12
2 December 2024
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false
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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2024 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
08675176
2023-04-01
2024-03-31
08675176
2024-03-31
08675176
2023-03-31
08675176
2022-04-01
2023-03-31
08675176
2023-03-31
08675176
2022-03-31
08675176
core:LandBuildings
2023-04-01
2024-03-31
08675176
core:PlantMachinery
2023-04-01
2024-03-31
08675176
core:FurnitureFittings
2023-04-01
2024-03-31
08675176
core:MotorVehicles
2023-04-01
2024-03-31
08675176
bus:RegisteredOffice
2023-04-01
2024-03-31
08675176
bus:OrdinaryShareClass1
2023-04-01
2024-03-31
08675176
bus:OrdinaryShareClass2
2023-04-01
2024-03-31
08675176
bus:OrdinaryShareClass3
2023-04-01
2024-03-31
08675176
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
08675176
bus:Director1
2023-04-01
2024-03-31
08675176
bus:Director2
2023-04-01
2024-03-31
08675176
bus:Director3
2023-04-01
2024-03-31
08675176
core:PlantMachinery
2023-03-31
08675176
core:FurnitureFittings
2023-03-31
08675176
core:LandBuildings
2024-03-31
08675176
core:PlantMachinery
2024-03-31
08675176
core:FurnitureFittings
2024-03-31
08675176
core:WithinOneYear
2024-03-31
08675176
core:WithinOneYear
2023-03-31
08675176
core:ShareCapital
2024-03-31
08675176
core:ShareCapital
2023-03-31
08675176
core:RetainedEarningsAccumulatedLosses
2024-03-31
08675176
core:RetainedEarningsAccumulatedLosses
2023-03-31
08675176
core:PlantMachinery
2023-03-31
08675176
core:FurnitureFittings
2023-03-31
08675176
bus:SmallEntities
2023-04-01
2024-03-31
08675176
bus:Audited
2023-04-01
2024-03-31
08675176
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
08675176
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
08675176
bus:FullAccounts
2023-04-01
2024-03-31
08675176
bus:OrdinaryShareClass1
2024-03-31
08675176
bus:OrdinaryShareClass1
2023-03-31
08675176
bus:OrdinaryShareClass2
2024-03-31
08675176
bus:OrdinaryShareClass2
2023-03-31
08675176
bus:OrdinaryShareClass3
2024-03-31
08675176
bus:OrdinaryShareClass3
2023-03-31
08675176
bus:AllOrdinaryShares
2024-03-31
08675176
bus:AllOrdinaryShares
2023-03-31
COMPANY REGISTRATION NUMBER:
08675176
Filleted Financial Statements |
|
Year ended 31 March 2024
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Mr S Pridmore |
|
Mr DJ Kieft |
|
Mr SM Phillips (Resigned 28th March 2024) |
|
|
Registered office |
Phoenix House |
|
Llys Felin Newydd |
|
Swansea |
|
SA7 9FG |
|
|
Auditor |
James & Uzzell Ltd |
|
Chartered Certified Accountants & Statutory Auditor |
|
Axis 15, Axis Court |
|
Mallard Way |
|
Riverside Business Park |
|
Swansea |
|
SA7 0AJ |
|
|
Statement of Financial Position |
|
31 March 2024
FIXED ASSETS
Tangible assets |
5 |
9,809 |
9,454 |
|
|
|
|
CURRENT ASSETS
Stocks |
6 |
17,425 |
46,447 |
Debtors |
7 |
231,756 |
197,179 |
Cash at bank and in hand |
841 |
141 |
|
--------- |
--------- |
|
250,022 |
243,767 |
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
287,101 |
250,008 |
|
--------- |
--------- |
NET CURRENT LIABILITIES |
37,079 |
6,241 |
|
-------- |
------ |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(
27,270) |
3,213 |
|
-------- |
------ |
NET (LIABILITIES)/ASSETS |
(
27,270) |
3,213 |
|
-------- |
------ |
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
9 |
102 |
102 |
Profit and loss account |
(
27,372) |
3,111 |
|
-------- |
------ |
SHAREHOLDERS (DEFICIT)/FUNDS |
(
27,270) |
3,213 |
|
-------- |
------ |
|
|
|
|
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 income statement has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
2 December 2024
, and are signed on behalf of the board by:
Mr DJ Kieft
Director
Company registration number:
08675176
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
GENERAL INFORMATION
DRS FM Services Limited
is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
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 a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 March 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The company meets its day-to-day working capital requirements through its bank facilities. After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has made losses in the current year. The company is able to receive support from the companies within the group. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Stock and work in progress
The company conducts building service electrical works and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and work in progress and the associated provision required. When calculating the stock provision and work in progress, management considers the nature and condition of the stock and work in progress, as well as applying assumptions around anticipated saleability.
Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes.
