Company registration number 09463141 (England and Wales)
Dry Solids Solution Ltd
Unaudited financial statements
for the year ended 29 February 2024
Pages for filing with registrar
Dry Solids Solution Ltd
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Dry Solids Solution Ltd
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 Dry Solids Solution Ltd for the year ended 29 February 2024 which comprise, the statement of financial position 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Director of Dry Solids Solution Ltd in accordance with the terms of our engagement letter dated 21 September 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Dry Solids Solution Ltd and state those matters that we have agreed to state to the Director of Dry Solids Solution Ltd in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dry Solids Solution Ltd and its Director for our work or for this report.
It is your duty to ensure that Dry Solids Solution 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 profit of Dry Solids Solution Ltd. You consider that Dry Solids Solution 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 Dry Solids Solution 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.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
20 November 2024
Dry Solids Solution Ltd
Statement of financial position
as at 29 February 2024
29 February 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
394,225
378,844
Current assets
Stocks
176,139
-
Debtors
605,580
142,619
Cash at bank and in hand
162,391
55,331
944,110
197,950
Creditors: amounts falling due within one year
(962,861)
(247,658)
Net current liabilities
(18,751)
(49,708)
Total assets less current liabilities
375,474
329,136
Creditors: amounts falling due after more than one year
(12,500)
(22,500)
Provisions for liabilities
(63,991)
(50,077)
Net assets
298,983
256,559
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
298,982
256,558
Total equity
298,983
256,559
Dry Solids Solution Ltd
Statement of financial position (continued)
as at 29 February 2024
29 February 2024
3
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 29 February 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.
The financial statements were approved and signed by the director and authorised for issue on 20 November 2024
Patrick Condon
Director
Company registration number 09463141 (England and Wales)
Dry Solids Solution Ltd
Notes to the financial statements
for the year ended 29 February 2024
4
1
Accounting policies
Company information
Dry Solids Solution Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Templeback, 10 Temple Back, Bristol, BS1 6FL.
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 are prepared in sterling, which is the functional currency of the company.
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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Property improvements
10% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance and 33.3% straight line
Motor vehicles
25% reducing balance
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Dry Solids Solution Ltd
Notes to the financial statements (continued)
for the year ended 29 February 2024
1
Accounting policies (continued)
5
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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 income statement 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.
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 income statement, 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.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Dry Solids Solution Ltd
Notes to the financial statements (continued)
for the year ended 29 February 2024
6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Total
£
Cost
At 1 March 2023
779,777
Additions
120,719
Disposals
(35,800)
At 29 February 2024
864,696
Depreciation and impairment
At 1 March 2023
400,933
Depreciation charged in the year
96,844
Eliminated in respect of disposals
(27,306)
At 29 February 2024
470,471
Carrying amount
At 29 February 2024
394,225
At 28 February 2023
378,844