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D44 Store Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

Registration number: 05217838

 

D44 Store Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

D44 Store Limited

Company Information

Directors

E A Wrench-Buck

S Wrench-Buck

Company secretary

S Wrench-Buck

Registered office

18 Newport Street
Tiverton
Devon
EX16 6NL

Accountants

Withers Steele Chartered Accountants
18 Newport Street
Tiverton
Devon
EX16 6NL

 

D44 Store Limited

(Registration number: 05217838)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

772

1,237

Current assets

 

Stocks

6

540,134

561,182

Debtors

7

193,237

78,236

Cash at bank and in hand

 

56,229

65,680

 

789,600

705,098

Creditors: Amounts falling due within one year

8

(453,511)

(359,781)

Net current assets

 

336,089

345,317

Total assets less current liabilities

 

336,861

346,554

Creditors: Amounts falling due after more than one year

8

(18,919)

(28,962)

Provisions for liabilities

(139)

(72)

Net assets

 

317,803

317,520

Capital and reserves

 

Called up share capital

9

1

1

Profit and loss account

317,802

317,519

Shareholders' funds

 

317,803

317,520

For the financial 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.

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary 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.

 

D44 Store Limited

(Registration number: 05217838)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
E A Wrench-Buck
Director

 

D44 Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
18 Newport Street
Tiverton
Devon
EX16 6NL
England

The principal place of business is:
Southlea Service Station
Bish Mill
South Molton
Devon
EX36 3QU

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.

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 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.

 

D44 Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Plant and machinery

25% reducing balance method

Motor vehicles

25% reducing balance method

Computer equipment

25% straight line method

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.

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.

 

D44 Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

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 6 (2022 - 5).

 

D44 Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

308

411

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

3,968

3,500

35,992

43,460

Disposals

-

(2,000)

(8,074)

(10,074)

At 31 December 2023

3,968

1,500

27,918

33,386

Depreciation

At 1 January 2023

3,964

3,398

34,861

42,223

Charge for the year

-

26

282

308

Eliminated on disposal

-

(1,983)

(7,934)

(9,917)

At 31 December 2023

3,964

1,441

27,209

32,614

Carrying amount

At 31 December 2023

4

59

709

772

At 31 December 2022

4

102

1,131

1,237

6

Stocks

2023
£

2022
£

Work in progress

47,170

57,660

Other inventories

492,964

503,522

540,134

561,182

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

20,655

56,822

Amounts owed by related parties

12

131,327

21,239

Other debtors

 

41,255

175

   

193,237

78,236

 

D44 Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

120,058

100,806

Trade creditors

 

229,780

193,548

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

104,299

59,251

Taxation and social security

 

320

5,824

Other creditors

 

(946)

352

 

453,511

359,781

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

18,919

28,962

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       
 

D44 Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

18,919

28,962

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,248

10,205

Bank overdrafts

109,810

90,601

120,058

100,806

11

Dividends

12

Related party transactions

Summary of transactions with parent

Devon 4x4 Centre Limited
 During the year the parent company charged a fee to the company for management services.
 

Summary of transactions with entities with joint control or significant interest

Group companies
 During the year the company made sales to and received goods from other group companies.
 

Income and receivables from related parties

2023

2021

Entities with joint control or significant influence
£

Sale of goods

7,395

Expenditure with and payables to related parties

2023

 

D44 Store Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2021

Parent
£

Entities with joint control or significant influence
£

Purchase of goods

-

232,037

Rendering of services

183,750

-

183,750

232,037

13

Parent and ultimate parent undertaking

The company's immediate parent is Devon 4x4 Centre Limited, incorporated in England.