Registered number
05766577
DRS PROJECTS LIMITED
Filleted Accounts
31 March 2024
DRS PROJECTS LIMITED
Registered number: 05766577
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 8,350 10,800
Current assets
Work in progress 277,316 -
Debtors 4 34,090 35,246
Cash at bank and in hand 1,285 8,082
312,691 43,328
Creditors: amounts falling due within one year 5 (237,585) (46,909)
Net current assets/(liabilities) 75,106 (3,581)
Total assets less current liabilities 83,456 7,219
Creditors: amounts falling due after more than one year 6 (110,423) (34,557)
Net liabilities (26,967) (27,338)
Capital and reserves
Called up share capital 1 1
Profit and loss account (26,968) (27,339)
Shareholder's funds (26,967) (27,338)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D R SWORD
Director
Approved by the board on 20 December 2024
DRS PROJECTS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% on book value
Plant and machinery 25% on book value
Work in progress
Work in progress is valued at the fair value of the building projects in progress at the year-end including the company's costs for managing the projects and providing the necessary finance.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 15,732 29,749 45,481
At 31 March 2024 15,732 29,749 45,481
Depreciation
At 1 April 2023 14,732 19,949 34,681
Charge for the year - 2,450 2,450
At 31 March 2024 14,732 22,399 37,131
Net book value
At 31 March 2024 1,000 7,350 8,350
At 31 March 2023 1,000 9,800 10,800
4 Debtors 2024 2023
£ £
Trade debtors 34,090 35,246
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,018 13,944
Trade creditors 9,388 3,294
Amounts owed to connected companies - 497
Taxation and social security costs (513) 779
Director's loan account 219,692 25,219
Other creditors - 3,176
237,585 46,909
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 110,423 34,557
7 Controlling party
Throughout this and the previous period the company was under the control of Mr D R Sword, a director and shareholder.
8 Other information
DRS PROJECTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is Dawes Court House, Dawes Court, High Street, Esher, KT10 9QD.
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