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Registration number: 07320268

Drainage Investigations & Solutions North West Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Drainage Investigations & Solutions North West Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Drainage Investigations & Solutions North West Limited

Company Information

Directors

Mr NA Birtles

Mr K Preston

Mrs DE Preston

Mrs LR Birtles

Registered office

Unit 1E
Bradkirk Business Park
Weeton Road
Wesham
Lancashire
PR4 3FZ

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Drainage Investigations & Solutions North West Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Drainage Investigations & Solutions North West Limited for the year ended 31 March 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Drainage Investigations & Solutions North West Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Drainage Investigations & Solutions North West Limited and state those matters that we have agreed to state to the Board of Directors of Drainage Investigations & Solutions North West Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drainage Investigations & Solutions North West Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Drainage Investigations & Solutions North West Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Drainage Investigations & Solutions North West Limited. You consider that Drainage Investigations & Solutions North West Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Drainage Investigations & Solutions North West Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

31 July 2024

 

Drainage Investigations & Solutions North West Limited

(Registration number: 07320268)
Balance Sheet as at 31 March 2024

Note

31 March
2024
£

31 March
2023
£

Fixed assets

 

Tangible assets

5

324,185

339,093

Current assets

 

Debtors

6

473,555

464,328

Cash at bank and in hand

 

169,978

79,237

 

643,533

543,565

Creditors: Amounts falling due within one year

7

(560,202)

(601,575)

Net current assets/(liabilities)

 

83,331

(58,010)

Total assets less current liabilities

 

407,516

281,083

Creditors: Amounts falling due after more than one year

7

(60,772)

(74,910)

Provisions for liabilities

(56,580)

(39,924)

Net assets

 

290,164

166,249

Capital and reserves

 

Called up share capital

8

1,600

1,600

Retained earnings

288,564

164,649

Shareholders' funds

 

290,164

166,249

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 31 July 2024 and signed on its behalf by:
 

 

Drainage Investigations & Solutions North West Limited

(Registration number: 07320268)
Balance Sheet as at 31 March 2024

.........................................
Mr K Preston
Director

 

Drainage Investigations & Solutions North West Limited

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

1

General information

The address of its registered office is:
Unit 1E
Bradkirk Business Park
Weeton Road
Wesham
Lancashire
PR4 3FZ

These financial statements were authorised for issue by the Board on 31 July 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 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.

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.

 

Drainage Investigations & Solutions North West Limited

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

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 & Machinery

25% reducing balance

Motor Vehicles

25% reducing balance

Office equipment

20% reducing balance

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

2 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Drainage Investigations & Solutions North West Limited

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

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.

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.

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.

 

Drainage Investigations & Solutions North West Limited

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

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 36 (2023 - 34).

4

Intangible assets

Goodwill
 £

Franchise purchase
 £

Total
£

Cost or valuation

At 1 April 2023

49,658

166,733

216,391

At 31 March 2024

49,658

166,733

216,391

Amortisation

At 1 April 2023

49,658

166,733

216,391

At 31 March 2024

49,658

166,733

216,391

Carrying amount

At 31 March 2024

-

-

-

 

Drainage Investigations & Solutions North West Limited

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

5

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

83,723

73,539

388,161

605,316

1,150,739

Additions

-

3,656

61,768

13,560

78,984

Disposals

-

(15,228)

-

(86,812)

(102,040)

At 31 March 2024

83,723

61,967

449,929

532,064

1,127,683

Depreciation

At 1 April 2023

-

42,873

291,806

476,967

811,646

Charge for the year

-

5,719

39,531

33,031

78,281

Eliminated on disposal

-

(9,502)

-

(76,927)

(86,429)

At 31 March 2024

-

39,090

331,337

433,071

803,498

Carrying amount

At 31 March 2024

83,723

22,877

118,592

98,993

324,185

At 31 March 2023

83,723

31,155

96,355

127,860

339,093

Included within the net book value of land and buildings above is £83,723 (2023 - £83,723) in respect of short leasehold land and buildings.
 

 

Drainage Investigations & Solutions North West Limited

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

6

Debtors

Current

31 March
2024
£

31 March
2023
£

Trade debtors

466,032

459,070

Prepayments

4,968

5,258

Other debtors

2,555

-

 

473,555

464,328

 

Drainage Investigations & Solutions North West Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

31 March
2024
£

31 March
2023
£

Due within one year

 

Loans and borrowings

9

262,198

232,417

Trade creditors

 

75,683

126,631

Taxation and social security

 

210,560

171,729

Accruals and deferred income

 

8,852

16,209

Other creditors

 

2,909

54,589

 

560,202

601,575

Creditors: amounts falling due after more than one year

Note

31 March
2024
£

31 March
2023
£

Due after one year

 

Loans and borrowings

9

60,772

74,910

8

Share capital

Allotted, called up and fully paid shares

 

31 March
2024

31 March
2023

 

No.

£

No.

£

Ordinary of £1 each

1,600

1,600

1,600

1,600

         
 

Drainage Investigations & Solutions North West Limited

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

9

Loans and borrowings

31 March
2024
£

31 March
2023
£

Non-current loans and borrowings

Bank borrowings

-

2,688

Finance lease liabilities

50,923

53,283

Other borrowings

9,849

18,939

60,772

74,910

31 March
2024
£

31 March
2023
£

Current loans and borrowings

Bank borrowings

9,091

14,131

Bank overdrafts

182,314

144,131

Finance lease liabilities

70,793

74,155

262,198

232,417