Going concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Accounting for construction contracts
Recognition of turnover and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to costs and value of work performed to date and to be performed in bringing contracts to completion, including satisfaction of maintenance responsibilities. These estimates are made by reference to recovery of pre-contract costs, surveys of progress against the construction programme, changes in work scope, the contractual terms under which the work is being performed including the recoverability of any unagreed income from variations on the likely outcome of discussions on claims, costs incurred and external certification of the work performed. The company has the appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorization.
Research & development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Research & development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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. The policies adopted for the recognition of turnover are as follows: Rendering of services When the outcome of a transaction can be estimated reliably, turnover from electrical and mechanical installation and maintenance together with building fabric installation and maintenance is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to uncertified applications and afterdate sales. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Construction contracts When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to uncertified applications. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. Interest receivable Interest income is recognised using the effective interest method.
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.
Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Property Investment - 15% straight line
|
Property Improvement |
- |
15% straight line |
|
Plant and machinery |
- |
25% straight line |
|
Fixtures and fittings |
- |
25% straight line |
|
Motor vehicles |
- |
25% straight line |
|
|
|
|
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stock and work in progress
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. Work in progress on long term contracts is valued at selling price in line with FRS102 and is included as accrued income in debtors. All other work in progress is 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 work in progress to its present location and condition.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
12
(2023:
12
).
5.
TANGIBLE ASSETS
|
Property Improvement |
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 April 2023 |
– |
27,175 |
2,734 |
29,909 |
Additions |
3,859 |
– |
154 |
4,013 |
|
------ |
-------- |
------ |
-------- |
At 31 March 2024 |
3,859 |
27,175 |
2,888 |
33,922 |
|
------ |
-------- |
------ |
-------- |
Depreciation |
|
|
|
|
At 1 April 2023 |
– |
18,961 |
1,494 |
20,455 |
Charge for the year |
241 |
3,043 |
374 |
3,658 |
|
------ |
-------- |
------ |
-------- |
At 31 March 2024 |
241 |
22,004 |
1,868 |
24,113 |
|
------ |
-------- |
------ |
-------- |
Carrying amount |
|
|
|
|
At 31 March 2024 |
3,618 |
5,171 |
1,020 |
9,809 |
|
------ |
-------- |
------ |
-------- |
At 31 March 2023 |
– |
8,214 |
1,240 |
9,454 |
|
------ |
-------- |
------ |
-------- |
|
|
|
|
|
6.
STOCKS
|
2024 |
2023 |
|
£ |
£ |
Raw materials and consumables |
1,365 |
21,435 |
Work in progress |
16,060 |
25,012 |
|
-------- |
-------- |
|
17,425 |
46,447 |
|
-------- |
-------- |
|
|
|
7.
DEBTORS
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
145,627 |
151,832 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
44,136 |
– |
Other debtors |
41,993 |
45,347 |
|
--------- |
--------- |
|
231,756 |
197,179 |
|
--------- |
--------- |
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
103,435 |
25,321 |
Trade creditors |
73,073 |
70,624 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
22,848 |
76,792 |
Social security and other taxes |
38,183 |
19,484 |
Other creditors |
49,562 |
57,787 |
|
--------- |
--------- |
|
287,101 |
250,008 |
|
--------- |
--------- |
|
|
|
Aggregate secured liabilities amount to £103,435. (2023: £25,321).
9.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
A Ordinary shares of £ 1 each |
34 |
34 |
34 |
34 |
B Ordinary shares of £ 1 each |
34 |
34 |
34 |
34 |
C Ordinary shares of £ 1 each |
34 |
34 |
34 |
34 |
|
---- |
---- |
---- |
---- |
|
102 |
102 |
102 |
102 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
10.
OTHER FINANCIAL COMMITMENTS
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £39,402 (2023: £59,102).
11.
CONTINGENCIES
The company is party to a group cross guarantee in respect of the groups bank borrowings. At the year end the bank borrowings of
DRS FM Services Limited
covered by the cross guarantee amounted to £24,767 (2023: £35,392).
12.
SUMMARY AUDIT OPINION
The auditor's report dated
2 December 2024
was
unqualified
.
The senior statutory auditor was
ALISON JAYNE UZZELL FCCA
, for and on behalf of
James & Uzzell Ltd
.
13.
RELATED PARTY TRANSACTIONS
Amounts owed (to)/from Entities with control, joint control or significant influence
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Amounts owed (to)/from Key Management Personnel |
(34,966) |
(34,966) |
|
Amounts owed (to) Other Related Parties |
(22,847) |
(76,791) |
|
amounts owed from other related parties |
44,135 |
|
|
Purchases from other related parties |
13,180 |
25,227 |
|
Sales to other related parties |
342,028 |
223,196 |
|
|
|
|
No interest has been incurred in relation to these balances.
14.
PARENT UNDERTAKINGS
The ultimate parent company is Raven Delta Limited, a company registered in Great Britain. The registered office of Raven Delta Limited is Phoenix House Llys Felin Newydd, Swansea Enterprise Park, Swansea, West Glamorgan, SA7 9FG.
The accounts for the company are also included in the group accounts of the parent named above and these accounts can be obtained from the registered office.