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Registration number: 03828146

DSSW Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

Pages for filing with Registrar

 

DSSW Investments Limited

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

DSSW Investments Limited

Company Information


 

Directors

Mrs S W Edwards

Mr D Clarke

Company secretary

Mrs S W Edwards

Registered office

Thomas House
Meadowcroft Business Park
Pope Lane
Whitestake
Lancashire
PR4 4AZ

 

DSSW Investments Limited

(Registration number: 03828146)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

636

1,649

Investment property

5

900,000

910,000

 

900,636

911,649

Current assets

 

Debtors

6

4,158

4,084

Cash at bank and in hand

 

11,607

3,715

 

15,765

7,799

Creditors: Amounts falling due within one year

7

(5,424)

(7,194)

Net current assets

 

10,341

605

Total assets less current liabilities

 

910,977

912,254

Creditors: Amounts falling due after more than one year

7

(466,054)

(442,179)

Provisions for liabilities

(58,798)

(60,698)

Net assets

 

386,125

409,377

Capital and reserves

 

Called up share capital

2

2

Retained earnings

386,123

409,375

Shareholders' funds

 

386,125

409,377

 

DSSW Investments Limited

(Registration number: 03828146)
Balance Sheet as at 29 February 2024 (continued)

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
Mr D Clarke
Director

 

DSSW Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Thomas House
Meadowcroft Business Park
Pope Lane
Whitestake
Lancashire
PR4 4AZ

The principal place of business is:
487 Marine Road East
Morecambe
Lancashire
LA4 6AF

These financial statements were authorised for issue by the Board on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis, despite the fact that distributable reserves are negative. The directors have given an undertaking to support the company. For this reason, it is considered appropriate to prepare the accounts on the going concern basis.

 

DSSW Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The company recognises government grants on the accruals model under FRS102.

Grants that compensate the company for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% Reducing balance

Office equipment

33% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate reviewed annually. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

DSSW Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

 

DSSW Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

DSSW Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 March 2023

3,840

3,398

7,238

At 29 February 2024

3,840

3,398

7,238

Depreciation

At 1 March 2023

3,410

2,179

5,589

Charge for the year

66

947

1,013

At 29 February 2024

3,476

3,126

6,602

Carrying amount

At 29 February 2024

364

272

636

At 28 February 2023

430

1,219

1,649

5

Investment properties

2024
£

At 1 March

910,000

Fair value adjustments

(10,000)

At 29 February

900,000

The directors have reviewed local property values available on the market, they deem this value to be a fair valuation and appropriate for this year.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Prepayments

795

720

Other debtors

3,363

3,364

 

4,158

4,084

 

DSSW Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Accruals and deferred income

2,061

3,831

Other creditors

3,363

3,363

5,424

7,194

Creditors: amounts falling due after more than one year

Creditors include bank loans which are secured over the properties to which they relate.

Creditors include bank loans not repayable by instalments of £121,883 (2019 £121,863) due after more than five years.

8 Company reserves

Within profit and loss reserve account totalling £386,123 there are amounts that are distributable and non-distributable to shareholders.

Amounts totalling £(85,392) (2023: £(70,240)) are distributable and amounts totalling £471,515 (2023: £479,615) are non-distributable.