Registered number
05159047
DMR ENGINEERING (IW) LIMITED
Filleted Accounts
31 March 2024
DMR ENGINEERING (IW) LIMITED
Registered number: 05159047
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 8,750 23,750
Tangible assets 4 241,146 134,663
249,896 158,413
Current assets
Stocks 136,684 154,603
Debtors 5 384,570 316,682
Cash at bank and in hand 388,451 228,284
909,705 699,569
Creditors: amounts falling due within one year 6 (340,912) (188,544)
Net current assets 568,793 511,025
Total assets less current liabilities 818,689 669,438
Creditors: amounts falling due after more than one year 7 (15,132) (24,950)
Provisions for liabilities (53,417) (24,259)
Net assets 750,140 620,229
Capital and reserves
Called up share capital 100 100
Profit and loss account 750,040 620,129
Shareholders' funds 750,140 620,229
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D M Rapley
Director
Approved by the board on 31 August 2024
DMR ENGINEERING (IW) LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% x written down value
Motor vehicles 20% x written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 20 20
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 300,000
At 31 March 2024 300,000
Amortisation
At 1 April 2023 276,250
Provided during the year 15,000
At 31 March 2024 291,250
Net book value
At 31 March 2024 8,750
At 31 March 2023 23,750
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 249,217 133,768 382,985
Additions 110,409 48,899 159,308
Disposals - (68,466) (68,466)
At 31 March 2024 359,626 114,201 473,827
Depreciation
At 1 April 2023 156,742 91,580 248,322
Charge for the year 30,434 15,393 45,827
On disposals - (61,468) (61,468)
At 31 March 2024 187,176 45,505 232,681
Net book value
At 31 March 2024 172,450 68,696 241,146
At 31 March 2023 92,475 42,188 134,663
5 Debtors 2024 2023
£ £
Trade debtors 384,570 316,682
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,648 10,648
Trade creditors 290,513 124,417
Taxation and social security costs 36,270 49,985
Other creditors 3,481 3,494
340,912 188,544
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,132 24,950
8 Other information
DMR ENGINEERING (IW) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Broadfield Park
Seaview Road
Cowes
Isle of Wight
PO31 7US
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