Direct Wax Injection Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04875044 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

Direct Wax Injection Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Robson

REGISTERED OFFICE:

14a Waterside Business Park

Livingstone Road

Hessle

East Yorkshire

HU13 0EG

REGISTERED NUMBER:

04875044 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

1

Tangible assets

5

5,279

14,348

5,279

14,349

CURRENT ASSETS

Stocks

750

750

Debtors

6

49,077

26,640

Cash at bank

100,853

51,768

150,680

79,158

CREDITORS

Amounts falling due within one year

7

62,984

44,302

NET CURRENT ASSETS

87,696

34,856

TOTAL ASSETS LESS CURRENT LIABILITIES

92,975

49,205

CREDITORS

Amounts falling due after more than one year

8

-

(8,699

)

PROVISIONS FOR LIABILITIES

(918

)

(1,840

)

NET ASSETS

92,057

38,666

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

92,056

38,665

92,057

38,666

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

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

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 October 2021 and were signed by:

R Robson - Director

1.	STATUTORY INFORMATION

Direct Wax Injection 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents net invoiced sales of services and goods, excluding value added tax.

Revenue recognition

Revenue is recognised under an exchange transaction with a customer when, and to the extent that, the company receives a right to consideration from its performance.

Part completed contracts at the year-end that fulfil the criteria are included in these financial statements based on their fair value of the right to consideration at the balance sheet date. The value is included in debtors as Amounts Recoverable on Contracts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, has been amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are valued at the lower of costs and net realisable value, after making due allowance for obsolete and slow moving items. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which it related revenue is recognised. The amount of any write-down of stocks to net realisable value and losses of stocks are recognised as an expenses in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 6 (2020 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2020

52,357

Disposals

(52,357

)

At 31 January 2021

-

AMORTISATION

At 1 February 2020

52,356

Charge for year

1

Eliminated on disposal

(52,357

)

At 31 January 2021

-

NET BOOK VALUE

At 31 January 2021

-

At 31 January 2020

1

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 February 2020

and 31 January 2021

83,832

700

28,837

987

114,356

DEPRECIATION

At 1 February 2020

78,398

700

19,925

985

100,008

Charge for year

2,429

-

6,640

-

9,069

At 31 January 2021

80,827

700

26,565

985

109,077

NET BOOK VALUE

At 31 January 2021

3,005

-

2,272

2

5,279

At 31 January 2020

5,434

-

8,912

2

14,348

Fixed assets, included in the above, which are held under finance leases are as follows:

Motor

vehicles

£

COST

At 1 February 2020

and 31 January 2021

20,042

DEPRECIATION

At 1 February 2020

15,675

Charge for year

4,367

At 31 January 2021

20,042

NET BOOK VALUE

At 31 January 2021

-

At 31 January 2020

4,367

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Trade debtors

45,447

19,442

Prepayments

3,630

7,198

49,077

26,640

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Finance leases (see note 9)

6,159

855

Trade creditors

16,841

26,602

Corporation tax

18,444

6,223

Social security and other taxes

1,581

2,026

VAT

16,547

5,823

Other creditors

347

240

Directors' current accounts

834

403

Accrued expenses

2,231

2,130

62,984

44,302

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.21

31.1.20

£

£

Finance leases (see note 9)

-

8,699

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

31.1.21

31.1.20

£

£

Gross obligations repayable:

Within one year

8,133

3,394

Between one and five years

-

8,699

8,133

12,093

Finance charges repayable:

Within one year

1,974

2,539

Net obligations repayable:

Within one year

6,159

855

Between one and five years

-

8,699

6,159

9,554

Non-cancellable operating

leases

31.1.21

31.1.20

£

£

Within one year

9,403

9,782

Between one and five years

61,901

71,304

71,304

81,086

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.21

31.1.20

£

£

Finance leases

6,159

9,554

The debt is secured against the asset to which it relates.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R Robson.