Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01truetrue5truefalse4true 01772283 2021-01-01 2021-12-31 01772283 2020-01-01 2020-12-31 01772283 2021-12-31 01772283 2020-12-31 01772283 2020-01-01 01772283 c:CompanySecretary1 2021-01-01 2021-12-31 01772283 c:Director1 2021-01-01 2021-12-31 01772283 c:Director2 2021-01-01 2021-12-31 01772283 c:Director3 2021-01-01 2021-12-31 01772283 c:Director4 2021-01-01 2021-12-31 01772283 c:Director5 2021-01-01 2021-12-31 01772283 c:RegisteredOffice 2021-01-01 2021-12-31 01772283 d:PlantMachinery 2021-12-31 01772283 d:PlantMachinery 2020-12-31 01772283 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 01772283 d:ComputerEquipment 2021-01-01 2021-12-31 01772283 d:PatentsTrademarksLicencesConcessionsSimilar 2021-01-01 2021-12-31 01772283 d:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 01772283 d:PatentsTrademarksLicencesConcessionsSimilar 2020-12-31 01772283 d:Non-currentFinancialInstruments d:UnlistedNon-exchangeTraded 2021-12-31 01772283 d:Non-currentFinancialInstruments d:UnlistedNon-exchangeTraded 2020-12-31 01772283 d:CurrentFinancialInstruments 2021-12-31 01772283 d:CurrentFinancialInstruments 2020-12-31 01772283 d:Non-currentFinancialInstruments 2021-12-31 01772283 d:Non-currentFinancialInstruments 2020-12-31 01772283 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 01772283 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 01772283 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 01772283 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 01772283 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 01772283 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 01772283 d:UKTax 2021-01-01 2021-12-31 01772283 d:UKTax 2020-01-01 2020-12-31 01772283 d:ShareCapital 2021-12-31 01772283 d:ShareCapital 2020-12-31 01772283 d:ShareCapital 2020-01-01 01772283 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 01772283 d:RetainedEarningsAccumulatedLosses 2021-12-31 01772283 d:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 01772283 d:RetainedEarningsAccumulatedLosses 2020-12-31 01772283 d:RetainedEarningsAccumulatedLosses 2020-01-01 01772283 c:OrdinaryShareClass1 2021-01-01 2021-12-31 01772283 c:OrdinaryShareClass1 2021-12-31 01772283 c:OrdinaryShareClass1 2020-12-31 01772283 c:OrdinaryShareClass2 2021-01-01 2021-12-31 01772283 c:OrdinaryShareClass2 2021-12-31 01772283 c:OrdinaryShareClass2 2020-12-31 01772283 c:FRS101 2021-01-01 2021-12-31 01772283 c:Audited 2021-01-01 2021-12-31 01772283 c:FullAccounts 2021-01-01 2021-12-31 01772283 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 01772283 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 01772283 d:TaxLossesCarry-forwardsDeferredTax 2020-12-31 01772283 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2021-01-01 2021-12-31 01772283 2 2021-01-01 2021-12-31 01772283 d:CurrentFinancialInstruments 7 2021-12-31 01772283 d:CurrentFinancialInstruments 7 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01772283









DU BOULAY CONTRACTS LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

 
DU BOULAY CONTRACTS LIMITED
 
 
COMPANY INFORMATION


Directors
David du Boulay 
David Budd FCA 
Lee Brownlee 
Scott Linden 
du Boulay Holdings Ltd 




Company secretary
David Budd FCA



Registered number
01772283



Registered office
7-9 Royal Victoria Patriotic Building
John Archer Way

Wandsworth

London

SW18 3SX




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
DU BOULAY CONTRACTS LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8 - 9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 23

 
DU BOULAY CONTRACTS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company continued to be that of the refurbishment of restaurants, hotels, wine bars and shop fitting.
Review of the year
The hospitality industry which the company serves as a key supplier has suffered for the second year running more than many other industries from the effects of the COVID19 pandemic and this has had a negative effect of the anticipated return to normal trading.  However the vaccination rollout has been successfully achieved and this has allowed a return of confidence to the hospitality industry.  The turnover of the company increased by 49% to £9.15m with an improved gross margin and narrowly failed to break even after the significant losses of 2020.   The trading activity of the first half of 2021 generated just 26% of the turnover for the year with the monthly run-rate averaging out in excess of £1m for the second half.   The loss for the year in part reflects a planned increase in overhead costs enlarging the workforce during the second half of the year to cope with the increasing pipeline of work.  Team du Boulay is now ready for the challenges and opportunities that 2022 will bring with the sustained increase in activity. 

