Company registration number 09435050 (England and Wales)
SDS DRYLINING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SDS DRYLINING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SDS DRYLINING LIMITED (REGISTERED NUMBER: 09435050)
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
65,707
46,434
Current assets
Stocks
7,000
7,000
Debtors
4
457,721
288,268
Cash at bank and in hand
291,633
212,294
756,354
507,562
Creditors: amounts falling due within one year
5
(176,494)
(89,772)
Net current assets
579,860
417,790
Total assets less current liabilities
645,567
464,224
Creditors: amounts falling due after more than one year
6
(1,673)
(5,000)
Net assets
643,894
459,224
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
643,744
459,074
Total equity
643,894
459,224

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SDS DRYLINING LIMITED (REGISTERED NUMBER: 09435050)
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr S M Hoadley
Director
SDS DRYLINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

SDS Drylining Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Upper Grosvenor Road, Tunbridge Wells, England, TN1 2EP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided for drylining and is shown net of VAT and discounts. Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage completion of the contract.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Fixtures and equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.5
Taxation

The tax expense represents the sum of the tax currently payable.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SDS DRYLINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and machinery
Fixtures and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
5,128
14,132
79,853
99,113
Additions
-
0
1,306
40,004
41,310
Disposals
-
0
-
0
(26,158)
(26,158)
At 31 March 2024
5,128
15,438
93,699
114,265
Depreciation and impairment
At 1 April 2023
2,679
8,269
41,731
52,679
Depreciation charged in the year
612
1,520
11,628
13,760
Eliminated in respect of disposals
-
0
-
0
(17,881)
(17,881)
At 31 March 2024
3,291
9,789
35,478
48,558
Carrying amount
At 31 March 2024
1,837
5,649
58,221
65,707
At 31 March 2023
2,449
5,863
38,122
46,434
SDS DRYLINING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
363,453
201,130
Other debtors
94,268
87,138
457,721
288,268
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
74,494
34,783
Taxation and social security
81,302
-
0
Other creditors
20,698
54,989
176,494
89,772
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,673
5,000
7
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
3,327
3,327
In two to five years
1,673
5,000
5,000
8,327

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Liabilities for obligations under finance leases totalling £5,000 (2023 - £8,327) are secured on the assets purchased under hire purchase agreements.

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