1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-09-30 Sage Accounts Production Advanced 2023 - FRS102_2023 18,500 5,550 1,850 7,400 11,100 12,950 574 143 431 xbrli:pure xbrli:shares iso4217:GBP 12871709 2023-09-30 2024-09-29 12871709 2024-09-29 12871709 2023-09-29 12871709 2022-10-01 2023-09-29 12871709 2023-09-29 12871709 2022-09-30 12871709 core:NetGoodwill 2023-09-30 2024-09-29 12871709 core:PlantMachinery 2023-09-30 2024-09-29 12871709 bus:OrdinaryShareClass1 2023-09-30 2024-09-29 12871709 bus:Director1 2023-09-30 2024-09-29 12871709 core:NetGoodwill 2023-09-29 12871709 core:NetGoodwill 2024-09-29 12871709 core:PlantMachinery 2023-09-29 12871709 core:PlantMachinery 2024-09-29 12871709 core:WithinOneYear 2024-09-29 12871709 core:WithinOneYear 2023-09-29 12871709 core:UKTax 2023-09-30 2024-09-29 12871709 core:UKTax 2022-10-01 2023-09-29 12871709 core:ShareCapital 2024-09-29 12871709 core:ShareCapital 2023-09-29 12871709 core:RetainedEarningsAccumulatedLosses 2024-09-29 12871709 core:RetainedEarningsAccumulatedLosses 2023-09-29 12871709 core:DeferredTaxation 2023-09-30 2024-09-29 12871709 core:NetGoodwill 2023-09-29 12871709 core:AcceleratedTaxDepreciationDeferredTax 2024-09-29 12871709 core:AcceleratedTaxDepreciationDeferredTax 2023-09-29 12871709 core:PlantMachinery 2023-09-29 12871709 core:DeferredTaxation 2023-09-29 12871709 core:DeferredTaxation 2024-09-29 12871709 bus:SmallEntities 2023-09-30 2024-09-29 12871709 bus:AuditExemptWithAccountantsReport 2023-09-30 2024-09-29 12871709 bus:SmallCompaniesRegimeForAccounts 2023-09-30 2024-09-29 12871709 bus:PrivateLimitedCompanyLtd 2023-09-30 2024-09-29 12871709 bus:FullAccounts 2023-09-30 2024-09-29 12871709 bus:OrdinaryShareClass1 2024-09-29 12871709 bus:OrdinaryShareClass1 2023-09-29 12871709 core:OfficeEquipment 2023-09-30 2024-09-29 12871709 core:OfficeEquipment 2024-09-29 12871709 core:OfficeEquipment 2023-09-29
COMPANY REGISTRATION NUMBER: 12871709
Derwydd Services Ltd
Filleted Unaudited Financial Statements
29 September 2024
Derwydd Services Ltd
Financial Statements
Year ended 29 September 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Derwydd Services Ltd
Statement of Financial Position
29 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
11,100
12,950
Tangible assets
7
2,267
3,024
--------
--------
13,367
15,974
Current assets
Stocks
16,291
15,035
Debtors
8
13,373
169
Cash at bank and in hand
59,401
77,478
--------
--------
89,065
92,682
Creditors: amounts falling due within one year
9
( 101,682)
( 97,790)
---------
--------
Net current liabilities
( 12,617)
( 5,108)
--------
--------
Total assets less current liabilities
750
10,866
Provisions
10
( 431)
( 574)
----
--------
Net assets
319
10,292
----
--------
Capital and reserves
Called up share capital
12
2
2
Profit and loss account
317
10,290
----
--------
Shareholders funds
319
10,292
----
--------
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 income and retained earnings has not been delivered.
For the year ending 29 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 .
Derwydd Services Ltd
Statement of Financial Position (continued)
29 September 2024
These financial statements were approved by the board of directors and authorised for issue on 10 June 2025 , and are signed on behalf of the board by:
Mr R.W.D. Bowen
Director
Company registration number: 12871709
Derwydd Services Ltd
Notes to the Financial Statements
Year ended 29 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 Derwydd Garage, Cynwyl Elfed, Carmarthen, SA33 6TP, Carmarthenshire.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant and machinery
-
25% reducing balance
Equipment
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: Nil).
5. Tax on profit
Major components of tax expense
Period from
Year to
1 Oct 22 to
29 Sep 24
29 Sep 23
£
£
Current tax:
UK current tax expense
8,452
7,895
Adjustments in respect of prior periods
626
-------
-------
Total current tax
9,078
7,895
-------
-------
Deferred tax:
Origination and reversal of timing differences
( 143)
289
-------
-------
Tax on profit
8,935
8,184
-------
-------
6. Intangible assets
Goodwill
£
Cost
At 30 September 2023 and 29 September 2024
18,500
--------
Amortisation
At 30 September 2023
5,550
Charge for the year
1,850
--------
At 29 September 2024
7,400
--------
Carrying amount
At 29 September 2024
11,100
--------
At 29 September 2023
12,950
--------
7. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 30 September 2023 and 29 September 2024
766
3,954
4,720
----
-------
-------
Depreciation
At 30 September 2023
357
1,339
1,696
Charge for the year
103
654
757
----
-------
-------
At 29 September 2024
460
1,993
2,453
----
-------
-------
Carrying amount
At 29 September 2024
306
1,961
2,267
----
-------
-------
At 29 September 2023
409
2,615
3,024
----
-------
-------
8. Debtors
2024
2023
£
£
Other debtors
13,373
169
--------
----
Other debtors includes an amount of £nil (2023 - £nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,476
Corporation tax
8,787
13,533
Social security and other taxes
18,409
13,085
Other creditors
74,486
65,696
---------
--------
101,682
97,790
---------
--------
10. Provisions
Deferred tax (note 11)
£
At 30 September 2023
574
Charge against provision
( 143)
----
At 29 September 2024
431
----
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 10)
431
574
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
431
574
----
----
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
13. Related party transactions
The company was under the control of Mr R.W.D. Bowen and Mrs D.M. Bowen, the managing directors, throughout the current and previous period by virtue of their combined interest in 100% of the issued ordinary share capital. During the period the company paid dividends totalling £20,500 (2023 - £28,000) to the shareholders.