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Registration number: 09566290

UK Diveworks Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

UK Diveworks Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

UK Diveworks Limited

Company Information

Directors

Mr AE Wilkins

Mrs H Wilkins

Registered office

10 Danecourt Road
Parkstone
Poole
Dorset
BH14 0PQ

Accountants

Athena Accounting Ltd
Chartered Accountants
81 Andrew Crescent
Waterlooville
Hampshire
PO7 6BG

 

UK Diveworks Limited

(Registration number: 09566290)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

133,777

70,974

Current assets

 

Stocks

5

23,414

57,075

Debtors

6

251,154

364,320

Cash at bank and in hand

 

226,933

93,736

 

501,501

515,131

Creditors: Amounts falling due within one year

7

(232,107)

(241,755)

Net current assets

 

269,394

273,376

Total assets less current liabilities

 

403,171

344,350

Creditors: Amounts falling due after more than one year

7

(65,211)

(51,154)

Provisions for liabilities

(25,418)

(13,485)

Net assets

 

312,542

279,711

Capital and reserves

 

Called up share capital

8

105

105

Retained earnings

312,437

279,606

Shareholders' funds

 

312,542

279,711

 

UK Diveworks Limited

(Registration number: 09566290)
Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 2024 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.

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 Profit and Loss Account.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mr AE Wilkins
Director

.........................................
Mrs H Wilkins
Director

 

UK Diveworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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:
10 Danecourt Road
Parkstone
Poole
Dorset
BH14 0PQ
England

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

UK Diveworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

33.3% straight line basis

Motor vehicles

20% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Plant and machinery

25% reducing balance basis

 

UK Diveworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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.

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.

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 and subsequently measured at amortised cost using the effective interest method.

 

UK Diveworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

UK Diveworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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 directors) during the year, was 8 (2023 - 7).

 

UK Diveworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 May 2023

5,341

79,712

1,033

57,206

Additions

987

49,341

7,735

81,616

Disposals

(3,108)

(74,279)

(1,000)

-

At 30 April 2024

3,220

54,774

7,768

138,822

Depreciation

At 1 May 2023

2,489

45,514

567

23,748

Charge for the year

585

11,637

2,590

23,015

Eliminated on disposal

(1,607)

(37,287)

(444)

-

At 30 April 2024

1,467

19,864

2,713

46,763

Carrying amount

At 30 April 2024

1,753

34,910

5,055

92,059

At 30 April 2023

2,852

34,198

466

33,458

Total
£

Cost or valuation

At 1 May 2023

143,292

Additions

139,679

Disposals

(78,387)

At 30 April 2024

204,584

Depreciation

At 1 May 2023

72,318

Charge for the year

37,827

Eliminated on disposal

(39,338)

At 30 April 2024

70,807

Carrying amount

At 30 April 2024

133,777

At 30 April 2023

70,974

 

UK Diveworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Stocks

2024
£

2023
£

Work in progress

23,414

57,075

6

Debtors

2024
£

2023
£

Trade debtors

172,063

284,705

Other debtors

78,069

74,699

Prepayments

1,022

4,916

251,154

364,320

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

14,251

3,224

Trade creditors

 

80,795

47,643

Taxation and social security

 

133,365

131,459

Accruals and deferred income

 

3,995

3,500

Other creditors

 

(299)

55,929

 

232,107

241,755

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

65,211

51,154

 

UK Diveworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

Ordinary A share of £1 each

5

5

5

5

105

105

105

105

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

39,167

44,904

Hire purchase contracts

26,044

6,250

65,211

51,154

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

14,251

3,224