36,625

 

49,081

 

Creditors: Amounts falling due within one year

(316,745)

 

(333,302)

 

Net current assets

   

291,585

 

326,930

Total assets less current liabilities

   

334,050

 

342,885

Provisions for liabilities

 

(8,030)

 

(2,956)

Net assets

   

326,020

 

339,929

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

325,920

 

339,829

 

Shareholders funds

   

326,020

 

339,929

 

DC Space & Storage Solutions Ltd

(Registration number: 10897225)
Abridged Statement of Financial Position as at 31 December 2023

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Statement of Financial Position in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

.........................................
Mr D J Ellis
Director

 

DC Space & Storage Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Westward House Cofton Road
Marsh Barton
Exeter
Devon
EX2 8QW

These financial statements were authorised for issue by the Board on 12 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 abridged financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The presentation currency is (£) sterling.

Basis of preparation

These abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 for each of the company's 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.

 

DC Space & Storage Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

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.

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.

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.

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

Motor vehicles

25% reducing balance.

Plant and machinery

25% reducing balance.

Office and computer equipment

20% straight line.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Purchased goodwill

20% straight line.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

DC Space & Storage Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Inventories

Inventories 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, inventories are assessed for impairment. If inventories 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 and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

DC Space & Storage Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

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.

Financial instruments


The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

 

DC Space & Storage Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

1,000

At 31 December 2023

1,000

Amortisation

At 1 January 2023

600

Amortisation charge

200

At 31 December 2023

800

Carrying amount

At 31 December 2023

200

At 31 December 2022

400

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

6,759

12,584

12,162

31,505

Additions

2,069

36,690

-

38,759

Disposals

-

(8,976)

-

(8,976)

At 31 December 2023

8,828

40,298

12,162

61,288

Depreciation

At 1 January 2023

2,635

6,993

6,322

15,950

Charge for the year

1,765

5,037

1,460

8,262

Eliminated on disposal

-

(5,189)

-

(5,189)

At 31 December 2023

4,400

6,841

7,782

19,023

Carrying amount

At 31 December 2023

4,428

33,457

4,380

42,265

At 31 December 2022

4,124

5,591

5,840

15,555

 

DC Space & Storage Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

6

Inventories

2023
£

2022
£

Other inventories

70,193

94,504

7

Debtors

2023
£

2022
£

Trade debtors

135,501

262,024

Other debtors

35,020

11,950

170,521

273,974

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr J M Ellis

Directors loan account

(15,495)

36,619

(40,000)

(18,876)

         
       

Mr D J Ellis

Directors loan account

(99,900)

13,000

(40,000)

(126,900)

         
       

 

 

DC Space & Storage Solutions Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

During the year the director's, Mr J Ellis and Mr D Ellis maintained loan accounts with the company.

At the year end Mr J Ellis had a credit balance on his loan account of £18,876 (2022: £15,495). The maximum amount outstanding during the year was £0. Beneficial loan interest has been charged at HMRC's official rate for periods when the account has been overdrawn. There are no fixed repayment terms and the loan is included in other creditors due within one year.

At the year end Mr D Ellis had a credit balance on his loan account of £126,900 (2022: £99,900). No beneficial loan interest has been charged, or credited, in the year. There are no fixed repayment terms and the loan is included in other creditors due within one year.