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Registration number: 11892839

DMS Drywall Systems Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

DMS Drywall Systems Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

DMS Drywall Systems Limited

(Registration number: 11892839)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

129,284

59,174

Current assets

 

Debtors

5

324,064

531,733

Cash at bank and in hand

 

720,998

306,997

 

1,045,062

838,730

Creditors: Amounts falling due within one year

6

(389,711)

(504,856)

Net current assets

 

655,351

333,874

Total assets less current liabilities

 

784,635

393,048

Creditors: Amounts falling due after more than one year

6

(29,708)

(26,226)

Provisions for liabilities

(27,739)

(10,188)

Net assets

 

727,188

356,634

Capital and reserves

 

Called up share capital

150

150

Retained earnings

727,038

356,484

Shareholders' funds

 

727,188

356,634

 

DMS Drywall Systems Limited

(Registration number: 11892839)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 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 10 September 2024 and signed on its behalf by:
 

D Smith
Director

   
     
 

DMS Drywall Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
C/o Milsted Langdon LLP
Winchester House
Deane Gate Avenue
Taunton
TA1 2UH

These financial statements were authorised for issue by the Board on 10 September 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 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.

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

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.

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.

 

DMS Drywall Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Property improvements

2% Straight line

Tools and equipment

15% Reducing balance

Computer equipment

33% Reducing balance

Furniture, fittings and equipment

20% Straight line

Motor vehicles

25% Reducing balance

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.

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.

 

DMS Drywall Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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 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.

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.

 

DMS Drywall Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 5 (2023 - 3).

4

Tangible assets

Property improvements
£

Furniture, fittings and equipment
£

Plant and machinery
£

Tools and Equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

18,704

1,631

2,922

2,372

48,738

74,367

Additions

-

3,681

6,976

-

97,415

108,072

At 31 March 2024

18,704

5,312

9,898

2,372

146,153

182,439

Depreciation

At 1 April 2023

-

957

1,565

486

12,185

15,193

Charge for the year

374

1,063

2,750

283

33,492

37,962

At 31 March 2024

374

2,020

4,315

769

45,677

53,155

Carrying amount

At 31 March 2024

18,330

3,292

5,583

1,603

100,476

129,284

At 31 March 2023

18,704

674

1,357

1,886

36,553

59,174

 

DMS Drywall Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

2024
£

2023
£

Trade debtors

315,771

433,761

Other debtors

2,046

62,787

Prepayments

6,247

35,185

324,064

531,733

6

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

7

15,500

2,637

Trade creditors

 

95,055

162,222

Amounts due to related parties

9

67,115

155,494

Social security and other taxes

 

158,036

111,141

Other creditors

 

36,991

64,513

Accruals

 

17,014

8,849

 

389,711

504,856

Due after one year

 

Loans and borrowings

7

29,708

26,226

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

29,708

26,226

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

15,500

2,637

The hire purchase liability is secured against the assets to which they relate.

 

DMS Drywall Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,051 (2023 - £8,103).

9

Related party transactions

Summary of transactions with key management

During the year the directors continued to provide a loan to the company. The loan is interest free and repayable on demand and at the balance sheet date the amount owed to the directors was £67,115 (2023 - £155,494).