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Registration number: 02606892

Trade & D.I.Y. Products Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Trade & D.I.Y. Products Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Trade & D.I.Y. Products Limited

Company Information

Directors

Miss K M Barlow

Mr L J Barlow

Mr R A Barlow

Mrs A L Barlow

Company secretary

Mrs A L Barlow

Registered office

TDP Ltd
Derby Road
Wirksworth
Derbyshire
DE4 4BG

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Trade & D.I.Y. Products Limited

(Registration number: 02606892)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

946,749

830,734

Current assets

 

Stocks

5

369,404

279,371

Debtors

6

288,539

411,791

Cash at bank and in hand

 

102,917

65,217

 

760,860

756,379

Creditors: Amounts falling due within one year

7

(655,862)

(683,590)

Net current assets

 

104,998

72,789

Total assets less current liabilities

 

1,051,747

903,523

Creditors: Amounts falling due after more than one year

7

(198,442)

(240,549)

Provisions for liabilities

(36,382)

(36,833)

Net assets

 

816,923

626,141

Capital and reserves

 

Allotted, called up and fully paid share capital

867

901

Capital redemption reserve

34

-

Other reserves

81,782

81,782

Profit and loss account

734,240

543,458

 

816,923

626,141

Total equity

 

816,923

626,141

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

 

Trade & D.I.Y. Products Limited

(Registration number: 02606892)
Balance Sheet as at 31 December 2021

Approved and authorised by the Board on 12 August 2022 and signed on its behalf by:
 

.........................................
Mr R A Barlow
Director

   
     
 

Trade & D.I.Y. Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital incorporated in England registration number: 02606892.

The address of its registered office is:
TDP Ltd
Derby Road
Wirksworth
Derbyshire
DE4 4BG
England

These financial statements were authorised for issue by the Board on 12 August 2022.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime). The date of transition was 1 January 2015.

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.

The presentation currency is £ sterling.

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.

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in the profit and loss on a systematic basis over the period in which the entity recognises the related costs for which grants are intended to compensate.

 

Trade & D.I.Y. Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Land

No depreciation

Freehold property

2% straight line basis depreciation

Plant and machinery

25% reducing balance basis

Fixtures and fittings

10% reducing balance basis

Motor vehicles

25% reducing balance basis

 

Trade & D.I.Y. Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Provisions

A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2020 - 12).

 

Trade & D.I.Y. Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2021

625,655

114,558

48,762

407,106

1,196,081

Additions

128,923

4,407

-

45,726

179,056

Disposals

-

(589)

-

(12,123)

(12,712)

At 31 December 2021

754,578

118,376

48,762

440,709

1,362,425

Depreciation

At 1 January 2021

23,406

74,638

38,899

228,404

365,347

Charge for the year

4,738

4,030

2,465

50,594

61,827

Eliminated on disposal

-

(510)

-

(10,988)

(11,498)

At 31 December 2021

28,144

78,158

41,364

268,010

415,676

Carrying amount

At 31 December 2021

726,434

40,218

7,398

172,699

946,749

At 31 December 2020

602,249

39,920

9,863

178,702

830,734

 

Trade & D.I.Y. Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Stocks

2021
£

2020
£

Stock

369,404

279,371

6

Debtors

Current

2021
£

2020
£

Trade debtors

276,229

367,526

Prepayments

11,697

11,381

Other debtors

613

32,884

 

288,539

411,791

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

274,315

334,477

Trade creditors

 

250,524

228,825

Taxation and social security

 

77,068

46,494

Accruals and deferred income

 

19,801

12,090

Other creditors

 

34,154

61,704

 

655,862

683,590

Creditors include bank loans, overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £215,928 (2020 - £325,026). In addition, there is a Coronavirus Business Interruption Loan, whereby 80% of the loan is secured by the Government of £46,709 (2020 - £9,451).

 

Trade & D.I.Y. Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

198,442

240,549

 

198,442

240,549

Creditors include bank loans, overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £16,279 (2020 - £Nil). In addition, there is a Coronavirus Business Interruption Loan, whereby 80% of the loan is secured by the Government of £145,730 (2020 - £190,549).