Company registration number 06918456 (England and Wales)
DISTRIBUTION NETWORK SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DISTRIBUTION NETWORK SERVICES LTD
COMPANY INFORMATION
Director
Mr A T Raybould
Company number
06918456
Registered office
2 Aston Street
Wem
Shrewsbury
Shropshire
SY4 5AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Natwest
17 Church Street
Oswestry
Shropshire
SY11 2SX
DISTRIBUTION NETWORK SERVICES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
DISTRIBUTION NETWORK SERVICES LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DISTRIBUTION NETWORK SERVICES LTD FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Distribution Network Services Ltd for the year ended 31 March 2024 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Distribution Network Services Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Distribution Network Services Ltd and state those matters that we have agreed to state to the board of directors of Distribution Network Services Ltd, 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 Distribution Network Services Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Distribution Network Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Distribution Network Services Ltd. You consider that Distribution Network Services Ltd 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 financial statements of Distribution Network Services Ltd. 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 financial statements.
Ormerod Rutter Limited
20 September 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
DISTRIBUTION NETWORK SERVICES LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
28,901
22,679
28,902
22,680
Current assets
Debtors
5
458,743
286,953
Cash at bank and in hand
31,758
7,551
490,501
294,504
Creditors: amounts falling due within one year
6
(480,635)
(251,940)
Net current assets
9,866
42,564
Total assets less current liabilities
38,768
65,244
Creditors: amounts falling due after more than one year
7
(33,320)
(42,635)
Provisions for liabilities
9
(3,892)
Net assets
5,448
18,717
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
5,348
18,617
Total equity
5,448
18,717
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DISTRIBUTION NETWORK SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 20 September 2024
Mr A T Raybould
Director
Company registration number 06918456 (England and Wales)
DISTRIBUTION NETWORK SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Distribution Network Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Aston Street, Wem, Shrewsbury, Shropshire, SY4 5AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance
Computer and office equipment
25% on reducing balance
Motor vehicles
20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
DISTRIBUTION NETWORK SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
The company has entered into an invoice discounting arrangement for certain trade debtors. Amounts due from the customers are shown in full in trade debtors, with amounts due to the finance company in creditors due within twelve months under the other creditors heading.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
5
DISTRIBUTION NETWORK SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1
Amortisation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
1
At 31 March 2023
1
4
Tangible fixed assets
Plant and machinery
Computer and office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
6,161
6,250
21,275
33,686
Additions
399
25,000
25,399
Disposals
(21,275)
(21,275)
At 31 March 2024
6,161
6,649
25,000
37,810
Depreciation and impairment
At 1 April 2023
3,571
4,038
3,398
11,007
Depreciation charged in the year
647
653
1,300
Eliminated in respect of disposals
(3,398)
(3,398)
At 31 March 2024
4,218
4,691
8,909
Carrying amount
At 31 March 2024
1,943
1,958
25,000
28,901
At 31 March 2023
2,590
2,212
17,877
22,679
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
413,032
252,921
Other debtors
42,234
34,032
455,266
286,953
Deferred tax asset
3,477
458,743
286,953
DISTRIBUTION NETWORK SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
16,071
15,648
Trade creditors
184,670
56,204
Taxation and social security
6,847
13,172
Other creditors
273,047
166,916
480,635
251,940
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
33,320
42,635
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
49,391
58,283
Factoring account
254,742
148,589
304,133
206,872
Bank loans are secured by way of a fixed and floating charge over all assets of the company, and by way of a government-backed guarantee.
All monies due or to become due from the company to the factoring company, Bibby Financial Services Ltd, are secured against trade debtors.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
3,892
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
DISTRIBUTION NETWORK SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
11
Ultimate controlling party
The ultimate controlling party is Mr A T Raybould.
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