DWSM Limited - Period Ending 2021-06-30
DWSM Limited - Period Ending 2021-06-30
Registration number:
DWSM Limited
for the Year Ended 30 June 2021
DWSM Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
DWSM Limited
Company Information
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Directors |
S J Mico D J Webster |
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Company secretary |
D J Webster |
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Registered office |
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Accountants |
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DWSM Limited
(Registration number: 06040316)
Balance Sheet as at 30 June 2021
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Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Revaluation reserve |
276,123 |
- |
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Profit and loss account |
1,225,297 |
1,256,193 |
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Shareholders' funds |
1,501,520 |
1,256,293 |
For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
DWSM Limited
(Registration number: 06040316)
Balance Sheet as at 30 June 2021
Approved and authorised by the
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DWSM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
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General information |
The company is a private company limited by share capital, incorporated in England and Wales, UK.
The address of its registered office is:
England
The principal place of business is:
18 Miller Court
Severn Drive
Tewkesbury
Gloucestershire
GL20 8DN
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Exemption from preparing group accounts
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.
DWSM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land |
Nil |
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Buildings |
2% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
DWSM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
DWSM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Tangible assets |
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Land and buildings |
Total |
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Cost or valuation |
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At 1 July 2020 |
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Revaluations |
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At 30 June 2021 |
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Depreciation |
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Carrying amount |
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At 30 June 2021 |
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At 30 June 2020 |
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Included within the net book value of land and buildings above is £825,000 (2020 - £494,667) in respect of freehold land and buildings.
As stated within the accounting policies, the policy is to depreciate freehold buildings at 2% per annum. As the company has a policy of regular maintenance and repairs the directors consider that the residual value of freehold buildings at the end of their useful life to the company will not be materially different from the carrying amount. There is therefore no charge for depreciation on freehold buildings included in these accounts.
Revaluation
The fair value of the company's freehold property was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
DWSM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
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Investments |
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2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 July 2020 |
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Revaluation |
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Additions |
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At 30 June 2021 |
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Provision |
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Provision |
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Carrying amount |
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At 30 June 2021 |
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At 30 June 2020 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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18 Miller Court
England, UK |
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111-113 High Street
England, UK |
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111-113 High Street
England, UK |
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DWSM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
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Subsidiary undertakings |
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Midland Communications Company Ltd The principal activity of Midland Communications Company Ltd is |
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Edgecoms Ltd The principal activity of Edgecoms Ltd is |
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18 Millers Ltd The principal activity of 18 Millers Ltd is |
Revaluation
Edgecoms Limited was revalued at £1,000 on 1 July 2021.
The acquisition of Edgecoms Limited included a 3 year contingent consideration based on post-acquisition results. The investment cost is adjusted for this periodically. The trade and net assets within Edgecoms Limited were transferred to another fellow group company, Midland Communications Company Limited on 1 July 2020. This resulted in an impairment review and the investment has been written down to the remaining share capital value..
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Debtors |
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2021 |
2020 |
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Prepayments |
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Other debtors |
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DWSM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
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Creditors |
Creditors: amounts falling due within one year
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Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £39,309 (2020 - £148,635).
Creditors: amounts falling due after more than one year
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Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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2021 |
2020 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £424,384 (2020 - £462,948).
DWSM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
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Share capital |
Allotted, called up and fully paid shares
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2021 |
2020 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
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Revaluation reserve |
Total |
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Surplus/(deficit) on property, plant and equipment revaluation |
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Property, plant and equipment |
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Total amount of revalued assets |
825,000 |
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Amount of revaluation for the year |
(276,123) |
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Total carrying amount of assets had they not been revalued |
494,667 |
Deferred tax has been provided on the unrealised revalued gain amounting to £54,310.
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Loans and borrowings |
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2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Included in the loans and borrowings are the following amounts due after more than five years:
DWSM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Bank loans and overdrafts after five years
Bank loans are repayable in equal monthly instalments with current interest rates of 2.5% and 3.2% above the bank base rate.
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Dividends |
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2021 |
2020 |
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£ |
£ |
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Interim dividend of £ |
400,000 |
555,000 |
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DWSM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
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Related party transactions |
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Transactions with directors |
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2021 |
At 1 July 2020 |
Advances to directors |
Repayments by director |
At 30 June 2021 |
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S J Mico |
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Loan from the company - interest charged at 2-2.5% pa |
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( |
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D J Webster |
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Loan from the company - interest charged at 2-2.5% pa |
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- |
( |
- |
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2020 |
At 1 July 2019 |
Advances to directors |
Repayments by director |
At 30 June 2020 |
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S J Mico |
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Loan from the company - interest charged at 2-2.5% pa |
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( |
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D J Webster |
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Loan from the company - interest charged at 2-2.5% pa |
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( |
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Directors' remuneration
The directors' remuneration for the year was as follows:
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2021 |
2020 |
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Contributions paid to money purchase schemes |
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During the year the number of directors who were receiving benefits and share incentives was as follows:
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2021 |
2020 |
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Accruing benefits under money purchase pension scheme |
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2021 |
2020 |
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S J Mico |
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Interim dividends paid |
152,000 |
213,028 |
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D J Webster |
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Interim dividends paid |
152,000 |
208,772 |
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DWSM Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Summary of transactions with subsidiaries
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Non adjusting events after the financial period |
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