Company registration number 01194647 (England and Wales)
DORWINGEAR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DORWINGEAR LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
DORWINGEAR LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
352,824
345,959
Investment property
6
166,354
166,354
519,178
512,313
Current assets
Stocks
126,786
126,160
Debtors
7
470,522
472,603
Cash at bank and in hand
1,115,000
964,483
1,712,308
1,563,246
Creditors: amounts falling due within one year
8
(436,020)
(436,675)
Net current assets
1,276,288
1,126,571
Total assets less current liabilities
1,795,466
1,638,884
Creditors: amounts falling due after more than one year
9
(12,186)
(14,781)
Provisions for liabilities
(45,127)
(32,191)
Net assets
1,738,153
1,591,912
Capital and reserves
Called up share capital
10
60
60
Capital redemption reserve
11
40
40
Profit and loss reserves
12
1,738,053
1,591,812
Total equity
1,738,153
1,591,912
The notes on pages 4 to 8 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DORWINGEAR LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 2 May 2024 and are signed on its behalf by:
Mr G Dollery
Director
Company registration number 01194647 (England and Wales)
DORWINGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Dorwingear Limited is a private company limited by shares incorporated in England and Wales. The registered office is 107 Hospital Street, Birmingham, United Kingdom, B19 3XB.
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.
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.
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.
DORWINGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
20
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
56,359
18,674
DORWINGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
3
Taxation
2023
2022
£
£
(Continued)
- 6 -
Deferred tax
Origination and reversal of timing differences
12,936
(3,955)
Total tax charge
69,295
14,719
4
Dividends
2023
2022
£
£
Interim paid
45,000
45,000
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022
260,759
529,658
790,417
Additions
85,799
85,799
Disposals
(73,121)
(73,121)
At 30 November 2023
260,759
542,336
803,095
Depreciation and impairment
At 1 December 2022
84,223
360,235
444,458
Depreciation charged in the year
4,215
60,604
64,819
Eliminated in respect of disposals
(59,006)
(59,006)
At 30 November 2023
88,438
361,833
450,271
Carrying amount
At 30 November 2023
172,321
180,503
352,824
At 30 November 2022
176,536
169,423
345,959
6
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
166,354
DORWINGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
443,636
458,741
Other debtors
26,886
13,862
470,522
472,603
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
105,350
62,633
Trade creditors
121,075
161,173
Taxation and social security
103,917
51,347
Other creditors
105,678
161,522
436,020
436,675
Hire purchase contracts are secured debts within creditors.
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
12,186
14,781
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
60
60
60
60
11
Capital redemption reserve
2023
2022
£
£
At the beginning and end of the year
40
40
DORWINGEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
12
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
1,591,812
1,566,141
Profit for the year
191,241
70,671
Dividends declared and paid in the year
(45,000)
(45,000)
At the end of the year
1,738,053
1,591,812