Company Registration No. 09094696 (England and Wales)
DE WESSELOW LOGISTICS (DWL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
DE WESSELOW LOGISTICS (DWL) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DE WESSELOW LOGISTICS (DWL) LIMITED
BALANCE SHEET
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,488
540
Current assets
Debtors
5
446,323
147,185
Cash at bank and in hand
45,351
112,076
491,674
259,261
Creditors: amounts falling due within one year
6
(445,396)
(263,475)
Net current assets/(liabilities)
46,278
(4,214)
Total assets less current liabilities
47,766
(3,674)
Creditors: amounts falling due after more than one year
7
(47,413)
-
Net assets/(liabilities)
353
(3,674)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
352
(3,675)
Total equity
353
(3,674)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DE WESSELOW LOGISTICS (DWL) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 9 March 2021
Mr P De Wesselow
Director
Company Registration No. 09094696
DE WESSELOW LOGISTICS (DWL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
1
Accounting policies
Company information
De Wesselow Logistics (DWL) Limited is a private company limited by shares incorporated in England and Wales (company number: 09094696). The registered office is c/o Ryecroft Glenton, 32 Portland Terrace, Jesmond, Newcastle upon Tyne, NE2 1QP. The business address is Douglas Court, 16 Eleventh Avenue North, Gateshead, NE11 0JY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
1.2
Going concern
Despite the deficit on the balance sheet, the company has made a profit for the year. Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
In drawing this conclusion, the directors have given due consideration to the impact of the Coronavirus pandemic. The directors consider that the impact of the pandemic to the date of approval of these accounts is not significant enough to create material uncertainty that the company will continue to be a going concern.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years. At 30 June 2020, the NBV of goodwill was £nil (2019: £nil)
1.5
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Computers
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
DE WESSELOW LOGISTICS (DWL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
DE WESSELOW LOGISTICS (DWL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2019 and 30 June 2020
117,500
Amortisation and impairment
At 1 July 2019 and 30 June 2020
117,500
Carrying amount
At 30 June 2020
-
At 30 June 2019
-
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2019
675
Additions
1,225
At 30 June 2020
1,900
Depreciation and impairment
At 1 July 2019
135
Depreciation charged in the year
277
At 30 June 2020
412
Carrying amount
At 30 June 2020
1,488
At 30 June 2019
540
DE WESSELOW LOGISTICS (DWL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 6 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
411,718
146,753
Other debtors
34,605
432
446,323
147,185
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
1,571
277
Trade creditors
183,227
127,781
Corporation tax
14,823
11,392
Other taxation and social security
31,149
3,173
Other creditors
214,626
120,852
445,396
263,475
Included in other creditors is deferred income of £138,101 (2019: £50,913).
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans
47,413
-
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
9,824
19,381
DE WESSELOW LOGISTICS (DWL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 7 -
10
Directors' transactions
At 30 June 2020 Mr P De Wesselow owed the company £34,605 (30 June 2019: £28,350 owed to). The amount is interest free and will be repaid within nine months of the financial year end.
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