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Company No: 10210701 (England and Wales)

DP AUTOWORKS LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

DP AUTOWORKS LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

DP AUTOWORKS LIMITED

BALANCE SHEET

As at 31 July 2024
DP AUTOWORKS LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 276 298
Tangible assets 4 49,401 60,182
49,677 60,480
Current assets
Stocks 26,884 19,882
Debtors 5 5,393 7,318
Cash at bank and in hand 122,193 78,113
154,470 105,313
Creditors: amounts falling due within one year 6 ( 61,854) ( 56,116)
Net current assets 92,616 49,197
Total assets less current liabilities 142,293 109,677
Creditors: amounts falling due after more than one year 7 ( 3,333) ( 7,333)
Provision for liabilities ( 10,343) ( 11,961)
Net assets 128,617 90,383
Capital and reserves
Called-up share capital 8 117 117
Other reserves 14,983 14,983
Profit and loss account 113,517 75,283
Total shareholder's funds 128,617 90,383

For the financial year ending 31 July 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 financial statements of DP Autoworks Limited (registered number: 10210701) were approved and authorised for issue by the Director on 24 March 2025. They were signed on its behalf by:

Mr D Pugsley
Director
DP AUTOWORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
DP AUTOWORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

DP Autoworks Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 7 Brunel Way, Minehead, TA24 5BY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 4

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 August 2023 430 430
At 31 July 2024 430 430
Accumulated amortisation
At 01 August 2023 132 132
Charge for the financial year 22 22
At 31 July 2024 154 154
Net book value
At 31 July 2024 276 276
At 31 July 2023 298 298

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 August 2023 21,365 66,289 28,445 7,764 123,863
Additions 386 5,675 830 2,709 9,600
Disposals ( 1,386) ( 3,547) ( 6,400) ( 979) ( 12,312)
At 31 July 2024 20,365 68,417 22,875 9,494 121,151
Accumulated depreciation
At 01 August 2023 18,860 28,095 12,887 3,839 63,681
Charge for the financial year 1,124 8,493 2,198 1,219 13,034
Disposals ( 1,385) ( 2,140) ( 1,000) ( 440) ( 4,965)
At 31 July 2024 18,599 34,448 14,085 4,618 71,750
Net book value
At 31 July 2024 1,766 33,969 8,790 4,876 49,401
At 31 July 2023 2,505 38,194 15,558 3,925 60,182

5. Debtors

2024 2023
£ £
Trade debtors 2,794 3,512
Amounts owed by director 441 1,578
Prepayments 2,158 2,228
5,393 7,318

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,000 4,000
Trade creditors 22,280 18,699
Accruals 3,400 2,286
Corporation tax 21,688 18,537
Other taxation and social security 9,765 12,148
Other creditors 721 446
61,854 56,116

HP and finance lease liabilities are secured against the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 3,333 7,333

HP and finance lease liabilities are secured against the assets to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
117 Ordinary shares of £ 1.00 each 117 117

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 100,000 4,000

10. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Director 441 1,578

Advances

During the year ended 31 July 2024, the director was advanced £1,768. Repayments of £2,905 were made during the year. The loan was interest free and repayable on demand.