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Registration number: 11906667

DSS Sustainable Solutions UK Limited

Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

DSS Sustainable Solutions UK Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

DSS Sustainable Solutions UK Limited

Company Information

Director

C Parentelli

Registered office

C/O Tmf Group
13th Floor
One Angel Court
London
EC2R 7HJ

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

DSS Sustainable Solutions UK Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

5

273

679

Tangible assets

6

32,100

40,928

Investments

7

2

-

 

32,375

41,607

Current assets

 

Debtors

8

2,171,261

1,391,840

Cash at bank and in hand

 

52,367

30,561

 

2,223,628

1,422,401

Creditors: Amounts falling due within one year

9

(3,147,431)

(1,010,491)

Net current (liabilities)/assets

 

(923,803)

411,910

Net (liabilities)/assets

 

(891,428)

453,517

Capital and reserves

 

Called up share capital

602,317

602,317

Retained earnings

(1,493,745)

(148,800)

Shareholders' (deficit)/funds

 

(891,428)

453,517

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 25 September 2024
 

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

C Parentelli

Director

Company registration number: 11906667

 

DSS Sustainable Solutions UK Limited

Notes to the 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 and Wales.

The address of its registered office is:
C/O Tmf Group
13th Floor
One Angel Court
London
EC2R 7HJ

The principal activity of the company is that of the provision of management consultancy services.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 September 2024 was Martin Widdowson, who signed for and on behalf of Brebners.

3

Accounting policies

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had net liabilities at 31 December 2023, of £891,428.

At 31 December 2023, a net amount of £192,739 was due to group undertakings who have agreed to not call for repayment until such time as the company has sufficient working capital.

The company provides a significant amount of services to the parent undertaking, which has pledged to support the company with its ongoing working capital requirements. The group provides its services across a diverse range of industries.

Having made sufficient enquiries, and based upon the above, the director has a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the director has adopted the going concern basis in preparing the financial statements.

 

DSS Sustainable Solutions UK Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue in the period in which the service is provided, based upon contractual stage of completion and fulfilment of milestones identified in contracts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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 statement of financial position 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

Furniture, fittings and equipment

33% straight line

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

Licences and databases

5 years straight line

 

DSS Sustainable Solutions UK Limited

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

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.

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.

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.

4

Staff numbers

The average number of persons employed by the company during the year, was 43 (2022 - 24).

 

DSS Sustainable Solutions UK Limited

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

5

Intangible assets

Licences and databases
 £

Total
£

Cost or valuation

At 1 January 2023

2,036

2,036

At 31 December 2023

2,036

2,036

Amortisation

At 1 January 2023

1,357

1,357

Amortisation charge

406

406

At 31 December 2023

1,763

1,763

Carrying amount

At 31 December 2023

273

273

At 31 December 2022

679

679

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

57,545

57,545

Additions

13,813

13,813

At 31 December 2023

71,358

71,358

Depreciation

At 1 January 2023

16,617

16,617

Charge for the year

22,641

22,641

At 31 December 2023

39,258

39,258

Carrying amount

At 31 December 2023

32,100

32,100

At 31 December 2022

40,928

40,928

 

DSS Sustainable Solutions UK Limited

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

7

Investments

2023
£

2022
£

Other investments

2

-

8

Debtors

2023
£

(As restated)

2022
£

Trade debtors

343,687

157,257

Amounts owed by group undertakings

1,728,545

1,095,920

Other debtors

99,029

138,663

2,171,261

1,391,840

9

Creditors

Creditors: amounts falling due within one year

2023
£

(As restated)

2022
£

Trade creditors

5,835

845

Amounts owed to group undertakings

1,921,284

20,571

Taxation and social security

85,730

-

Other creditors

1,134,582

989,075

3,147,431

1,010,491

10

Commitments and Guarantees

The amount of minimum lease payments under operating leases is £130,005 (2022: £64,113).

11

Related party transactions

Exemption is taken under FRS 102 paragraph 1AC.35 not to disclose transactions or amounts falling due with undertakings wholly owned within the group.