Company registration number 07409349 (England and Wales)
DURWEN (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
DURWEN (UK) LIMITED
BALANCE SHEET
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2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
15,960
19,088
Current assets
Stocks
124,273
138,784
Debtors
5
320,559
201,041
Cash at bank and in hand
528,975
394,640
973,807
734,465
Creditors: amounts falling due within one year
6
(678,323)
(500,591)
Net current assets
295,484
233,874
Total assets less current liabilities
311,444
252,962
Provisions for liabilities
(362)
(1,466)
Net assets
311,082
251,496
Capital and reserves
Called up share capital
7
3
3
Capital redemption reserve
1
1
Profit and loss reserves
311,078
251,492
Total equity
311,082
251,496
DURWEN (UK) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mr AS Jackson
Director
Company registration number 07409349 (England and Wales)
DURWEN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Durwen (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, Aldridge Fields Business Park, Middlemore Lane West, Aldridge, Walsall, UK, WS9 8AE.
1.1
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the period of the lease
Plant and machinery
25% on cost
Furniture, fixtures & fittings
20% on cost
Computer equipment
33% on cost
DURWEN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is calculated using the first-in, first-out basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
DURWEN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Furniture, fixtures & fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
28,407
12,394
1,855
9,579
52,235
Additions
348
348
At 30 June 2024
28,407
12,394
1,855
9,927
52,583
Depreciation and impairment
At 1 July 2023
12,000
10,779
1,848
8,520
33,147
Depreciation charged in the year
1,895
675
7
899
3,476
At 30 June 2024
13,895
11,454
1,855
9,419
36,623
Carrying amount
At 30 June 2024
14,512
940
508
15,960
At 30 June 2023
16,407
1,615
7
1,059
19,088
DURWEN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
300,236
182,130
Other debtors
13,991
11,505
Prepayments and accrued income
6,332
7,406
320,559
201,041
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
382,554
201,488
Taxation and social security
87,301
44,176
Other creditors - owed to BMIB Limited
171,049
212,997
Accruals
37,331
41,842
Other creditors
88
88
678,323
500,591
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of 1p each
280
280
3
3
8
Other financial commitments
Total financial commitments, guarantees and contingencies which are not included in the balance sheet at 30 June 2024 amount to £117,283 (2023: £142,152). They relate exclusively to the future rental payments to which the company is committed in respect of operating leases over: the premises from which it operates £115,000 (2023: £130,000), which expires in 2032; and motor vehicles £2,283 (2023: £12,152), which expire in 2025.
Shortly after the end of the financial year he company also entered into a new three-year operating lease in respect of a motor vehicle, which was ordered before the end of the financial year, for which the total commitment is £33,516.
9
Related party disclosures
The ultimate parent company of BMIB Limited, is BMIB 2005 Holdings Limited in which one of the shareholders of the Company is also the controlling shareholder. During the financial year BMIB Limited provided a loan, repayable on demand, to the Company for working capital on which interest of £20,962 (2023: £24,559) was charged at a rate of 10% per annum. The amount owed by the Company to BMIB Limited at 30 June 2024 in respect of these transactions amounted to £181,274 (2023: £226,697) including accrued interest of £10,225 (2023: £13,700).