Inland Dredging Services Limited
Registered number: 02504284
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 84,922 63,770
Current assets
Stocks 2,180 6,510
Debtors 4 9,138 5,363
Cash at bank and in hand 302,558 365,648
313,876 377,521
Creditors: amounts falling due within one year 5 (12,976) (34,478)
Net current assets 300,900 343,043
Net assets 385,822 406,813
Capital and reserves
Called up share capital 7,500 7,500
Profit and loss account 378,322 399,313
Shareholders' funds 385,822 406,813
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs T A Taberner
Director
Approved by the board on 21 October 2024
Inland Dredging Services Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Dredger boat and accessories over 10 years
Plant and machinery over 6 years
Communications equipment over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 440,586 62,578 503,164
Additions 27,082 45,362 72,444
Disposals (282,801) (41,428) (324,229)
At 31 March 2024 184,867 66,512 251,379
Depreciation
At 1 April 2023 426,707 12,687 439,394
Charge for the year 5,085 9,067 14,152
On disposals (282,773) (4,316) (287,089)
At 31 March 2024 149,019 17,438 166,457
Net book value
At 31 March 2024 35,848 49,074 84,922
At 31 March 2023 13,879 49,891 63,770
4 Debtors 2024 2023
£ £
Trade debtors - 2,070
Other debtors 9,138 3,293
9,138 5,363
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,799 4,174
Corporation tax 4,750 23,405
Other taxes and social security costs 212 114
Other creditors 5,215 6,785
12,976 34,478
6 Other information
Inland Dredging Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Barley Fields
Anslow
Burton on Trent
DE13 9PA
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