8 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 1831993 2023-04-01 2024-03-31 1831993 2024-03-31 1831993 2023-03-31 1831993 2022-04-01 2023-03-31 1831993 2023-03-31 1831993 2022-03-31 1831993 bus:Director1 2023-04-01 2024-03-31 1831993 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 1831993 core:PlantMachinery 2023-03-31 1831993 core:FurnitureFittingsToolsEquipment 2023-03-31 1831993 core:MotorVehicles 2023-03-31 1831993 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 1831993 core:PlantMachinery 2024-03-31 1831993 core:FurnitureFittingsToolsEquipment 2024-03-31 1831993 core:MotorVehicles 2024-03-31 1831993 core:WithinOneYear 2024-03-31 1831993 core:WithinOneYear 2023-03-31 1831993 core:UKTax 2023-04-01 2024-03-31 1831993 core:UKTax 2022-04-01 2023-03-31 1831993 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 1831993 core:PlantMachinery 2023-04-01 2024-03-31 1831993 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 1831993 core:MotorVehicles 2023-04-01 2024-03-31 1831993 core:ShareCapital 2024-03-31 1831993 core:ShareCapital 2023-03-31 1831993 core:RetainedEarningsAccumulatedLosses 2024-03-31 1831993 core:RetainedEarningsAccumulatedLosses 2023-03-31 1831993 core:DeferredTaxation 2023-04-01 2024-03-31 1831993 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 1831993 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 1831993 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 1831993 core:PlantMachinery 2023-03-31 1831993 core:FurnitureFittingsToolsEquipment 2023-03-31 1831993 core:MotorVehicles 2023-03-31 1831993 core:DeferredTaxation 2023-03-31 1831993 core:DeferredTaxation 2024-03-31 1831993 bus:SmallEntities 2023-04-01 2024-03-31 1831993 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 1831993 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 1831993 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 1831993 bus:FullAccounts 2023-04-01 2024-03-31
Company registration number: 1831993
D W Russell Limited
Unaudited filleted financial statements
31 March 2024
D W Russell Limited
Contents
Statement of financial position
Notes to the financial statements
D W Russell Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 7 100,760 106,990
_______ _______
100,760 106,990
Current assets
Stocks 8 508,619 868,329
Debtors 9 747,261 605,422
Cash at bank and in hand 7,569 17,715
_______ _______
1,263,449 1,491,466
Creditors: amounts falling due
within one year 10 ( 585,537) ( 729,686)
_______ _______
Net current assets 677,912 761,780
_______ _______
Total assets less current liabilities 778,672 868,770
Provisions for liabilities 11 ( 9,149) ( 10,342)
_______ _______
Net assets 769,523 858,428
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 769,423 858,328
_______ _______
Shareholders funds 769,523 858,428
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 November 2024 , and are signed on behalf of the board by:
D P Russell W R Payne
Director Director
Company registration number: 1831993
D W Russell Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 134 High Street, Hythe, Kent, CT21 5LB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 400,000 102,000
_______ _______
6. Tax on loss/profit
Major components of tax income/expense
2024 2023
£ £
Current tax:
UK current tax income/expense ( 17,243) 60,041
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 1,193) 1,283
_______ _______
Tax on loss/profit ( 18,436) 61,324
_______ _______
Reconciliation of tax income/expense
The tax assessed on the loss/profit for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 19.00 % (2023: 19.00%).
2024 2023
£ £
(Loss)/profit before taxation ( 107,341) 321,718
_______ _______
(Loss)/profit multiplied by rate of tax ( 20,395) 61,126
Effect of expenses not deductible for tax purposes 408 69
Effect of capital allowances and depreciation 1,551 62
_______ _______
Tax on loss/profit ( 18,436) 61,257
_______ _______
7. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 70,572 20,760 22,385 192,081 305,798
Additions - 680 1,852 11,700 14,232
Disposals - - ( 1,332) ( 4,640) ( 5,972)
_______ _______ _______ _______ _______
At 31 March 2024 70,572 21,440 22,905 199,141 314,058
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 25,669 12,290 17,225 143,625 198,809
Charge for the year 675 2,287 1,724 14,833 19,519
Disposals - - ( 1,216) ( 3,814) ( 5,030)
_______ _______ _______ _______ _______
At 31 March 2024 26,344 14,577 17,733 154,644 213,298
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 44,228 6,863 5,172 44,497 100,760
_______ _______ _______ _______ _______
At 31 March 2023 44,903 8,470 5,160 48,456 106,989
_______ _______ _______ _______ _______
8. Stocks
2024 2023
£ £
Raw materials 228,102 348,120
Work in progress 280,517 520,209
_______ _______
508,619 868,329
_______ _______
9. Debtors
2024 2023
£ £
Trade debtors 698,412 582,587
Other debtors 48,849 22,835
_______ _______
747,261 605,422
_______ _______
10. Creditors: amounts falling due within one year
2024 2023
£ £
Bank overdrafts and loans 200,000 200,000
Trade creditors 257,549 228,353
Corporation tax - 60,041
Social security and other taxes 54,497 28,084
Other creditors 73,491 213,208
_______ _______
585,537 729,686
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 April 2023 10,342 10,342
Charges against provisions ( 1,193) ( 1,193)
_______ _______
At 31 March 2024 9,149 9,149
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 11) 9,149 10,342
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 9,149 10,342
_______ _______