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REGISTERED NUMBER: 02059637 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Denwire Limited

Denwire Limited (Registered number: 02059637)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Denwire Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S T Christensen
Ms I T Christensen





SECRETARY: Ms I T Christensen





REGISTERED OFFICE: Blackbrook Road
Narrowboat Way
Dudley
West Midlands
DY2 0AF





REGISTERED NUMBER: 02059637 (England and Wales)





ACCOUNTANTS: Dalton Pardoe Limited
Chartered Accountants
794 High Street
Kingswinford
West Midlands
DY6 8BQ

Denwire Limited (Registered number: 02059637)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,307,613 2,383,752
Investment property 5 800,000 800,000
3,107,613 3,183,752

CURRENT ASSETS
Stocks 1,927,145 2,001,498
Debtors 6 2,296,485 2,610,018
Cash at bank and in hand 1,361,339 321,499
5,584,969 4,933,015
CREDITORS
Amounts falling due within one year 7 821,123 991,039
NET CURRENT ASSETS 4,763,846 3,941,976
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,871,459

7,125,728

CREDITORS
Amounts falling due after more than one
year

8

(319,167

)

(343,409

)

PROVISIONS FOR LIABILITIES (134,855 ) (147,620 )
NET ASSETS 7,417,437 6,634,699

CAPITAL AND RESERVES
Called up share capital 10 100,000 100,000
Revaluation reserve 11 1,384,471 1,384,471
Retained earnings 11 5,932,966 5,150,228
SHAREHOLDERS' FUNDS 7,417,437 6,634,699

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Denwire Limited (Registered number: 02059637)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by:





S T Christensen - Director


Denwire Limited (Registered number: 02059637)

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

1. STATUTORY INFORMATION

Denwire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Denwire Limited (Registered number: 02059637)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 2,260,000 424,373 18,234 2,702,607
DEPRECIATION
At 1 January 2023 - 304,948 13,907 318,855
Charge for year 45,200 29,857 1,082 76,139
At 31 December 2023 45,200 334,805 14,989 394,994
NET BOOK VALUE
At 31 December 2023 2,214,800 89,568 3,245 2,307,613
At 31 December 2022 2,260,000 119,425 4,327 2,383,752

Cost or valuation at 31 December 2023 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2017 205,840 - - 205,840
Valuation in 2023 736,712 - - 736,712
Cost 1,317,448 424,373 18,234 1,760,055
2,260,000 424,373 18,234 2,702,607

If freehold property had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 1,317,448 1,317,448
Aggregate depreciation 116,213 116,213

Value of land in freehold land and buildings 380,700 380,700

Freehold property were valued on an open market basis on 1 July 2023 by Messrs Sellers Chartered Surveyors .

Denwire Limited (Registered number: 02059637)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 800,000
NET BOOK VALUE
At 31 December 2023 800,000
At 31 December 2022 800,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2017 57,960
Valuation in 2023 390,000
Cost 352,040
800,000

If investment property had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 412,040 412,040

Investment property was valued on an open market basis on 1 July 2023 by Messrs Sellers Chartered Surveyors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 585,296 718,415
Other debtors 1,711,189 1,763,385
VAT - 128,218
2,296,485 2,610,018

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 704,578
Trade creditors 352,711 131,056
Tax 351,079 122,956
Social security and other taxes 25,095 25,645
VAT 84,734 -
Accrued expenses 7,504 6,804
821,123 991,039

Denwire Limited (Registered number: 02059637)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 309,167 333,409
Other creditors - 1-2 years 10,000 10,000
319,167 343,409

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts - 704,578
Bank loans 309,167 333,409
309,167 1,037,987

Bank loans and overdrafts are secured by way of a floating charge over the company's assets and a fixed charge over the company's freehold and investment property.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100,000 Ordinary £1 100,000 100,000

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 5,150,228 1,384,471 6,534,699
Profit for the year 1,162,738 1,162,738
Dividends (380,000 ) (380,000 )
At 31 December 2023 5,932,966 1,384,471 7,317,437

12. CONTINGENT LIABILITIES

The company has given a guarantee amounting to £40,000 in respect of the VAT duty deferment scheme. No liability is expected to arise under the guarantee.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Plan B UK ApS, a company registered in Denmark.