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Company registration number: 10681493
DARWIN COMPOSITES LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 March 2024
DARWIN COMPOSITES LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
DARWIN COMPOSITES LTD
DIRECTORS AND OTHER INFORMATION
Director Mr T Lee
Company number 10681493
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Business address Unit 7 Rodenhurst Business Park
Rodington
Shrewsbury
Shropshire
SY4 4QU
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
DARWIN COMPOSITES LTD
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DARWIN COMPOSITES LTD
YEAR ENDED 31ST MARCH 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Darwin Composites Ltd for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Darwin Composites Ltd, as a body, in accordance with the terms of our engagement letter dated 22 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Darwin Composites Ltd and state those matters that we have agreed to state to them, 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 Darwin Composites Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Darwin Composites 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 Darwin Composites Ltd. You consider that Darwin Composites 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 Darwin Composites 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.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
8 November 2024
DARWIN COMPOSITES LTD
STATEMENT OF FINANCIAL POSITION
31ST MARCH 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 4,024 10,577
_______ _______
4,024 10,577
Current assets
Stocks 23,092 19,392
Debtors 6 9,154 11,638
Cash at bank and in hand 3,042 1,464
_______ _______
35,288 32,494
Creditors: amounts falling due
within one year 7 ( 63,253) ( 61,021)
_______ _______
Net current liabilities ( 27,965) ( 28,527)
_______ _______
Total assets less current liabilities ( 23,941) ( 17,950)
Creditors: amounts falling due
after more than one year 8 ( 29,636) ( 25,436)
Provisions for liabilities ( 765) ( 2,009)
_______ _______
Net liabilities ( 54,342) ( 45,395)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 54,343) ( 45,396)
_______ _______
Shareholder deficit ( 54,342) ( 45,395)
_______ _______
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.
Director's responsibilities:
- 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;
- The director acknowledges 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 November 2024 , and are signed on behalf of the board by:
Mr T Lee
Director
Company registration number: 10681493
DARWIN COMPOSITES LTD
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31ST MARCH 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 1 8,129 8,130
Loss for the year ( 51,525) ( 51,525)
_______ _______ _______
Total comprehensive income for the year - ( 51,525) ( 51,525)
Dividends paid and payable ( 2,000) ( 2,000)
_______ _______ _______
Total investments by and distributions to owners - ( 2,000) ( 2,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 1 ( 45,396) ( 45,395)
Loss for the year ( 8,947) ( 8,947)
_______ _______ _______
Total comprehensive income for the year - ( 8,947) ( 8,947)
_______ _______ _______
At 31 March 2024 1 ( 54,343) ( 54,342)
_______ _______ _______
DARWIN COMPOSITES LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST 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 Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
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.
Going concern
The Compnay is insolvent but at the time of signing the accounts the director is supporting the business and generating new sales and therefore feels that going concern basis is appropriate.
Turnover
Turnover is measured at the value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
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.
Stocks
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 41,430 13,785 5,000 60,215
Disposals - ( 799) - ( 799)
_______ _______ _______ _______
At 31 March 2024 41,430 12,986 5,000 59,416
_______ _______ _______ _______
Depreciation
At 1 April 2023 33,688 10,950 5,000 49,638
Charge for the year 5,110 1,426 - 6,536
Disposals - ( 782) - ( 782)
_______ _______ _______ _______
At 31 March 2024 38,798 11,594 5,000 55,392
_______ _______ _______ _______
Carrying amount
At 31 March 2024 2,632 1,392 - 4,024
_______ _______ _______ _______
At 31 March 2023 7,742 2,835 - 10,577
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors - 1,053
Other debtors 9,154 10,585
_______ _______
9,154 11,638
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 4,595 10,522
Trade creditors 5,920 14,227
Social security and other taxes 30,536 10,832
Other creditors 22,202 25,440
_______ _______
63,253 61,021
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 29,636 25,436
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr T Lee ( 18,257) ( 2,530) 2,695 ( 18,092)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr T Lee ( 6) - ( 18,251) ( 18,257)
_______ _______ _______ _______