Company registration number 05305220 (England and Wales)
DTW ASSOCIATES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
DTW ASSOCIATES LIMITED
COMPANY INFORMATION
Directors
K A Baldwin
Mrs A A Vadgama
(Appointed 21 October 2022)
Company number
05305220
Registered office
Unit 2, Rycote Court
23-25 Buckingham Street
Aylesbury
Buckinghamshire
HP20 2LA
Accountants
Stiles & Company
2 Lake End Court
Taplow Road
Taplow
Maidenhead
Berkshire
SL6 0JQ
DTW ASSOCIATES LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 12
DTW ASSOCIATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company continued to be that of the provision of log book loans, pawnbroking services and bureau de change.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
K A Baldwin
S M Scoggins
(Resigned 21 October 2022)
Mrs A A Vadgama
(Appointed 21 October 2022)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
K A Baldwin
Mrs A A Vadgama
Director
Director
7 September 2023
DTW ASSOCIATES LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF DTW ASSOCIATES LIMITED
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of DTW Associates Limited for the year ended 31 December 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of DTW Associates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of DTW Associates Limited and state those matters that we have agreed to state to the board of directors of DTW Associates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DTW Associates Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that DTW Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of DTW Associates Limited. You consider that DTW Associates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of DTW Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Stiles & Company
Chartered Certified Accountants
2 Lake End Court
Taplow Road
Maidenhead
Berkshire
SL6 0JQ
DTW ASSOCIATES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 3 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,598
Tangible assets
4
1,223
5,492
Investments
5
1
1
1,224
10,091
Current assets
Stocks
99,125
119,326
Debtors
7
268,083
716,891
Cash at bank and in hand
498,309
1,244,593
865,517
2,080,810
Creditors: amounts falling due within one year
6
(225,846)
(1,005,443)
Net current assets
639,671
1,075,367
Total assets less current liabilities
640,895
1,085,458
Provisions for liabilities
8
(603,430)
Net assets
640,895
482,028
Capital and reserves
Called up share capital
9
4,001,002
4,001,002
Profit and loss reserves
(3,360,107)
(3,518,974)
Total equity
640,895
482,028
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 31 December 2022 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.
DTW ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 7 September 2023 and are signed on its behalf by:
K A Baldwin
Mrs A A Vadgama
Director
Director
Company Registration No. 05305220
DTW ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
1
Accounting policies
Company information
DTW Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Rycote Court, 23-25 Buckingham Street, Aylesbury, Buckinghamshire, HP20 2LA.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account discounts and rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest receivable in respect of loans, buybacks and pawnbroking transactions are recognised on an accruals basis.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
The directors have made the decision to fully impair the remainder of the goodwill within the prior year.
1.4
Intangible fixed assets other than goodwill
Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Internally generated intangible assets are only capitalised when the cost can be measured accurately and it is probable that future economic benefits will attributable to the asset will flow to the entity.
DTW ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
Amortisation 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:
Software
4 years straight line
1.5
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:
Leasehold improvements
10% on cost
Fixtures and fittings
25% on cost
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.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
Stocks are stated 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 stock to its present location and condition. A provision is made for damaged, obsolete and low-moving stock where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
DTW ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
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.
DTW ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 8 -
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.
1.13
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
DTW ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 9 -
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
22
34
3
Intangible fixed assets
Software
£
Cost
At 1 January 2022 and 31 December 2022
234,199
Amortisation and impairment
At 1 January 2022
229,601
Amortisation charged for the year
4,598
At 31 December 2022
234,199
Carrying amount
At 31 December 2022
At 31 December 2021
4,598
DTW ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2022
96,365
334,900
431,265
Additions
311
311
Disposals
(53,009)
(134,298)
(187,307)
At 31 December 2022
43,356
200,913
244,269
Depreciation and impairment
At 1 January 2022
93,900
331,873
425,773
Depreciation charged in the year
2,250
1,742
3,992
Eliminated in respect of disposals
(53,009)
(133,710)
(186,719)
At 31 December 2022
43,141
199,905
243,046
Carrying amount
At 31 December 2022
215
1,008
1,223
At 31 December 2021
2,465
3,027
5,492
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1
1
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
70
Other borrowings
772,285
Trade creditors
5,080
22,466
Taxation and social security
44,247
29,652
Other creditors
16,428
39,883
Accruals and deferred income
160,091
141,087
225,846
1,005,443
The other borrowings outstanding as at 31st December 2021 of £772,825 are in respect of the loans due to the former parent company.
DTW ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
268,083
716,891
8
Provisions for liabilities
2022
2021
£
£
Wind-down provision
-
603,430
Movements on provisions:
Wind-down provision
£
At 1 January 2022
603,430
Utilisation of provision
(603,430)
At 31 December 2022
-
The directors recorded an estimate of the costs associated with the orderly wind-down of the operation which had been planned prior to the current directors taking ownership of the company.
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
4,001,000
4,001,000
4,001,000
4,001,000
Ordinary B shares of £1 each
2
2
2
2
4,001,002
4,001,002
4,001,002
4,001,002
DTW ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
51,172
105,007
2022-12-312022-01-01false07 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityK A BaldwinS M ScogginsMrs A A Vadgama053052202022-01-012022-12-3105305220bus:Director12022-01-012022-12-3105305220bus:Director32022-01-012022-12-3105305220bus:Director22022-01-012022-12-3105305220bus:RegisteredOffice2022-01-012022-12-31053052202022-12-31053052202021-12-3105305220core:ComputerSoftware2022-12-3105305220core:ComputerSoftware2021-12-3105305220core:LeaseholdImprovements2022-12-3105305220core:FurnitureFittings2022-12-3105305220core:LeaseholdImprovements2021-12-3105305220core:FurnitureFittings2021-12-3105305220core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105305220core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3105305220core:CurrentFinancialInstruments2022-12-3105305220core:CurrentFinancialInstruments2021-12-3105305220core:ShareCapital2022-12-3105305220core:ShareCapital2021-12-3105305220core:RetainedEarningsAccumulatedLosses2022-12-3105305220core:RetainedEarningsAccumulatedLosses2021-12-3105305220core:ShareCapitalOrdinaryShares2022-12-3105305220core:ShareCapitalOrdinaryShares2021-12-3105305220core:Goodwill2022-01-012022-12-3105305220core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3105305220core:ComputerSoftware2022-01-012022-12-3105305220core:LeaseholdImprovements2022-01-012022-12-3105305220core:FurnitureFittings2022-01-012022-12-31053052202021-01-012021-12-3105305220core:ComputerSoftware2021-12-3105305220core:LeaseholdImprovements2021-12-3105305220core:FurnitureFittings2021-12-31053052202021-12-3105305220core:WithinOneYear2022-12-3105305220core:WithinOneYear2021-12-3105305220bus:PrivateLimitedCompanyLtd2022-01-012022-12-3105305220bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3105305220bus:FRS1022022-01-012022-12-3105305220bus:AuditExemptWithAccountantsReport2022-01-012022-12-3105305220bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP