Company registration number 01194647 (England and Wales)
DORWINGEAR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 16 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DORWINGEAR LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
DORWINGEAR LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr L Adey
(Appointed 16 December 2024)
Company number
01194647
Registered office
Empire House
Beauchamp Avenue
Kidderminster
DY117AQ
Accountants
Haslehursts Limited
88 Hill Village Road
Sutton Coldfield
West Midlands
England
B75 5BE
DORWINGEAR LIMITED
BALANCE SHEET
AS AT
16 DECEMBER 2024
16 December 2024
- 2 -
16th December 2024
30 November 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
196,607
352,824
Investment property
6
166,354
196,607
519,178
Current assets
Stocks
135,221
126,786
Debtors
7
429,166
470,522
Cash at bank and in hand
1,137,859
1,115,000
1,702,246
1,712,308
Creditors: amounts falling due within one year
8
(309,649)
(436,020)
Net current assets
1,392,597
1,276,288
Total assets less current liabilities
1,589,204
1,795,466
Creditors: amounts falling due after more than one year
9
(26,058)
(12,186)
Provisions for liabilities
(49,152)
(45,127)
Net assets
1,513,994
1,738,153
Capital and reserves
Called up share capital
10
60
60
Capital redemption reserve
11
40
40
Profit and loss reserves
1,513,894
1,738,053
Total equity
1,513,994
1,738,153
The notes on pages 4 to 8 form part of these financial statements.
DORWINGEAR LIMITED
BALANCE SHEET (CONTINUED)
AS AT
16 DECEMBER 2024
16 December 2024
- 3 -
For the financial Period ended 16 December 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 Period in question in accordance with section 476.
The director acknowledges his 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 director of the company has 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 28 July 2025 and are signed on its behalf by:
Mr L Adey
Director
Company registration number 01194647 (England and Wales)
DORWINGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 16 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Dorwingear Limited is a private company limited by shares incorporated in England and Wales. The registered office is Empire House, Beauchamp Avenue, Kidderminster, DY117AQ.
1.1
Accounting convention
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The company recognises revenue from the following major sources:
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
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:
Freehold land and buildings
2% on cost
Plant and equipment
20% on reducing balance
Fixtures and fittings
10% on reducing balance
Computers
20% on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
DORWINGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 16 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
As lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
As lessor
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
DORWINGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 16 DECEMBER 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2023
Number
Number
Total
20
20
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
53,829
56,359
Tax relating to prior year adjustments recognised in profit or loss
7
Total current tax
53,836
56,359
Deferred tax
Origination and reversal of timing differences
4,025
12,936
Total tax charge
57,861
69,295
4
Dividends
2024
2023
£
£
Interim paid
361,175
45,000
DORWINGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 16 DECEMBER 2024
- 7 -
5
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2023
260,759
46,922
12,350
41,101
441,963
803,095
Additions
407
120,853
121,260
Disposals
(260,759)
(6,405)
(117,312)
(384,476)
At 16 December 2024
46,922
5,945
41,508
445,504
539,879
Depreciation and impairment
At 1 December 2023
88,438
43,927
9,393
39,087
269,426
450,271
Depreciation charged in the Period
599
72
2,066
64,401
67,138
Eliminated in respect of disposals
(88,438)
(4,172)
(81,527)
(174,137)
At 16 December 2024
44,526
5,293
41,153
252,300
343,272
Carrying amount
At 16 December 2024
2,396
652
355
193,204
196,607
At 30 November 2023
172,321
2,995
2,957
2,014
172,537
352,824
6
Investment property
2024
£
Fair value
At 1 December 2023
166,354
Disposals
(166,354)
At 16 December 2024
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
413,657
443,636
Other debtors
15,509
26,886
429,166
470,522
DORWINGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 16 DECEMBER 2024
- 8 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
72,023
105,350
Trade creditors
36,727
121,075
Taxation and social security
137,087
103,917
Other creditors
63,812
105,678
309,649
436,020
Hire purchase contracts are secured debts within creditors.
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
26,058
12,186
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
60
60
60
60
11
Capital redemption reserve
2024
2023
£
£
At the beginning and end of the Period
40
40