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COMPANY REGISTRATION NUMBER: 09008994
DM Commercial Developments Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2022
DM Commercial Developments Ltd
Financial Statements
Year ended 31 March 2022
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
DM Commercial Developments Ltd
Officers and Professional Advisers
Director
Mr D Morris
Registered office
19 Gretton Street
Barleythorpe
Oakham
LE15 7UU
Accountants
ADS Accountancy Limited
Chartered Certified Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Bankers
Natwest Bank Plc
Market Place
Loughborough
Leicestershire
LE11 3NZ
DM Commercial Developments Ltd
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
3
9,257
984
Current assets
Stocks
28,072
Debtors
4
25,924
24,511
Cash at bank and in hand
15,943
104,079
--------
---------
69,939
128,590
Creditors: amounts falling due within one year
5
4,880
55,415
--------
---------
Net current assets
65,059
73,175
--------
--------
Total assets less current liabilities
74,316
74,159
--------
--------
Capital and reserves
Called up share capital
6
200
200
Profit and loss account
74,116
73,959
--------
--------
Shareholders funds
74,316
74,159
--------
--------
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 income statement has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 1 September 2022 , and are signed on behalf of the board by:
Mr D Morris
Partner
Company registration number: 09008994
DM Commercial Developments Ltd
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 19 Gretton Street, Barleythorpe, Oakham, LE15 7UU.
2. 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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced for work carried out during the year, exclusive of Value Added Tax.
Income tax
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor vehicles
-
25% reducing balance
Office equipment
-
20% 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.
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. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
3. Tangible assets
Motor vehicles
Office Equipment
Total
£
£
£
Cost
At 1 April 2021
2,128
2,128
Additions
8,675
195
8,870
-------
-------
--------
At 31 March 2022
8,675
2,323
10,998
-------
-------
--------
Depreciation
At 1 April 2021
1,144
1,144
Charge for the year
361
236
597
-------
-------
--------
At 31 March 2022
361
1,380
1,741
-------
-------
--------
Carrying amount
At 31 March 2022
8,314
943
9,257
-------
-------
--------
At 31 March 2021
984
984
-------
-------
--------
4. Debtors
2022
2021
£
£
Other debtors
25,924
24,511
--------
--------
5. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,763
264
Corporation tax
3,738
Social security and other taxes
18,276
Other creditors
3,117
33,137
-------
--------
4,880
55,415
-------
--------
6. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary A shares of £ 1 each
102
102
102
102
Ordinary B shares of £ 1 each
98
98
98
98
----
----
----
----
200
200
200
200
----
----
----
----
7. Partner's advances, credits and guarantees
At the statement of financial position date the amount owing to the director was £3,117 (2021:£33,137). The directors loan account is unsecured, interest free and repayable on demand.