Directors

The directors who served during the year were:

David du Boulay 
David Budd FCA 
Lee Brownlee 
Scott Linden 
du Boulay Holdings Ltd 
Page 1

 
DU BOULAY CONTRACTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 11 August 2022 and signed on its behalf.
 




David Budd FCA
Director
Page 2

 
DU BOULAY CONTRACTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DU BOULAY CONTRACTS LIMITED
 

Opinion


We have audited the financial statements of du Boulay Contracts Limited (the 'company') for the year ended 31 December 2021, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
DU BOULAY CONTRACTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DU BOULAY CONTRACTS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Page 4

 
DU BOULAY CONTRACTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DU BOULAY CONTRACTS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• The engagement partner ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non-compliance with applicable laws     nd regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and    other management, and from our commercial knowledge and experience of the sector that the company   operates in;
• We focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the company, including the Companies Act 2006;
• We assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management, reviewing board minutes, relevant correspondence and certificates held; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non compliance throughout the audit. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management and the board as to where they consider there was susceptibility to    fraud  along with their knowledge of actual, suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations; and
• Our review of financial statements and testing the disclosures against supporting documentation. 
 
Page 5

 
DU BOULAY CONTRACTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DU BOULAY CONTRACTS LIMITED (CONTINUED)


To address the risk of fraud through management bias and override of controls we:
• Performed analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspected and tested journal entries to identify unusual or unexpected transactions;
• Assessed whether judgement and assumptions made in determining significant accounting estimates,    including revaluations of tangible fixed assets and the useful economic life of tangible fixed assets, were    indicative of management bias; and
• Investigated the rationale behind significant transactions, or transactions that are unusual or outside the    company’s usual course of business. 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

9 September 2022
Page 6

 
DU BOULAY CONTRACTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
£
£

  

Turnover
  
9,151,140
6,144,534

Cost of sales
  
(8,025,215)
(5,518,047)

Gross profit
  
1,125,925
626,487

Administrative expenses
  
(1,177,436)
(975,035)

Other operating income
 4 
6,519
74,800

Operating loss
  
(44,992)
(273,748)

Income from fixed assets investments
 9 
26
(830)

Interest receivable and similar income
 10 
496
980

Interest payable and similar expenses
 11 
(16,048)
(7,840)

Loss before tax
  
(60,518)
(281,438)

Tax on loss
 12 
38,981
98,000

Loss for the financial year
  
(21,537)
(183,438)

There were no recognised gains and losses for 2021 or 2020 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 11 to 23 form part of these financial statements.
Page 7

 
DU BOULAY CONTRACTS LIMITED
REGISTERED NUMBER: 01772283

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 13 
114,547
44,151

Tangible assets
 14 
416
596

Investments
 15 
272
246

  
115,235
44,993

Current assets
  

Stocks
 16 
68,696
40,188

Debtors: amounts falling due within one year
 17 
2,781,274
1,056,773

Cash at bank and in hand
 18 
81,599
17,636

  
2,931,569
1,114,597

Creditors: amounts falling due within one year
 19 
(2,745,304)
(884,069)

Net current assets
  
 
 
186,265
 
 
230,528

Total assets less current liabilities
  
301,500
275,521

Creditors: amounts falling due after more than one year
 20 
(255,775)
(208,259)

  

