Registered number
03018504
I D W E LTD
Filleted Accounts
31 March 2024
I D W E LTD
Registered number: 03018504
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 243,776 183,466
Current assets
Stocks 8,915 9,510
Debtors 4 567,136 479,563
Cash at bank and in hand 560,218 548,096
1,136,269 1,037,169
Creditors: amounts falling due within one year 5 (496,558) (532,066)
Net current assets 639,711 505,103
Total assets less current liabilities 883,487 688,569
Creditors: amounts falling due after more than one year 6 (21,670) (621)
Net assets 861,817 687,948
Capital and reserves
Called up share capital 12 12
Profit and loss account 861,805 687,936
Shareholders' funds 861,817 687,948
The director is 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 director acknowledges his 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.
Ian Wilford
Director
Approved by the board on 12 June 2024
I D W E LTD
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:
Moitor vehicles 25% per annum on a reducing balance basis
Computer equipment 25% per annum on a reducing balance basis
Plant and machinery 25% per annum on a reducing balance basis
Fixtures, fittings and equipment 25% per annum on a reducing balance basis
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 21 20
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Fixtures, fittings and equipment Total
£ £ £ £ £
Cost
At 1 April 2023 12,501 12,329 296,712 49,044 370,586
Additions - - 118,520 2,892 121,412
At 31 March 2024 12,501 12,329 415,232 440,062 491,998
Depreciation
At 1 April 2023 - 10,123 136,789 40,208 187,120
Charge for the year - 552 2,932 57,618 61,102
At 31 March 2024 - 10,675 139,721 150,396 248,222
Net book value
At 31 March 2024 12,501 1,654 275,511 289,666 243,776
At 31 March 2023 12,501 2,206 159,923 174,630 183,466
4 Debtors 2024 2023
£ £
Trade debtors 492,029 434,902
Other debtors 75,107 44,661
567,136 479,563
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 31,666
Trade creditors 104,196 189,118
Taxation and social security costs 220,244 209,486
Other creditors 172,118 101,796
496,558 532,066
6 Creditors: amounts falling due after one year 2024 2023
£ £
Director's loan account - 621
Trade creditors 21,670 -
21,670 621
7 Other information
I D W E LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4 Fitzroy Business Park
Sandy Lane
Sidcup
Kent
DA14 5NL
9 Called up Share Capital
Alloted, issued and fully paid
Number Class Nominal
Value 31.03.2023 31.03.2022
10 A Ordinary 1 10 10
2 B Ordinary 1 2 2
12 12
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