Registered number
03617357
Decorative Resins International Ltd
Filleted Accounts
31 August 2024
Decorative Resins International Ltd
Registered number: 03617357
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 262,327 266,418
262,327 266,418
Current assets
Stocks 4,450 4,750
Debtors 4 112,427 98,073
Investments held as current assets 369,019 369,019
Cash at bank and in hand 216,072 282,998
701,968 754,840
Creditors: amounts falling due within one year 5 (55,474) (99,788)
Net current assets 646,494 655,052
Total assets less current liabilities 908,821 921,470
Net assets 908,821 921,470
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 6 65,694 65,694
Profit and loss account 842,127 854,776
Shareholder's funds 908,821 921,470
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Luke Revell
Director
Approved by the board on 27 May 2025
Decorative Resins International Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% Reducing Balance
Motor Vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 258,895 55,697 12,000 326,592
At 31 August 2024 258,895 55,697 12,000 326,592
Depreciation
At 1 September 2023 - 50,574 9,600 60,174
Charge for the year - 1,691 2,400 4,091
At 31 August 2024 - 52,265 12,000 64,265
Net book value
At 31 August 2024 258,895 3,432 - 262,327
At 31 August 2023 258,895 5,123 2,400 266,418
Freehold land and buildings: 2024 2023
£ £
Historical cost 258,895 258,895
258,895 258,895
4 Debtors 2024 2023
£ £
Trade debtors 71,335 56,981
Other debtors 41,092 41,092
112,427 98,073
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 46,944 70,669
Taxation and social security costs 8,498 15,413
Other creditors 32 13,706
55,474 99,788
6 Revaluation reserve 2024 2023
£ £
At 1 September 2023 65,694 132,964
Loss on revaluation of land and buildings - (67,270)
At 31 August 2024 65,694 65,694
7 Other information
Decorative Resins International Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Riverside Suite
50A Clifford Way
Maidstone
Kent
ME16 8GD
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