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Company No: 06835679 (England and Wales)

DW UTILITY SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

DW UTILITY SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

DW UTILITY SERVICES LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DW UTILITY SERVICES LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DIRECTOR D J Williams
REGISTERED OFFICE C/O Pm+M Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
United Kingdom
BB1 5QB
United Kingdom
COMPANY NUMBER 06835679 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
DW UTILITY SERVICES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
DW UTILITY SERVICES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 618,117 49,648
618,117 49,648
Current assets
Debtors 4 734,024 606,714
Cash at bank and in hand 540,922 785,523
1,274,946 1,392,237
Creditors: amounts falling due within one year 5 ( 401,731) ( 435,907)
Net current assets 873,215 956,330
Total assets less current liabilities 1,491,332 1,005,978
Creditors: amounts falling due after more than one year 6 ( 261,176) ( 63,534)
Provision for liabilities ( 94,921) ( 11,973)
Net assets 1,135,235 930,471
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 1,135,234 930,470
Total shareholder's funds 1,135,235 930,471

For the financial 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 financial statements of DW Utility Services Limited (registered number: 06835679) were approved and authorised for issue by the Director on 08 November 2024. They were signed on its behalf by:

D J Williams
Director
DW UTILITY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DW UTILITY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

DW Utility Services Limited (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 Pm+M Greenbank Technology Park, Challenge Way, Blackburn, Lancashire, United Kingdom, BB1 5QB, 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 £.

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.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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 Balance Sheet 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property 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:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 3 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 7

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 70,718 18,574 4,806 1,305 95,403
Additions 445,500 152,912 26,055 0 624,467
Disposals ( 14,400) 0 0 0 ( 14,400)
At 31 March 2024 501,818 171,486 30,861 1,305 705,470
Accumulated depreciation
At 01 April 2023 34,260 7,409 2,781 1,305 45,755
Charge for the financial year 43,613 8,672 2,340 0 54,625
Disposals ( 13,027) 0 0 0 ( 13,027)
At 31 March 2024 64,846 16,081 5,121 1,305 87,353
Net book value
At 31 March 2024 436,972 155,405 25,740 0 618,117
At 31 March 2023 36,458 11,165 2,025 0 49,648

4. Debtors

2024 2023
£ £
Trade debtors 105,313 299,098
Amounts owed by related parties 237,755 44,057
Amounts owed by director 41,106 166,099
Amounts recoverable on contracts 309,053 67,500
Prepayments 20,168 24,316
Corporation tax 14,985 0
Other debtors 5,644 5,644
734,024 606,714

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 27,264 27,273
Trade creditors 220,964 211,105
Other loans 7,851 5,623
Accruals 72,279 9,639
Corporation tax 0 101,514
Other taxation and social security 4,794 65,926
Obligations under finance leases and hire purchase contracts 68,294 14,940
Other creditors 285 ( 113)
401,731 435,907

Amounts due under hire purchase contracts and finance leases are secured on the assets to which they relate.

Bank loans totaling £27,264 (2023 - £27,273) relate to a CBILS loan which is secured partially by the government and also by a personal guarantee from the director.

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

2024 2023
£ £
Bank loans 31,827 59,091
Obligations under finance leases and hire purchase contracts 229,349 4,443
261,176 63,534

Amounts due under hire purchase contracts and finance leases are secured on the assets to which they relate.

Bank loans totaling £31,827 (2023 - £59,091) relate to a CBILS loan which is secured partially by the government and also by a personal guarantee from the director.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
90 Ordinary A shares of £ 0.01 each 0.90 0.90
10 Ordinary B shares of £ 0.01 each 0.10 0.10
1.00 1.00

8. Related party transactions

During the reporting period the company entered into transactions with the director. At the balance sheet date, an amount of £41,106 (2023-£166,099) was owed to the company by a director. The maximum amount overdrawn during the year was £83,898 and interest has been charged at the standard rate of 2.25%. The total interest charged during the year was £607 (2023- £1,362).