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Registration number: SC505852

Dorward Associates Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Dorward Associates Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Dorward Associates Ltd

(Registration number: SC505852)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,709

1,461

Current assets

 

Debtors

5

6,742

-

Cash at bank and in hand

 

75,882

92,329

 

82,624

92,329

Creditors: Amounts falling due within one year

6

(5,553)

(9,976)

Net current assets

 

77,071

82,353

Net assets

 

78,780

83,814

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

78,770

83,804

Shareholders' funds

 

78,780

83,814

For the financial year ending 31 May 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 members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 24 January 2025
 

.........................................
Mr David Dorward
Director

 

Dorward Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
48 Torridon Road
Broughty Ferry
Dundee
DD5 3JH
Scotland

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statments are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Dorward Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Asset class

Depreciation method and rate

Office Equipment

20% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, 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.
 

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 2 (2023 - 2).

 

Dorward Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

2,169

2,169

Additions

569

569

At 31 May 2024

2,738

2,738

Depreciation

At 1 June 2023

708

708

Charge for the year

321

321

At 31 May 2024

1,029

1,029

Carrying amount

At 31 May 2024

1,709

1,709

At 31 May 2023

1,461

1,461

5

Debtors

Current

2024
£

2023
£

Trade debtors

6,742

-

 

6,742

-

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

2,508

3,889

Accruals and deferred income

1,847

913

Other creditors

1,198

5,174

5,553

9,976

 

Dorward Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

9

9

9

9

Ordinary B of £1 each

1

1

1

1

10

10

10

10

8

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £111.11 (2023 - £222.22) per each Ordinary A

1,000

2,000

Final dividend of £12,000.00 (2023 - £2,000.00) per each Ordinary B

12,000

2,000

13,000

4,000