Registered number
05210011
Dorclose Limited
Filleted Accounts
31 December 2021
Dorclose Limited
Registered number: 05210011
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 28,270 32,498
Current assets
Stocks 144,924 124,159
Debtors 4 299,987 218,724
Cash at bank and in hand 123,325 240,194
568,236 583,077
Creditors: amounts falling due within one year 5 (255,212) (234,616)
Net current assets 313,024 348,461
Total assets less current liabilities 341,294 380,959
Provisions for liabilities (3,088) (3,637)
Net assets 338,206 377,322
Capital and reserves
Called up share capital 120 120
Profit and loss account 338,086 377,202
Shareholders' funds 338,206 377,322
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Bryan
Director
Approved by the board on 5 September 2022
Dorclose Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2021 57,042 28,239 16,760 102,041
Additions - 556 - 556
At 31 December 2021 57,042 28,795 16,760 102,597
Depreciation
At 1 January 2021 43,688 16,951 8,904 69,543
Charge for the year 1,335 1,485 1,964 4,784
At 31 December 2021 45,023 18,436 10,868 74,327
Net book value
At 31 December 2021 12,019 10,359 5,892 28,270
At 31 December 2020 13,354 11,288 7,856 32,498
4 Debtors 2021 2020
£ £
Trade debtors 202,239 135,932
Other debtors 97,748 82,792
299,987 218,724
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 198,486 174,435
Amounts owed to group undertakings and undertakings in which the company has a participating interest 8,150 4,818
Taxation and social security costs 47,644 54,628
Other creditors 932 735
255,212 234,616
6 Other financial commitments 2021 2020
£ £
Total future minimum payments under non-cancellable operating leases 30,000 37,611
7 Controlling party
The directors consider Edward Steel and Craig Limited, a company registered in England and Wales (Reg 1124750), to be the ultimate holding company. Edward Steel and Craig Limited holds 66.7% of the issued share capital of the company.
8 Other information
Dorclose Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6 Chancerygate Business Centre
Tallon Road
Brentwood
Essex
CM13 1TE
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