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REGISTERED NUMBER: 05050669 (England and Wales)















DIESEQUIP LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






DIESEQUIP LTD (REGISTERED NUMBER: 05050669)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


DIESEQUIP LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: N D Chapman





SECRETARY: Mrs K M Chapman





REGISTERED OFFICE: Springside Farm
Highbridge Road
Alvingham
Louth
Lincolnshire
LN11 0QF





REGISTERED NUMBER: 05050669 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS

DIESEQUIP LTD (REGISTERED NUMBER: 05050669)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 471,114 369,797

CURRENT ASSETS
Stocks 5 56,888 25,906
Debtors 6 530,814 392,338
Cash at bank 69,505 151,578
657,207 569,822
CREDITORS
Amounts falling due within one year 7 263,264 262,371
NET CURRENT ASSETS 393,943 307,451
TOTAL ASSETS LESS CURRENT LIABILITIES 865,057 677,248

CREDITORS
Amounts falling due after more than one year 8 (150,972 ) (157,479 )

PROVISIONS FOR LIABILITIES (53,859 ) (25,680 )
NET ASSETS 660,226 494,089

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 660,224 494,087
SHAREHOLDERS' FUNDS 660,226 494,089

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 19 December 2024 and were signed by:




N D Chapman - Director


DIESEQUIP LTD (REGISTERED NUMBER: 05050669)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Diesequip Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Improvements to property - 25% on reducing balance
Plant and machinery - 15% on reducing balance
Office equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


DIESEQUIP LTD (REGISTERED NUMBER: 05050669)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2023 167,274 186,085 154,069
Additions - 39,148 47,374
At 31 March 2024 167,274 225,233 201,443
DEPRECIATION
At 1 April 2023 - 90,927 91,089
Charge for year - 24,218 13,357
At 31 March 2024 - 115,145 104,446
NET BOOK VALUE
At 31 March 2024 167,274 110,088 96,997
At 31 March 2023 167,274 95,158 62,980

Office Motor
equipment vehicles Totals
£    £    £   
COST
At 1 April 2023 6,083 100,124 613,635
Additions - 80,438 166,960
At 31 March 2024 6,083 180,562 780,595
DEPRECIATION
At 1 April 2023 5,157 56,665 243,838
Charge for year 217 27,851 65,643
At 31 March 2024 5,374 84,516 309,481
NET BOOK VALUE
At 31 March 2024 709 96,046 471,114
At 31 March 2023 926 43,459 369,797

DIESEQUIP LTD (REGISTERED NUMBER: 05050669)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £ 71,447 (2023 - £ 24,002 ) in respect of assets held under hire purchase contracts.

5. STOCKS
2024 2023
£    £   
Work-in-progress 56,888 25,906

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 424,845 311,519
Other debtors 105,969 80,819
530,814 392,338

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 16,512 5,426
Trade creditors 26,678 36,933
Taxation and social security 143,290 169,715
Other creditors 76,784 50,297
263,264 262,371

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 42,972 10,853
Other creditors 108,000 146,626
150,972 157,479

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
N D Chapman
Balance outstanding at start of year 77,775 80,403
Amounts advanced 136,253 99,252
Amounts repaid (112,280 ) (101,880 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 101,748 77,775

DIESEQUIP LTD (REGISTERED NUMBER: 05050669)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued

The directors loan account is unsecured and repayable on demand. Interest has been charged at the Inland Revenues official rate of interest.

11. RELATED PARTY DISCLOSURES

Remuneration paid to the directors during the year was £9,099 (2023 - £9,099).