Net assets
  
45,725
67,262


Capital and reserves
  

Called up share capital 
 23 
233
233

Profit and loss account
  
45,492
67,029

  
45,725
67,262

Page 8

 
DU BOULAY CONTRACTS LIMITED
REGISTERED NUMBER: 01772283
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

The company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



David Budd FCA
Director

Date: 11 August 2022

The notes on pages 11 to 23 form part of these financial statements.
Page 9

 
DU BOULAY CONTRACTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2021
233
67,029
67,262



Loss for the year
-
(21,537)
(21,537)


At 31 December 2021
233
45,492
45,725



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2020
233
250,467
250,700



Loss for the year
-
(183,438)
(183,438)


At 31 December 2020
233
67,029
67,262


The notes on pages 11 to 23 form part of these financial statements.
Page 10

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

du Boulay Contracts Limited is a private company limited by shares and registered in England and Wales. The registered office is 7 Royal Victoria Patriotic Building, John Archer Way, Wandsworth, London SE18 3SX. The principal activity is that of the refurbishment of restaurants, hotels, wine bars and shop fit outs.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of IAS 7 Statement of Cash Flows
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of MBH Corporation Plc as at 31 December 2021 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

Current contract work and positive negotiations of future contract work provides the board of directors with the confidence that the company has an adequate pipeline of work to achieve its targets for 2022.  It retains the confidence of its bank with the recent renewal of its banking facilities and has favourable credit terms and relationships with its extensive supply chain. The board of directors is confident that it has adequate resources to continue its operations for the foreseeable future and therefore these financial statements have been prepared on the going concern basis.
The company has taken advantage of the government’s COVID support initiatives to which it was entitled. Health & Safety has always been of paramount importance and all its sites have been maintained Covid-secure with no significant impact of the virus either on site or in the office.  Whilst working from home had been mandatory for those who can, it has tested our e-systems to the full and they have not been found wanting. Our migration to cloud computing some years ago for every program has ensured an efficient working environment which is accessible by every staff member. 

Page 11

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from providing services is recognised in the accounting period in which the services are rendered.

For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

  
2.5

Retentions

Retentions are recongnised in full at the date of the practical completion.
At each reporting date, the directors review the level of retentions recongnised for each project to determine whether any indication or risk exists of default, or that any retention will be recovered in full.

  
2.6

Long term contracts

Amounts recoverable on long term contracts, which are included within debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Profit to stage of completion is included in contract valuation.

 
2.7

Government grants

Government grants received on capital expenditure are initially recognised within deferred income on the company's Statement of financial position and are subsequently recognised in profit or loss on a systematic basis over the useful life of the related capital expenditure.
Grants for revenue expenditure are presented as part of the profit or loss in the periods in which the expenditure is recognised.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 12

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
30%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.13

Work in progress

Work in progress is valued at the lower of cost and net realisable value. Cost of work in progress includes overheads approprivate to the stage of completion. Net realisable value is based upon estimated selling price less further costs expected to be incurred to comletion and disposal.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 13

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.15

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.17

Financial instruments

The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

  
2.18

Taxation

The tax expenses represents the sum of the current tax expenses and deferred tax expenses. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax tax is charged or credited to profit and loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liabiliry simultaneously.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted substantively enacted by the reporting period. 

Page 14

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

  
2.19

Retirement benefits

The company operates defined contribution schemes for the benefit of its employees. The amount charged to profit and loss is the contributions payable in the year. Difference between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. 

  
2.20

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies:
Management have exercised judgment in respect of the recoverability of debtor balances. 
There were no other significant judgments exercised by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions:
The company has made key assumptions regarding the useful economic life of intangible and tangible fixed assets and this is further described in notes 2.9 and 2.10 of accounting policies.


4.


Other operating income

2021
2020
£
£

Government grants receivable
6,519
74,800



5.


Operating loss

The operating loss is stated after charging:

2021
2020
£
£

Depreciation of tangible fixed assets
180
256

Amortisation of intangible assets, including goodwill
65,854
53,835

Page 15

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Auditors' remuneration

2021
2020
£
£


Fees payable to the company's auditor and its associates for the audit of the company's annual financial statements
9,250
9,250




7.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2021
        2020
            No.
            No.







