REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023 |
FOR |
DWINEX SHEET METAL LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023 |
FOR |
DWINEX SHEET METAL LTD |
DWINEX SHEET METAL LTD (REGISTERED NUMBER: 06860368) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
DWINEX SHEET METAL LTD |
COMPANY INFORMATION |
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Room 73 |
Wrest House |
Wrest Park |
Silsoe |
Bedfordshire |
MK45 4HR |
DWINEX SHEET METAL LTD (REGISTERED NUMBER: 06860368) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
DWINEX SHEET METAL LTD (REGISTERED NUMBER: 06860368) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Dwinex Sheet Metal Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The comparatives relate to the period from 26 December 2021 to 25 December 2022. |
During the year the company made of a profit after tax of £40,203 and had a net deficiency in reserves of £78,800 at the balance sheet date. |
After making enquires, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the director continues to adopt the going concern basis in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents the amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
DWINEX SHEET METAL LTD (REGISTERED NUMBER: 06860368) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
The coronavirus job retention scheme |
The Coronavirus Job Retention Scheme (CJRS) is a government wage support measure. It is designed to protect jobs in the wake of the economic impacts of the COVID-19 pandemic, and to support employers to continue paying wages. The CJRS allows employers to reclaim up to 80% of the wage costs of 'furloughed employees,' being those directly impacted by the pandemic, up to a cap of £2,500 per month per employee. |
Other grants relating to covid-19 |
Eligible businesses that were forced to close due to the government lockdown of specific businesses during the COVID-19 pandemic were entitled to a cash grant from their local council for each period under national restrictions. |
Business bounce back loan scheme |
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% per annum. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 26 December 2022 |
and 31 December 2023 |
Depreciation |
At 26 December 2022 |
Charge for period |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 25 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan account | 31,191 | 54,910 |
Prepayments and accrued income |
DWINEX SHEET METAL LTD (REGISTERED NUMBER: 06860368) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 47,620 | 37,674 |
Other creditors |
Accruals and deferred income |
The bank overdraft is unsecured. |
Obligations held under hire purchase and finance lease agreements are secured on the assets concerned. |
The bank loan is 100% guaranteed by the government in line with the COVID scheme rules, being charged at 0% interest in year one and 2.5% per annum thereafter. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
The bank loan is 100% guaranteed by the government in line with the COVID scheme rules, being charged at 0% interest in year one and 2.5% per annum thereafter. |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 6,347 | 7,972 |
Deferred |
tax |
£ |
Balance at 26 December 2022 |
Capital allowances in excess |
of depreciation | (1,625 | ) |
Balance at 31 December 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.25 | 1 | 1 |
11. | RELATED PARTY DISCLOSURES |
Included within debtors is an amount of £31,191 (2022: £54,910) due to the company from L D Williams, director. During the year advances of £31,191 and repayments of £54,910 were made in respect of this loan. Interest of £1,485 (2022: £2,615) was charged on this balance during the year at a rate of 5% (2022: 5%). There are no set repayment terms. |