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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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DRAIN LINE SOUTHERN LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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for |
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DRAIN LINE SOUTHERN LIMITED |
DRAIN LINE SOUTHERN LIMITED (REGISTERED NUMBER: 04933418) |
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Contents of the Financial Statements |
for the year ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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DRAIN LINE SOUTHERN LIMITED |
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Company Information |
for the year ended 31 March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Preston Park House |
South Road |
Brighton |
East Sussex |
BN1 6SB |
DRAIN LINE SOUTHERN LIMITED (REGISTERED NUMBER: 04933418) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Share premium |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DRAIN LINE SOUTHERN LIMITED (REGISTERED NUMBER: 04933418) |
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Balance Sheet - continued |
31 March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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DRAIN LINE SOUTHERN LIMITED (REGISTERED NUMBER: 04933418) |
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Notes to the Financial Statements |
for the year ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Drain Line Southern Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts. |
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Revenue is recognised as contract activity progresses. Revenue not billed is included in debtors and payments on |
account in excess of the relevant amount of revenue are included in creditors. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating |
as intended by management. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Plant & machinery | - | straight line over 4-7 years |
Fixtures, fittings & equipment | - | straight line over 3-4 years |
Motor vehicles | - | straight line over 5-7 years or over lease period |
Computer equipment | - | straight line over 3 years |
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Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the entity after deducting all of its financial liabilities. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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DRAIN LINE SOUTHERN LIMITED (REGISTERED NUMBER: 04933418) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in existence for |
the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its |
financial statements. |
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Impairment policy |
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is |
any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable |
amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not |
possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the |
cash-generating unit to which the asset belongs. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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DRAIN LINE SOUTHERN LIMITED (REGISTERED NUMBER: 04933418) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures, |
Plant & | fittings | Motor | Computer |
machinery | & equipment | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as |
follows: |
Plant & | Motor |
machinery | vehicles | Totals |
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COST |
At 1 April 2019 |
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Additions |
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Disposals |
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Transfer to ownership | - | (15,895 | ) | (15,895 | ) |
At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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Transfer to ownership | - | (8,504 | ) | (8,504 | ) |
At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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DRAIN LINE SOUTHERN LIMITED (REGISTERED NUMBER: 04933418) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts and finance leases
(see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts and finance leases
(see note 8) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Hire purchase | 124,447 | 259,149 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts | Finance leases |
2020 | 2019 | 2020 | 2019 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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In more than five years |
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DRAIN LINE SOUTHERN LIMITED (REGISTERED NUMBER: 04933418) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2020 |
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8. | LEASING AGREEMENTS - continued |
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Non-cancellable |
operating leases |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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Calverton Finance Ltd has a fixed and floating charge over the assets of the company. |
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10. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 144,811 | 101,248 |
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Deferred |
tax |
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Balance at 1 April 2019 |
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Accelerated capital allowances | 43,563 |
Balance at 31 March 2020 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary A | 0.1p | 100 | 100 |
9,000 | Ordinary B | 0.1p | 9 | 9 |
27,250 | Ordinary C | 0.1p | 27 | - |
136 | 109 |
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The following shares were issued during the year for cash at par : |
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27,250 Ordinary C shares of 0.1p |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year, key management personnel received advances of £132,781 and made repayments of £130,140. |
At 31 March 2020, key management personnel owed the company £2,641 (2019: £nil). Interest is charged at |
2.5% p.a on loans above £10,000. During the year, interest of £31 was charged (2019: £355). |