Staff
5
4


8.


Directors' remuneration

2021
2020
£
£

Company contributions to defined contribution pension schemes
6,000
6,000


During the year retirement benefits were accruing to 2 directors (2020 - 2) in respect of defined contribution pension schemes.


9.


Income from investments

2021
2020
£
£





Change in fair value of investments
(26)
830



10.


Interest receivable

2021
2020
£
£


Other interest receivable
496
980

Page 16

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Interest payable and similar expenses

2021
2020
£
£


Bank interest payable
15,104
6,105

Other loan interest payable
944
1,735

16,048
7,840


12.


Taxation


2021
2020
£
£

Corporation tax


Current tax on profits for the year
-
(98,000)

Adjustments in respect of previous periods
(32,000)
-


Deferred tax


Origination and reversal of timing differences
(6,981)
-


Taxation on loss on ordinary activities
(38,981)
(98,000)

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of19% (2020 -19%).



Factors that may affect future tax charges

The company has tax losses of £922,417 (2020 - £903,771) available for carry forward against future trading profit.

Page 17

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

13.


Intangible assets




Intellectual Property

£



Cost


At 1 January 2021
125,515


Additions - external
136,250



At 31 December 2021

261,765



Amortisation


At 1 January 2021
81,364


Charge for the year on owned assets
65,854



At 31 December 2021

147,218



Net book value



At 31 December 2021
114,547



At 31 December 2020
44,151




Page 18

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

14.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 January 2021
1,570



At 31 December 2021

1,570



Depreciation


At 1 January 2021
974


Charge for the year on owned assets
180



At 31 December 2021

1,154



Net book value



At 31 December 2021
416



At 31 December 2020
596

Page 19

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

15.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 January 2021
246


Revaluations
26



At 31 December 2021
272






Net book value



At 31 December 2021
272



At 31 December 2020
246
Page 20

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

16.


Stocks

2021
2020
£
£

Work in progress
68,696
40,188




17.


Debtors

2021
2020
£
£


Trade debtors and accrued income
2,423,516
711,869

Amounts owed by group undertakings
1,100
1,100

Other debtors
111,456
138,111

Prepayments and accrued income
69,735
37,207

Deferred taxation
175,467
168,486

2,781,274
1,056,773



18.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
81,599
17,636



19.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
53,035
41,741

Trade creditors
2,287,113
592,143

Other taxation and social security
284,295
88,653

Lease liabilities
12,863
10,583

Other creditors
57,139
117,600

Accruals and deferred income
50,859
33,349

2,745,304
884,069


Lease liabilities are secured over the assets to which they relate. Bank loans are secured by fixed and floating charges over the assets of the company.

Page 21

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

20.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
255,775
208,259



21.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
53,035
41,741


Amounts falling due 2-5 years

Bank loans
255,775
208,259


308,810
250,000



22.


Deferred taxation




2021
2020


£

£






At beginning of year
168,486
118,486


Credited/(charged) to profit or loss
6,981
50,000



At end of year
175,467
168,486

The deferred tax asset is made up as follows:

2021
2020
£
£


Tax losses carried forward
175,467
168,486

Page 22

 
DU BOULAY CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

23.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



200 (2020 - 200) Ordinary A shares of £1.00 each
200
200
33 (2020 - 33) Ordinary B shares of £1.00 each
33
33

233

233



24.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the fund and amounted to £10,837 (2020 - £10,438). Contributions totalling £8,177 (2020 - £2,289) were payable to the fund at the balance sheet date and are included in creditors.


25.Finance lease commitments

At the balance sheet date the company had total minimum lease payment commitments under non-cancellable finance leases of £11,507 (2020 - £7,871) which is due within one year. The finance leases are secured against the assets of the company.


26.


Related party transactions

Included within creditors are amounts owed to the directors of £48,960 (2020 - £104,066). Agreements were signed by the two directors for the loans to be repaid in equal instalments over 48 months commencing in April 2019.


27.


Parent Company

The parent company is MBH Corporation Plc.

 
Page 23