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COMPANY REGISTRATION NUMBER: SC237206
DRS Moving & Storage Limited
Filleted Unaudited Financial Statements
29 February 2024
DRS Moving & Storage Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
DRS Moving & Storage Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
113,454
15,292
Investments
7
6,121
6,121
---------
--------
119,575
21,413
Current assets
Stocks
7,900
7,650
Debtors
8
70,758
141,119
Cash at bank and in hand
4,898
8,800
--------
---------
83,556
157,569
Creditors: amounts falling due within one year
9
267,441
251,545
---------
---------
Net current liabilities
183,885
93,976
---------
--------
Total assets less current liabilities
( 64,310)
( 72,563)
Creditors: amounts falling due after more than one year
10
93,584
34,278
---------
---------
Net liabilities
( 157,894)
( 106,841)
---------
---------
DRS Moving & Storage Limited
Statement of Financial Position (continued)
29 February 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
11
5,000
5,000
Profit and loss account
( 162,894)
( 111,841)
---------
---------
Shareholders deficit
( 157,894)
( 106,841)
---------
---------
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.
For the 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 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 were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr Scot Brown
Director
Company registration number: SC237206
DRS Moving & Storage Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB. The principal trading address is Block 5 Unit 2, Nobel Road, Wester Gourdie Industrial Estate, Dundee, DD2 4UH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 company made a loss before taxation of £51,053 (2023 - profit before taxation of £10,222). The directors consider that despite the balance sheet deficit of £157,894 (2023 - £106,841) the going concern basis is still applicable for the preparation of the financial statements as the ability of the company to continue to trade is dependant on the support of the bankers and other lenders.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair 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.
Corporation and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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% reducing balance
Motor vehicles
-
15% reducing balance
Office equipment
-
25% reducing balance
Tenants Improvements
-
25% reducing balance
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 14 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
291,244
---------
Amortisation
At 1 March 2023 and 29 February 2024
291,244
---------
Carrying amount
At 29 February 2024
---------
At 28 February 2023
---------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Tenants Improvements
Total
£
£
£
£
£
Cost
At 1 March 2023
32,667
100
12,212
1,030
46,009
Additions
1,500
164,785
166,285
--------
---------
--------
-------
---------
At 29 February 2024
34,167
164,885
12,212
1,030
212,294
--------
---------
--------
-------
---------
Depreciation
At 1 March 2023
18,053
25
12,044
595
30,717
Charge for the year
4,028
63,908
42
145
68,123
--------
---------
--------
-------
---------
At 29 February 2024
22,081
63,933
12,086
740
98,840
--------
---------
--------
-------
---------
Carrying amount
At 29 February 2024
12,086
100,952
126
290
113,454
--------
---------
--------
-------
---------
At 28 February 2023
14,614
75
168
435
15,292
--------
---------
--------
-------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 March 2023 and 29 February 2024
6,121
-------
Impairment
At 1 March 2023 and 29 February 2024
-------
Carrying amount
At 29 February 2024
6,121
-------
At 28 February 2023
6,121
-------
The company owns 3,000 (2023 - 3,000) shares in Britannia Movers International PLC.
8. Debtors
2024
2023
£
£
Trade debtors
14,971
80,495
Other debtors
55,787
60,624
--------
---------
70,758
141,119
--------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,000
9,130
Trade creditors
50,497
35,964
Corporation tax
789
789
Social security and other taxes
84,005
91,995
Other creditors
126,150
113,667
---------
---------
267,441
251,545
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
28,722
34,278
Other creditors
64,862
--------
--------
93,584
34,278
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £4,722 (2023: £10,278) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.10 each
50,000
5,000
50,000
5,000
--------
-------
--------
-------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
21,453
Later than 1 year and not later than 5 years
56,323
----
--------
77,776
----
--------
13. Transactions with directors
The company was under the control of Mr J. Brown and Mr S. Brown throughout the current and previous year.. During the year the company traded with M&S Tayside Ltd, a company in which the director Mr S. Brown, is a shareholder and director. At the year end the company was due to pay the directors £26,840 (2023 - directors were due to pay the company £3,171). This amount is interest-free and repayable on demand.