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Registration number: 02805935

DNH World-Wide Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Company Information

Directors

H Edwardsen

K Golds

Registered office

31 Clarke Road
Mount Farm
Bletchley
Milton Keynes
MK1 1LG

 

(Registration number: 02805935)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

836

1,426

Current assets

 

Stocks

5

361,744

353,438

Debtors

6

448,660

503,816

Cash at bank and in hand

 

276,199

371,693

 

1,086,603

1,228,947

Creditors: Amounts falling due within one year

7

(1,273,587)

(1,416,045)

Net current liabilities

 

(186,984)

(187,098)

Total assets less current liabilities

 

(186,148)

(185,672)

Provisions for liabilities

(2,790)

(8,857)

Net liabilities

 

(188,938)

(194,529)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

(189,938)

(195,529)

Shareholders' deficit

 

(188,938)

(194,529)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 February 2025 and signed on its behalf by:
 

 

(Registration number: 02805935)
Balance Sheet as at 31 December 2024

.........................................
H Edwardsen
Director

.........................................
K Golds
Director

 

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
31 Clarke Road
Mount Farm
Bletchley
Milton Keynes
MK1 1LG

These financial statements were authorised for issue by the Board on 27 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

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

Going concern

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises of the receivable for the sale of goods 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.

 

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Office Equipment

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

13,441

25,187

38,628

At 31 December 2024

13,441

25,187

38,628

Depreciation

At 1 January 2024

12,747

24,455

37,202

Charge for the year

407

183

590

At 31 December 2024

13,154

24,638

37,792

Carrying amount

At 31 December 2024

287

549

836

At 31 December 2023

694

732

1,426

5

Stocks

2024
£

2023
£

Other inventories

361,744

353,438

6

Debtors

Current

2024
£

2023
£

Trade debtors

368,162

398,055

Prepayments

24,933

27,114

Other debtors

55,565

78,647

 

448,660

503,816

7

Creditors

Creditors: amounts falling due within one year

 

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

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

13,421

3,222

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

1,193,210

1,346,612

Taxation and social security

 

59,614

64,571

Accruals and deferred income

 

6,535

1,535

Other creditors

 

807

105

 

1,273,587

1,416,045

There are fixed and floating charges held over all assets of the company in favour of Den Norske Bank.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share capital of £1 each

1,000

1,000

1,000

1,000

         

9

Related party transactions

Summary of transactions with parent

At the balance sheet date the company owed £1,193,210 (2023 - £1,346,612) to Speaker Holding AS, parent company. During the year purchases amounting to 1,337,087 (2023 - £1,065,992) were made from the parent company. These transactions took place at arms length under normal commercial trading terms and as such no interest is being charged on this balance.

10

Parent and ultimate parent undertaking

The ultimate controlling party is H Edwardson by virtue of his majority shareholding in the holding company.