26 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07786478 2023-10-01 2024-09-30 07786478 2024-09-30 07786478 2023-09-30 07786478 2022-10-01 2023-09-30 07786478 2023-09-30 07786478 2022-09-30 07786478 core:LandBuildings core:LongLeaseholdAssets 2023-10-01 2024-09-30 07786478 core:PlantMachinery 2023-10-01 2024-09-30 07786478 core:FurnitureFittings 2023-10-01 2024-09-30 07786478 bus:Director4 2023-10-01 2024-09-30 07786478 core:WithinOneYear 2024-09-30 07786478 core:WithinOneYear 2023-09-30 07786478 core:LandBuildings core:LongLeaseholdAssets 2023-09-30 07786478 core:PlantMachinery 2023-09-30 07786478 core:FurnitureFittings 2023-09-30 07786478 core:MotorVehicles 2023-09-30 07786478 core:LandBuildings core:LongLeaseholdAssets 2024-09-30 07786478 core:PlantMachinery 2024-09-30 07786478 core:FurnitureFittings 2024-09-30 07786478 core:MotorVehicles 2024-09-30 07786478 core:MotorVehicles 2023-10-01 2024-09-30 07786478 core:AfterOneYear 2024-09-30 07786478 core:AfterOneYear 2023-09-30 07786478 core:ShareCapital 2024-09-30 07786478 core:ShareCapital 2023-09-30 07786478 core:SharePremium 2024-09-30 07786478 core:SharePremium 2023-09-30 07786478 core:RetainedEarningsAccumulatedLosses 2024-09-30 07786478 core:RetainedEarningsAccumulatedLosses 2023-09-30 07786478 core:LandBuildings core:LongLeaseholdAssets 2023-09-30 07786478 core:PlantMachinery 2023-09-30 07786478 core:FurnitureFittings 2023-09-30 07786478 bus:SmallEntities 2023-10-01 2024-09-30 07786478 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 07786478 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 07786478 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 07786478 bus:FullAccounts 2023-10-01 2024-09-30 07786478 core:ComputerEquipment 2023-10-01 2024-09-30 07786478 core:ComputerEquipment 2023-09-30 07786478 core:ComputerEquipment 2024-09-30 07786478 core:AfterOneYear 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: 07786478
DG TIMBER SOLUTIONS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2024
DG TIMBER SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
163,916
139,480
CURRENT ASSETS
Stock and work in progress
196,128
271,457
Debtors
6
697,486
846,522
Cash at bank and in hand
566,874
504,344
------------
------------
1,460,488
1,622,323
CREDITORS: amounts falling due within one year
7
822,251
1,099,050
------------
------------
NET CURRENT ASSETS
638,237
523,273
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
802,153
662,753
CREDITORS: amounts falling due after more than one year
8
59,086
127,504
PROVISIONS
43,708
37,580
---------
---------
NET ASSETS
699,359
497,669
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
3
3
Share premium account
49,999
49,999
Profit and loss account
649,357
447,667
---------
---------
SHAREHOLDERS FUNDS
699,359
497,669
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DG TIMBER SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 7 May 2025 , and are signed on behalf of the board by:
Mrs R Omoloso
Director
Company registration number: 07786478
DG TIMBER SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Hill Farm Estate, Irthlingborough Road, Little Addington, Kettering, Northamptonshire, NN14 4AS.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Judgements and key sources of estimation uncertainty 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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Stock and work in progress Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office building - 10% straight line
Plant and machinery - 25% straight line
Office equipment - 25% straight line
Motor vehicles - 25%/33% straight line
Computer equipment - 25% straight line
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 26 (2023: 23 ).
5. TANGIBLE ASSETS
Office building
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Oct 2023
27,955
271,015
23,780
1,700
10,893
335,343
Additions
53,805
8,636
27,695
2,017
92,153
--------
---------
--------
--------
--------
---------
At 30 Sep 2024
27,955
324,820
32,416
29,395
12,910
427,496
--------
---------
--------
--------
--------
---------
Depreciation
At 1 Oct 2023
15,626
150,355
17,290
1,700
10,892
195,863
Charge for the year
3,023
55,020
3,107
6,347
220
67,717
--------
---------
--------
--------
--------
---------
At 30 Sep 2024
18,649
205,375
20,397
8,047
11,112
263,580
--------
---------
--------
--------
--------
---------
Carrying amount
At 30 Sep 2024
9,306
119,445
12,019
21,348
1,798
163,916
--------
---------
--------
--------
--------
---------
At 30 Sep 2023
12,329
120,660
6,490
1
139,480
--------
---------
--------
--------
--------
---------
6. DEBTORS
2024
2023
£
£
Trade debtors
542,900
548,979
Other debtors
154,586
297,543
---------
---------
697,486
846,522
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
50,000
50,000
Trade creditors
522,774
660,776
Accruals and deferred income
112,896
167,883
Corporation tax
61,283
54,188
Social security and other taxes
44,042
17,389
Obligations under finance leases and hire purchase contracts
9,356
9,356
Other creditors - credit card
1,033
4,560
Other creditors
20,867
134,898
---------
------------
822,251
1,099,050
---------
------------
The bank loan is secured by a legal charge over the company's assets. Hire purchase creditors are secured against the assets they relate to.
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
41,933
91,473
Obligations under finance leases and hire purchase contracts
17,153
36,031
--------
---------
59,086
127,504
--------
---------
The bank loan is secured by a legal charge over the company's assets. Hire purchase creditors are secured against the assets they relate to.
9. CAPITAL COMMITMENTS
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2024
2023
£
£
Tangible assets
20,650
--------
----
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
33,498
----
--------
11. RELATED PARTY TRANSACTIONS
As at the 30 September 2024 the directors were owed £20,867 by the company (2023 - £134,898). The loans are interest free and unsecured.