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Registration number: 06657506

DWA Claims Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

DWA Claims Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

DWA Claims Limited

Company Information

Directors

Mr A Potter

Mrs N Wallis

Mrs C Potter

Registered office

Maindell
North Wallington
Fareham
PO16 8TJ

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

DWA Claims Limited

(Registration number: 06657506)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,383,678

1,052,917

Current assets

 

Stocks

6

868,019

1,111,283

Debtors

7

188,656

210,269

Cash at bank and in hand

 

39,932

26,922

 

1,096,607

1,348,474

Creditors: Amounts falling due within one year

8

(1,203,841)

(1,124,774)

Net current (liabilities)/assets

 

(107,234)

223,700

Total assets less current liabilities

 

1,276,444

1,276,617

Creditors: Amounts falling due after more than one year

8

(1,212,732)

(1,152,720)

Net assets

 

63,712

123,897

Capital and reserves

 

Called up share capital

9

104

104

Retained earnings

63,608

123,793

Shareholders' funds

 

63,712

123,897

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 23 September 2024 and signed on its behalf by:
 

 

DWA Claims Limited

(Registration number: 06657506)
Balance Sheet as at 31 March 2024

.........................................
Mr A Potter
Director

 

DWA Claims 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 and Wales .

The address of its registered office is:
Maindell
North Wallington
Fareham
PO16 8TJ
England

These financial statements were authorised for issue by the Board on 23 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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

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.

 

DWA Claims Limited

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

Government grants

The government grants received under the furlough scheme, rates grant and interest from the business interruption loan scheme resulting from Covid-19, have been recognised on an accruals basis to the period which they relate and disclosed as separate grant income in the profit and loss.

Tax

The tax expense for the period comprises 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.

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

18% reducing balance

Furniture and fittings

18% reducing balance

Motor vehicles

25% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

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.

 

DWA Claims Limited

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

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.

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.

 

DWA Claims Limited

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

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.

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 19 (2023 - 22).

 

DWA Claims Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

126,000

126,000

At 31 March 2024

126,000

126,000

Amortisation

At 1 April 2023

126,000

126,000

At 31 March 2024

126,000

126,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

149,978

1,987,513

2,137,491

Additions

-

1,225,050

1,225,050

Disposals

-

(999,129)

(999,129)

At 31 March 2024

149,978

2,213,434

2,363,412

Depreciation

At 1 April 2023

116,951

967,623

1,084,574

Charge for the year

5,945

553,346

559,291

Eliminated on disposal

-

(664,131)

(664,131)

At 31 March 2024

122,896

856,838

979,734

Carrying amount

At 31 March 2024

27,082

1,356,596

1,383,678

At 31 March 2023

33,027

1,019,890

1,052,917

 

DWA Claims Limited

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

6

Stocks

2024
£

2023
£

Work in progress

868,019

1,111,283

7

Debtors

Current

2024
£

2023
£

Trade debtors

159,513

190,529

Prepayments

12,855

19,740

Other debtors

16,288

-

 

188,656

210,269

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

850,933

725,416

Trade creditors

 

158,277

130,833

Taxation and social security

 

108,357

72,719

Accruals and deferred income

 

22,092

150,138

Other creditors

 

64,182

45,668

 

1,203,841

1,124,774

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,212,732

1,152,720

 

DWA Claims Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Non-voting shares of £1 each

4

4

4

4

104

104

104

104

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

1,030,525

780,938

Other borrowings

182,207

371,782

1,212,732

1,152,720

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

3,035

694

Hire purchase contracts

658,322

548,002

Other borrowings

189,576

176,720

850,933

725,416

Bank borrowings

Business Interruption Loan Scheme is denominated in Sterling with a nominal interest rate of 8.648%, and the final instalment is due on 22 March 2025. The carrying amount at year end is £54,200 (2023 - £104,085).

Business Interruption Loan Scheme is denominated in Sterling with a nominal interest rate of 5.720%, and the final instalment is due on 1 June 2026. The carrying amount at year end is £178,248 (2023 - £248,032).

Business Interruption Loan Scheme is denominated in Sterling with a nominal interest rate of 7.794%, and the final instalment is due on 17 May 2026. The carrying amount at year end is £139,335 (2023 - £196,386).