DNS (South West) Limited - Period Ending 2019-07-31

DNS (South West) Limited - Period Ending 2019-07-31


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DNS (South West) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 July 2019

Registration number: 08600064

 

DNS (South West) Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

DNS (South West) Limited

Balance Sheet

31 July 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

128,984

148,966

Current assets

 

Stocks

195,661

189,627

Debtors

5

796,790

471,931

Cash at bank and in hand

 

12,245

154,123

 

1,004,696

815,681

Creditors: Amounts falling due within one year

6

(538,073)

(415,537)

Net current assets

 

466,623

400,144

Total assets less current liabilities

 

595,607

549,110

Creditors: Amounts falling due after more than one year

6

(94,019)

(97,638)

Provisions for liabilities

(15,430)

(9,356)

Net assets

 

486,158

442,116

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

486,154

442,112

Total equity

 

486,158

442,116

 

DNS (South West) Limited

Balance Sheet

31 July 2019

For the financial year ending 31 July 2019 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 March 2020 and signed on its behalf by:
 

.........................................
D R Turner
Director

   
     

Company Registration Number: 08600064

 

DNS (South West) Limited

Notes to the Financial Statements

Year Ended 31 July 2019

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
C/O Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA

The principal place of business is:
Middle Hill Farm
Shute Lane
Pensilva
LISKEARD
Cornwall

These financial statements were authorised for issue by the Board on 9 March 2020.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

DNS (South West) Limited

Notes to the Financial Statements

Year Ended 31 July 2019

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Office Equipment

25% Reducing Balance

Stocks

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

DNS (South West) Limited

Notes to the Financial Statements

Year Ended 31 July 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2018 - 6).

 

DNS (South West) Limited

Notes to the Financial Statements

Year Ended 31 July 2019

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 August 2018

5,469

227,474

20,342

253,285

Additions

4,213

90,295

476

94,984

Disposals

-

(87,983)

-

(87,983)

At 31 July 2019

9,682

229,786

20,818

260,286

Depreciation

At 1 August 2018

3,104

92,214

9,001

104,319

Charge for the year

1,646

60,069

3,761

65,476

Eliminated on disposal

-

(38,493)

-

(38,493)

At 31 July 2019

4,750

113,790

12,762

131,302

Carrying amount

At 31 July 2019

4,932

115,996

8,056

128,984

At 31 July 2018

2,365

135,260

11,341

148,966

5

Debtors

Note

2019
£

2018
£

Trade debtors

 

788,896

466,303

Amounts due from group undertakings

6,644

-

Other debtors

 

1,250

1,250

Prepayments

 

-

4,378

 

796,790

471,931

 

DNS (South West) Limited

Notes to the Financial Statements

Year Ended 31 July 2019

6

Creditors

Creditors: amounts falling due within one year

Note

2019
£

2018
 £

Due within one year

 

Loans and borrowings

7

22,618

35,443

Trade creditors

 

210,294

182,116

Corporation tax

132,059

104,246

Social security and other taxes

 

129,960

81,933

Other creditors

 

35,502

723

Accrued expenses

 

7,640

11,076

 

538,073

415,537

Creditors: amounts falling due after more than one year

Note

2019
£

2018
£

Due after one year

 

Loans and borrowings

7

94,019

97,638

7

Loans and borrowings

2019
£

2018
£

Loans and borrowings due after one year

Finance lease liabilities

94,019

97,638

2019
£

2018
£

Current loans and borrowings

Finance lease liabilities

22,618

35,443


Creditors include net obligations under finance lease and hire purchase contracts which are secured over the assets to which they relate totalling £116,637 (2018 - £133,081).

 

DNS (South West) Limited

Notes to the Financial Statements

Year Ended 31 July 2019

8

Share capital

Allotted, called up and fully paid shares

 

2019

2018

 

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4