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Registered number: 08483272
DOMSON MIDLANDS LTD
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08483272
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 65,346 108,890
65,346 108,890
CURRENT ASSETS
Stocks 5 403,594 396,602
Debtors 6 215,116 259,100
Cash at bank and in hand 84,540 120,889
703,250 776,591
Creditors: Amounts Falling Due Within One Year 7 (504,852 ) (650,999 )
NET CURRENT ASSETS (LIABILITIES) 198,398 125,592
TOTAL ASSETS LESS CURRENT LIABILITIES 263,744 234,482
NET ASSETS 263,744 234,482
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 263,644 234,382
SHAREHOLDERS' FUNDS 263,744 234,482
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Wojciech Domanski
Director
22/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
DOMSON MIDLANDS LTD Registered number 08483272 is a limited by shares company incorporated in England & Wales. The Registered Office is Unit 7 Planetary Industrial Estate, Planetary Road, Willenhall, WV13 3XA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10%
Motor Vehicles 25%
Fixtures & Fittings 20%
Computer Equipment 33%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 4 4
Sales, marketing and distribution 10 10
14 14
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 3,972 186,753 3,804 10,304 204,833
Additions - 12,507 - - 12,507
Disposals - (11,865 ) - - (11,865 )
As at 31 December 2023 3,972 187,395 3,804 10,304 205,475
Depreciation
As at 1 January 2023 2,089 80,048 3,803 10,003 95,943
Provided during the period 396 55,354 - 301 56,051
Disposals - (11,865 ) - - (11,865 )
As at 31 December 2023 2,485 123,537 3,803 10,304 140,129
Net Book Value
As at 31 December 2023 1,487 63,858 1 - 65,346
As at 1 January 2023 1,883 106,705 1 301 108,890
5. Stocks
2023 2022
£ £
Finished goods 408,838 403,107
Goods Received Not Invoiced (5,244 ) (6,505 )
403,594 396,602
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 196,762 243,594
Other debtors 1,571 3,818
VAT 16,592 10,900
Director's loan account 191 788
215,116 259,100
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 432,239 607,786
Corporation tax 28,492 25
Other taxes and social security 13,407 12,650
Net wages 19,977 17,810
Accruals and deferred income 8,737 2,728
Cumulative preference share dividends unpaid 2,000 10,000
504,852 650,999
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
10. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 65,000 65,000
11. Ultimate Controlling Party
The company's ultimate controlling party is by virtue of his ownership of 100% of the issued share capital in the company.
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