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COMPANY REGISTRATION NUMBER: 04064515
DWM Technical Solutions Limited
Filleted Unaudited Financial Statements
30 September 2024
DWM Technical Solutions Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
470,067
436,584
Current assets
Stocks
245,352
263,654
Debtors
6
481,412
464,803
Cash at bank and in hand
198,435
870
---------
---------
925,199
729,327
Creditors: amounts falling due within one year
7
900,858
715,859
---------
---------
Net current assets
24,341
13,468
---------
---------
Total assets less current liabilities
494,408
450,052
Creditors: amounts falling due after more than one year
8
316,966
376,379
Provisions
Taxation including deferred tax
97,300
66,336
---------
---------
Net assets
80,142
7,337
---------
---------
DWM Technical Solutions Limited
Statement of Financial Position (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
150
140
Profit and loss account
79,992
7,197
--------
-------
Shareholders funds
80,142
7,337
--------
-------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 May 2025 , and are signed on behalf of the board by:
Mr R J Munday
Director
Company registration number: 04064515
DWM Technical Solutions Limited
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 40 Kimbolton Road, Bedford, MK40 2NR.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Deferred taxation
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Leasehold property
-
10% straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 35 (2023: 36 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
37,185
74,263
610,694
91,828
813,970
Additions
9,464
205,606
584
215,654
Disposals
( 157,237)
( 157,237)
--------
--------
---------
--------
---------
At 30 September 2024
37,185
83,727
659,063
92,412
872,387
--------
--------
---------
--------
---------
Depreciation
At 1 October 2023
18,189
53,842
230,073
75,282
377,386
Charge for the year
2,472
5,897
96,086
4,287
108,742
Disposals
( 83,808)
( 83,808)
--------
--------
---------
--------
---------
At 30 September 2024
20,661
59,739
242,351
79,569
402,320
--------
--------
---------
--------
---------
Carrying amount
At 30 September 2024
16,524
23,988
416,712
12,843
470,067
--------
--------
---------
--------
---------
At 30 September 2023
18,996
20,421
380,621
16,546
436,584
--------
--------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
473,501
427,562
Other debtors
7,911
37,241
---------
---------
481,412
464,803
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
118,904
Trade creditors
297,586
235,534
Corporation tax
2,788
Social security and other taxes
167,012
128,693
Funding Circle loans
67,610
93,364
Other creditors
365,862
139,364
---------
---------
900,858
715,859
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Funding Circle loans
17,992
139,911
Other creditors
298,974
236,468
---------
---------
316,966
376,379
---------
---------
A bank overdraft facility of £250,000 is secured with a personal guarantee by Mr R Munday and Mrs L Munday and secured against their personal home as a second charge. Funding Circle loans included in due within one year and due after one year relate to Coronavirus Business Interruption Loans (CBIL) and are not secured on the assets of the company. The hire purchase liabilities are secured on the assets they relate to.
9. Other financial commitments
At the year end, the company had no financial commitments (2023 - £3,820).