3DK Solutions Limited Filleted accounts for Companies House (small and micro)

3DK Solutions Limited Filleted accounts for Companies House (small and micro)

3DK SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04851955
3DK SOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2020
3DK SOLUTIONS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2020
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
3DK SOLUTIONS LIMITED
BALANCE SHEET
31 July 2020
2020
2019
Note
£
£
Fixed assets
Tangible assets
5
510,132
525,806
Investments
6
52,961
10,913
------------
------------
563,093
536,719
Current assets
Debtors
7
86,127
131,765
Investments
8
107,836
108,236
Cash at bank and in hand
305,160
202,285
------------
------------
499,123
442,286
Creditors: amounts falling due within one year
9
231,964
256,780
------------
------------
Net current assets
267,159
185,506
------------
------------
Total assets less current liabilities
830,252
722,225
Provisions
Taxation including deferred tax
10
8,125
9,275
------------
------------
Net assets
822,127
712,950
------------
------------
Capital and reserves
Called up share capital
12
150
150
Profit and loss account
821,977
712,800
------------
------------
Shareholders funds
822,127
712,950
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
3DK SOLUTIONS LIMITED
BALANCE SHEET (continued)
31 July 2020
These financial statements were approved by the board of directors and authorised for issue on 12 March 2021 , and are signed on behalf of the board by:
P Johnson
Director
Company registration number: 04851955
3DK SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 50 Goldcliff Close, Callands, Warrington, Cheshire, WA5 9EP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the value of services provided net of value added tax.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occured at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the rates that are expected to apply in the periods in which the timing differences reverse, based on the rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Investments
Fixed asset investments are stated at fair value with changes in valuation being recognised in the profit and loss account. Current asset investments are stated at cost less any provision for impairment.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates defined contribution pension schemes. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2019: 4 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2019
480,193
16,773
59,950
21,044
577,960
Additions
–
3,107
–
4,652
7,759
------------
------------
------------
------------
------------
At 31 July 2020
480,193
19,880
59,950
25,696
585,719
------------
------------
------------
------------
------------
Depreciation
At 1 August 2019
3,202
3,666
26,228
19,058
52,154
Charge for the year
9,604
2,432
8,430
2,967
23,433
------------
------------
------------
------------
------------
At 31 July 2020
12,806
6,098
34,658
22,025
75,587
------------
------------
------------
------------
------------
Carrying amount
At 31 July 2020
467,387
13,782
25,292
3,671
510,132
------------
------------
------------
------------
------------
At 31 July 2019
476,991
13,107
33,722
1,986
525,806
------------
------------
------------
------------
------------
6. Investments
Other investments other than loans
£
Cost
At 1 August 2019
10,913
Additions
38,923
Revaluations
3,125
------------
At 31 July 2020
52,961
------------
Impairment
At 1 August 2019 and 31 July 2020
–
------------
Carrying amount
At 31 July 2020
52,961
------------
At 31 July 2019
10,913
------------
7. Debtors
2020
2019
£
£
Trade debtors
85,877
131,525
Prepayments and accrued income
250
240
------------
------------
86,127
131,765
------------
------------
8. Investments
2020
2019
£
£
Investment plans
97,900
98,300
Gold bullion
9,936
9,936
------------
------------
107,836
108,236
------------
------------
There is no material difference between the market value and carrying value of the investments and they are recorded at cost.
9. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
714
2,958
Accruals and deferred income
28,968
34,653
Corporation tax
51,760
62,044
Social security and other taxes
44,133
50,728
Director loan accounts
102,546
106,397
Other creditors
3,843
–
------------
------------
231,964
256,780
------------
------------
10. Provisions
Deferred tax (note 11)
£
At 1 August 2019
9,275
Charge against provision
( 1,150)
------------
At 31 July 2020
8,125
------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2020
2019
£
£
Included in provisions (note 10)
8,125
9,275
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2020
2019
£
£
Accelerated capital allowances
8,125
9,275
------------
------------
12. Called up share capital
Issued, called up and fully paid
2020
2019
No.
£
No.
£
'A' Ordinary shares of £ 1 each
100
100
100
100
'B' Ordinary shares of £ 1 each
30
30
30
30
'C' Ordinary shares of £ 1 each
10
10
10
10
'D' Ordinary shares of £ 1 each
10
10
10
10
------------
------------
------------
------------
150
150
150
150
------------
------------
------------
------------
The four categories of shares rank pari passu subject to the following restrictions, and save as for dividends: The 'B' ordinary shares of £1 each, 'C' ordinary share of £1 and the 'D' ordinary share of £1 shall not confer on the holders thereof the right to vote upon any resolution proposed at the general meeting of the company.
13. Related party transactions
The director's loan account of £102,546 (2019: £106,397) set out at note 11 above is unsecured, repayable on demand and bears interest at a commercial rate . The company is controlled by P Johnson .