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2021-12-31
COMPANY REGISTRATION NUMBER:
01080775
DUFELL ROOFING COMPANY LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
DUFELL ROOFING COMPANY LIMITED |
|
YEAR ENDED 31st DECEMBER 2021
Officers and professional advisers |
1 |
|
|
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
DUFELL ROOFING COMPANY LIMITED |
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
The board of directors |
Mr S G Riddell |
|
Mrs J E Riddell |
|
|
Registered office |
Alexander House |
|
Unit 28 |
|
Faverdale Industrial Estate |
|
Darlington |
|
Co Durham |
|
DL3 0QQ |
|
|
Accountants |
Allen Sykes Ltd |
|
Chartered Accountants |
|
5 Henson Close |
|
South Church Enterprise Park |
|
Bishop Auckland |
|
County Durham |
|
DL14 6WA |
|
|
Bankers |
Lloyds Bank Plc |
|
Skinnergate |
|
Darlington |
|
County Durham |
|
DL3 7ND |
|
|
DUFELL ROOFING COMPANY LIMITED |
|
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS |
|
YEAR ENDED 31st DECEMBER 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dufell Roofing Company Limited for the year ended 31st December 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the directors of Dufell Roofing Company Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Dufell Roofing Company Limited and state those matters that we have agreed to state you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dufell Roofing Company Limited and its directors for our work or for this report.
It is your duty to ensure that Dufell Roofing Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dufell Roofing Company Limited. You consider that Dufell Roofing Company Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Dufell Roofing Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Allen Sykes Ltd
Chartered Accountants
5 Henson Close
South Church Enterprise Park
Bishop Auckland
County Durham
DL14 6WA
2 September 2022
DUFELL ROOFING COMPANY LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2021
FIXED ASSETS
Tangible assets |
5 |
|
118,206 |
|
141,017 |
|
|
|
|
|
|
CURRENT ASSETS
Stocks |
15,188 |
|
23,262 |
|
Debtors |
6 |
695,089 |
|
429,422 |
|
Cash at bank and in hand |
254,707 |
|
97,116 |
|
|
---------- |
|
---------- |
|
|
964,984 |
|
549,800 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
7 |
406,041 |
|
275,498 |
|
|
---------- |
|
---------- |
|
NET CURRENT ASSETS |
|
558,943 |
|
274,302 |
|
|
---------- |
|
---------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
677,149 |
|
415,319 |
|
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
8 |
|
219,697 |
|
61,667 |
|
|
|
|
|
|
PROVISIONS
Taxation including deferred tax |
|
22,453 |
|
26,154 |
|
|
---------- |
|
---------- |
NET ASSETS |
|
434,999 |
|
327,498 |
|
|
---------- |
|
---------- |
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
|
750 |
|
750 |
Capital redemption reserve |
|
750 |
|
750 |
Profit and loss account |
|
433,499 |
|
325,998 |
|
|
---------- |
|
---------- |
SHAREHOLDERS FUNDS |
|
434,999 |
|
327,498 |
|
|
---------- |
|
---------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
DUFELL ROOFING COMPANY LIMITED |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2021
For the year ending 31st 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
26 August 2022
, and are signed on behalf of the board by:
Company registration number:
01080775
DUFELL ROOFING COMPANY LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31st DECEMBER 2021
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alexander House, Unit 28, Faverdale Industrial Estate, Darlington, Co Durham, DL3 0QQ.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold property |
- |
5% straight line |
|
Plant and machinery |
- |
20% reducing balance |
|
Fixtures and fittings |
- |
10% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
24
(2020:
22
).
5.
TANGIBLE ASSETS
|
Leasehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1st January 2021 |
22,011 |
48,378 |
63,432 |
200,389 |
334,210 |
Additions |
– |
5,908 |
1,829 |
– |
7,737 |
|
--------- |
--------- |
--------- |
---------- |
---------- |
At 31st December 2021 |
22,011 |
54,286 |
65,261 |
200,389 |
341,947 |
|
--------- |
--------- |
--------- |
---------- |
---------- |
Depreciation |
|
|
|
|
|
At 1st January 2021 |
21,929 |
32,204 |
35,942 |
103,118 |
193,193 |
Charge for the year |
52 |
3,371 |
2,805 |
24,320 |
30,548 |
|
--------- |
--------- |
--------- |
---------- |
---------- |
At 31st December 2021 |
21,981 |
35,575 |
38,747 |
127,438 |
223,741 |
|
--------- |
--------- |
--------- |
---------- |
---------- |
Carrying amount |
|
|
|
|
|
At 31st December 2021 |
30 |
18,711 |
26,514 |
72,951 |
118,206 |
|
--------- |
--------- |
--------- |
---------- |
---------- |
At 31st December 2020 |
82 |
16,174 |
27,490 |
97,271 |
141,017 |
|
--------- |
--------- |
--------- |
---------- |
---------- |
|
|
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Motor vehicles |
|
£ |
At 31st December 2021 |
18,113 |
|
--------- |
At 31st December 2020 |
34,262 |
|
--------- |
|
|
6.
DEBTORS
|
2021 |
2020 |
|
£ |
£ |
Trade debtors |
440,102 |
375,389 |
Other debtors |
254,987 |
54,033 |
|
---------- |
---------- |
|
695,089 |
429,422 |
|
---------- |
---------- |
|
|
|
7.
CREDITORS:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
Bank loans and overdrafts |
37,500 |
4,167 |
Trade creditors |
227,745 |
105,637 |
Amounts owed to group undertakings |
– |
5,000 |
Accruals and deferred income |
54,656 |
36,823 |
Corporation tax |
47,894 |
35,033 |
Social security and other taxes |
28,033 |
79,805 |
Obligations under finance leases and hire purchase contracts |
8,637 |
8,637 |
Other creditors |
1,576 |
396 |
|
---------- |
---------- |
|
406,041 |
275,498 |
|
---------- |
---------- |
|
|
|
Hire purchase liabilities are secured against the assets to which they relate.
8.
CREDITORS:
amounts falling due after more than one year
|
2021 |
2020 |
|
£ |
£ |
Bank loans and overdrafts |
212,500 |
45,833 |
Obligations under finance leases and hire purchase contracts |
7,197 |
15,834 |
|
---------- |
--------- |
|
219,697 |
61,667 |
|
---------- |
--------- |
|
|
|
Hire purchase liabilities are secured against the assets to which they relate.
Included within creditors: amounts falling due after more than one year is an amount of £12,500 (2020: £5,834) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Interest on this loan is charged at a rate of 2.47% p.a.
9.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year company made a loan of £150,000 to a director. This loan is interest free and repayable on demand.
10.
RELATED PARTY TRANSACTIONS
The company leases its registered office from Dufell Roofing Company Limited Retirement Benefits Scheme. The original rent was set on 1st May 1998 for a period of twenty one years subject to upwardly only reviews every five years. The rent paid during the period by the company to the scheme was £14,000 (2020 : £10,500).