Registered number
03197543
D. P. FORWARDING (SOUTH WALES) LIMITED
Report and Accounts
31 May 2024
R. A URE & CO.
D. P. FORWARDING (SOUTH WALES) LIMITED
Report and accounts
Contents
Page
Director's report 1
Accountants' report 2
Profit and loss account 3
Balance sheet 4
Notes to the accounts 5
D. P. FORWARDING (SOUTH WALES) LIMITED
Registered number: 03197543
Director's Report
The director presents his report and accounts for the year ended 31 May 2024.
Principal activities
The company's principal activity during the year continued to be that of shipping agents.
Directors
The following persons served as directors during the year:
D. Patterson
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 25 February 2025 and signed on its behalf.
D. PATTERSON
Director
D. P. FORWARDING (SOUTH WALES) LIMITED
Accountants' Report
Accountants' report to the director of
D. P. FORWARDING (SOUTH WALES) LIMITED
You consider that the company is exempt from an audit for the year ended 31 May 2024. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
R. A. URE & CO.
Accountants
6, QUEEN VICTORIA ROAD
LLANELLI
SOUTH WALES
SA15 2TL
25 February 2025
D. P. FORWARDING (SOUTH WALES) LIMITED
Profit and Loss Account
for the year ended 31 May 2024
2024 2023
£ £
Turnover 161,912 218,184
Cost of sales (122,864) (174,717)
Gross profit 39,048 43,467
Administrative expenses (10,368) (14,232)
Operating profit 28,680 29,235
Profit on ordinary activities before taxation 28,680 29,235
Tax on profit on ordinary activities (5,469) (5,974)
Profit for the financial year 23,211 23,261
D. P. FORWARDING (SOUTH WALES) LIMITED
Registered number: 03197543
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 539 674
Current assets
Debtors 4 8,232 10,323
Cash at bank and in hand 32,498 28,509
40,730 38,832
Creditors: amounts falling due within one year 5 (1,370) (2,818)
Net current assets 39,360 36,014
Net assets 39,899 36,688
Capital and reserves
Called up share capital 2 2
Profit and loss account 39,897 36,686
Shareholder's funds 39,899 36,688
The director is 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 director acknowledges his 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. PATTERSON
Director
Approved by the board on 25 February 2025
D. P. FORWARDING (SOUTH WALES) LIMITED
Notes to the Accounts
for the year ended 31 May 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:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 1,857
At 31 May 2024 1,857
Depreciation
At 1 June 2023 1,183
Charge for the year 135
At 31 May 2024 1,318
Net book value
At 31 May 2024 539
At 31 May 2023 674
4 Debtors 2024 2023
£ £
Deferred tax asset 102 4,523
Other debtors 8,130 5,800
8,232 10,323
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 1,048 -
Other taxes and social security costs (359) 920
Other creditors 681 1,898
1,370 2,818
6 Contingent liabilities
There were no contingent liabilities at the year end.
7 Related party transactions
Apart from transactions with the director, there were no material related party transactions.
8 Controlling party
Ultimate control is held by D. Patterson
9 Other information
D. P. FORWARDING (SOUTH WALES) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
38, ROGER BECK WAY
SKETTY
SWANSEA
SA2 OJF
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