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Company No: 06461789 (England and Wales)

DWCC LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

DWCC LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

DWCC LTD

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
DWCC LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Restated
Fixed assets
Intangible assets 3 5,728 10,989
Tangible assets 4 71,575 97,651
Investments 5 24,453 24,453
101,756 133,093
Current assets
Debtors 6 575,356 959,529
Cash at bank and in hand 139,221 446,591
714,577 1,406,120
Creditors: amounts falling due within one year 7 ( 406,826) ( 343,736)
Net current assets 307,751 1,062,384
Total assets less current liabilities 409,507 1,195,477
Creditors: amounts falling due after more than one year 8 ( 405,000) ( 585,000)
Net assets 4,507 610,477
Capital and reserves
Called-up share capital 1 1
Capital redemption reserve 1 1
Profit and loss account 4,505 610,475
Total shareholder's funds 4,507 610,477

For the financial year ending 31 January 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 financial statements of DWCC Ltd (registered number: 06461789) were approved and authorised for issue by the Director on 28 November 2024. They were signed on its behalf by:

C Hooper
Director
DWCC LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
DWCC LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

DWCC Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Vehicles 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 25 39

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 26,307 26,307
At 31 January 2024 26,307 26,307
Accumulated amortisation
At 01 February 2023 15,318 15,318
Charge for the financial year 5,261 5,261
At 31 January 2024 20,579 20,579
Net book value
At 31 January 2024 5,728 5,728
At 31 January 2023 10,989 10,989

4. Tangible assets

Leasehold improve-
ments
Vehicles Office equipment Total
£ £ £ £
Cost
At 01 February 2023 1,749 30,400 171,393 203,542
Additions 0 0 3,770 3,770
Disposals 0 0 ( 39,291) ( 39,291)
At 31 January 2024 1,749 30,400 135,872 168,021
Accumulated depreciation
At 01 February 2023 350 17,948 87,593 105,891
Charge for the financial year 350 2,490 16,739 19,579
Disposals 0 0 ( 29,024) ( 29,024)
At 31 January 2024 700 20,438 75,308 96,446
Net book value
At 31 January 2024 1,049 9,962 60,564 71,575
At 31 January 2023 1,399 12,452 83,800 97,651

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 February 2023 24,453
At 31 January 2024 24,453
Carrying value at 31 January 2024 24,453
Carrying value at 31 January 2023 24,453

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.01.2024
Ownership
31.01.2023
DWCC GmbH Hansaring 61, 50670 Köln, Germany Other professional activities Ordinary 100.00% 100.00%
DWCC PTY LTD Level 1 1 Hopetoun Street, Charlestown, NSW 2290, Australia Other professional activities Ordinary 100.00% 100.00%
DW Consulting Consortium SL Calle Balmes, 173 - P. 4 PTA. 2, Barcelona, ​​08006, Spain Other professional activities Ordinary 100.00% 100.00%
DWCC Global Inc. 2205, Boulevard De LA Cote-Vertu, #200, Saint-Laurent, Quebec, Canada, H4R 1N8 Other professional activities Ordinary 100.00% 100.00%

6. Debtors

2024 2023
£ £
Trade debtors 232,564 378,630
Amounts owed by Group undertakings 45,625 45,625
Amounts owed by director 214,533 204,547
Prepayments and accrued income 10,051 73,502
Corporation tax 0 205,861
Other debtors 72,583 51,364
575,356 959,529

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 16,894 40,083
Amounts owed to Group undertakings 10,690 10,690
Other loans 180,000 180,000
Accruals and deferred income 67,691 11,371
Taxation and social security 110,857 71,827
Obligations under finance leases and hire purchase contracts 0 13,549
Other creditors 20,694 16,216
406,826 343,736

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans (secured) 405,000 585,000

All secured liabilities are secured by fixed and floating charge over the assets of the company.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 0 110,605
between one and five years 0 175,125
0 285,730

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 5,194 8,085

10. Related party transactions

During the year the director received dividends totalling £nil (2023: £70,000).

At the year end, amounts owed by directors to the Company was £214,533 (2023: £204,547). This amount is included within amounts owed by director. Interest of £5,062 was charged at HMRC's official rate on the overdrawn balance and there are no fixed repayment terms.

During the year, transactions with companies under common control totalled £110,000 (2023: £nil). No amounts were outstanding at year end.

During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.