Denwire Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02059637 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Denwire Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S T Christensen

Ms I T Christensen

SECRETARY:

Ms I T Christensen

REGISTERED OFFICE:

Blackbrook Road

Narrowboat Way

Dudley

West Midlands

DY2 0AF

REGISTERED NUMBER:

02059637 (England and Wales)

ACCOUNTANTS:

Dalton Pardoe Limited

Chartered Accountants

794 High Street

Kingswinford

West Midlands

DY6 8BQ

FIXED ASSETS

Tangible assets

4

1,499,320

1,519,164

Investment property

5

470,000

470,000

1,969,320

1,989,164

CURRENT ASSETS

Stocks

1,424,733

919,818

Debtors

6

1,716,145

1,632,202

Cash at bank and in hand

1,132,865

885,159

4,273,743

3,437,179

CREDITORS

Amounts falling due within one year

7

834,753

322,798

NET CURRENT ASSETS

3,438,990

3,114,381

TOTAL ASSETS LESS CURRENT LIABILITIES

5,408,310

5,103,545

CREDITORS

Amounts falling due after more than one year

8

(369,934

)

(445,635

)

PROVISIONS FOR LIABILITIES

(138,894

)

(144,642

)

NET ASSETS

4,899,482

4,513,268

CAPITAL AND RESERVES

Called up share capital

10

100,000

100,000

Revaluation reserve

11

176,843

176,843

Retained earnings

11

4,622,639

4,236,425

SHAREHOLDERS' FUNDS

4,899,482

4,513,268

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2022 and were signed on its behalf by:

S T Christensen - Director

1.	STATUTORY INFORMATION

Denwire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2020 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2021

1,523,288

324,234

18,234

1,865,756

Additions

-

39,450

-

39,450

At 31 December 2021

1,523,288

363,684

18,234

1,905,206

DEPRECIATION

At 1 January 2021

79,985

256,066

10,541

346,592

Charge for year

30,466

26,904

1,924

59,294

At 31 December 2021

110,451

282,970

12,465

405,886

NET BOOK VALUE

At 31 December 2021

1,412,837

80,714

5,769

1,499,320

At 31 December 2020

1,443,303

68,168

7,693

1,519,164

Cost or valuation at 31 December 2021 is represented by:

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

Valuation in 2017

205,840

-

-

205,840

Cost

1,317,448

363,684

18,234

1,699,366

1,523,288

363,684

18,234

1,905,206

If freehold property had not been revalued they would have been included at the following historical cost:

31.12.21

31.12.20

£

£

Cost

1,317,448

1,317,448

Aggregate depreciation

89,865

63,518

Value of land in freehold land and buildings

380,700

380,700

Freehold property were valued on an open market basis on 1 December 2017 by Messrs Sellers Chartered Surveyors .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

and 31 December 2021

470,000

NET BOOK VALUE

At 31 December 2021

470,000

At 31 December 2020

470,000

Fair value at 31 December 2021 is represented by:

£

Valuation in 2017

57,960

Cost

412,040

470,000

If investment property had not been revalued it would have been included at the following historical cost:

31.12.21

31.12.20

£

£

Cost

412,040

412,040

Investment property was valued on an open market basis on 1 December 2017 by Messrs Sellers Chartered Surveyors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

553,425

535,360

Other debtors

1,149,830

1,096,842

VAT

12,890

-

1,716,145

1,632,202

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

504,651

-

Trade creditors

163,116

107,813

Tax

135,046

124,299

Social security and other taxes

25,121

20,765

VAT

-

27,096

Accrued expenses

6,819

42,825

834,753

322,798

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans - 1-2 years

359,934

435,635

Other creditors - 1-2 years

10,000

10,000

369,934

445,635

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank overdraft

504,651

-

Bank loans

359,934

435,635

864,585

435,635

Bank loans and overdrafts are secured by way of a floating charge over the company's assets and a fixed charge over the company's freehold and investment property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

100,000

Ordinary

£1

100,000

100,000

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2021

4,236,425

176,843

4,413,268

Profit for the year

551,214

551,214

Dividends

(165,000

)

(165,000

)

At 31 December 2021

4,622,639

176,843

4,799,482

12.	CONTINGENT LIABILITIES

The company has given a guarantee amounting to £40,000 in respect of the VAT duty deferment scheme. No liability is expected to arise under the guarantee.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Plan B UK ApS, a company registered in Denmark.