Direct Wax Injection Limited - Accounts to registrar (filleted) - small 18.1

DIRECT WAX INJECTION LIMITED - Company Information

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REGISTERED NUMBER: 04875044 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2018

for

Direct Wax Injection Limited

Page

Company Information

Abridged Balance Sheet

Notes to the Financial Statements

DIRECTOR:

R Robson

REGISTERED OFFICE:

c/o Derede Associates Limited

14a Waterside Business Park

Livingstone Road

Hessle

East Yorkshire

HU13 0EG

REGISTERED NUMBER:

04875044 (England and Wales)

ACCOUNTANTS:

Derede Associates Limited

14a Waterside Business Park

Livingstone Road

Hessle

East Yorkshire

HU13 0EG

BANKERS:

Barclays Bank Plc

4 North Bar Within

Beverley

HU17 8AY

FIXED ASSETS

Intangible assets

Tangible assets

28,132

18,517

28,133

18,518

CURRENT ASSETS

Stocks

750

Debtors

57,093

38,673

Cash at bank

65,210

68,187

123,053

107,610

CREDITORS

Amounts falling due within one year

55,518

68,469

NET CURRENT ASSETS

67,535

39,141

TOTAL ASSETS LESS CURRENT
LIABILITIES

95,668

57,659

CREDITORS

Amounts falling due after more than one
year

(15,707

)

PROVISIONS FOR LIABILITIES

(2,730

)

(3,703

)

NET ASSETS

77,231

53,956

CAPITAL AND RESERVES

Called up share capital

Retained earnings

77,230

53,955

SHAREHOLDERS' FUNDS

77,231

53,956

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 22 May 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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, is being 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 les 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 4 (2017 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

COST

At 1 February 2017

and 31 January 2018

52,357

AMORTISATION

At 1 February 2017

and 31 January 2018

52,356

NET BOOK VALUE

At 31 January 2018

At 31 January 2017

5.	TANGIBLE FIXED ASSETS

Totals

COST

At 1 February 2017

99,704

Additions

19,067

Disposals

(15,714

)

At 31 January 2018

103,057

DEPRECIATION

At 1 February 2017

81,187

Charge for year

9,452

Eliminated on disposal

(15,714

)

At 31 January 2018

74,925

NET BOOK VALUE

At 31 January 2018

28,132

At 31 January 2017

18,517

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

COST

At 1 February 2017

15,714

Additions

18,354

Disposals

(15,714

)

At 31 January 2018

18,354

DEPRECIATION

At 1 February 2017

15,713

Charge for year

4,590

Eliminated on disposal

(15,714

)

At 31 January 2018

4,589

NET BOOK VALUE

At 31 January 2018

13,765

At 31 January 2017

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.1.18

31.1.17

Gross obligations repayable:

Within one year

3,000

8,759

Between one and five years

15,707

18,707

8,759

Finance charges repayable:

Within one year

Net obligations repayable:

Within one year

3,000

8,727

Between one and five years

15,707

18,707

8,727

Non-cancellable operating

leases

31.1.18

31.1.17

Within one year

10,092

15,296

Between one and five years

2,654

12,746

28,042

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.18

31.1.17

Hire purchase contracts

18,707

8,727

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2018 and

31 January 2017:

31.1.18

31.1.17

R Robson

Balance outstanding at start of year

(2,870

)

(2,068

)

Amounts advanced

34,598

29,923

Amounts repaid

(32,558

)

(30,725

)

Amounts written off

Amounts waived

Balance outstanding at end of year

(830

)

(2,870

)

This amount is interest free and payable on demand.

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by the director.