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Company registration number: 01209194
Duckworth & Kent (Precision Components) Limited
Unaudited filleted financial statements
31 January 2022
Duckworth & Kent (Precision Components) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Duckworth & Kent (Precision Components) Limited
Directors and other information
Directors Miss J A Bottazzi
Mr N J Drake (Appointed 26 May 2022)
Mr S Merola (Appointed 26 May 2022)
Company number 01209194
Registered office Unit 1 Edison Road
St Ives
Huntingdon
Cambridgeshire
PE27 3LF
Accountants Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers Barclays Bank Plc
41 High Street
St Neots
Huntingdon
Cambridgeshire
Duckworth & Kent (Precision Components) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Duckworth & Kent (Precision Components) Limited
Year ended 31 January 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Duckworth & Kent (Precision Components) Limited for the year ended 31 January 2022 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Duckworth & Kent (Precision Components) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Duckworth & Kent (Precision Components) Limited and state those matters that we have agreed to state to the board of directors of Duckworth & Kent (Precision Components) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Duckworth & Kent (Precision Components) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Duckworth & Kent (Precision Components) 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 loss of Duckworth & Kent (Precision Components) Limited. You consider that Duckworth & Kent (Precision Components) 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 Duckworth & Kent (Precision Components) 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.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
13 September 2022
Duckworth & Kent (Precision Components) Limited
Statement of financial position
31 January 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 34,521 39,749
_______ _______
34,521 39,749
Current assets
Stocks 84,669 87,087
Debtors 6 94,216 104,846
Cash at bank and in hand 8 50,005
_______ _______
178,893 241,938
Creditors: amounts falling due
within one year 7 ( 116,729) ( 123,740)
_______ _______
Net current assets 62,164 118,198
_______ _______
Total assets less current liabilities 96,685 157,947
Creditors: amounts falling due
after more than one year 8 ( 46,582) ( 52,167)
_______ _______
Net assets 50,103 105,780
_______ _______
Capital and reserves
Called up share capital 500 500
Profit and loss account 49,603 105,280
_______ _______
Shareholders funds 50,103 105,780
_______ _______
For the year ending 31 January 2022 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 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.
These financial statements were approved by the board of directors and authorised for issue on 13 September 2022 , and are signed on behalf of the board by:
Mr N J Drake Mr S Merola
Director Director
Company registration number: 01209194
Duckworth & Kent (Precision Components) Limited
Notes to the financial statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Unit 1 Edison Road, St Ives, Huntingdon, Cambridgeshire, PE27 3LF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on a going concern basis. 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.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 4 years or 10 years
Fittings fixtures and equipment - 4 years
Motor vehicles - 5 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates. No depreciation is provided in the year of purchase with a full years charge in the year of sale.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
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 6 (2021: 6 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2021 and 31 January 2022 672,583 14,952 10,089 697,624
_______ _______ _______ _______
Depreciation
At 1 February 2021 632,850 14,937 10,088 657,875
Charge for the year 5,228 - - 5,228
_______ _______ _______ _______
At 31 January 2022 638,078 14,937 10,088 663,103
_______ _______ _______ _______
Carrying amount
At 31 January 2022 34,505 15 1 34,521
_______ _______ _______ _______
At 31 January 2021 39,733 15 1 39,749
_______ _______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 85,110 94,678
Other debtors 9,106 10,168
_______ _______
94,216 104,846
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loan and overdraft 28,170 20,779
Trade creditors 28,101 17,988
Social security and other taxes 18,213 33,872
Other creditors 42,245 51,101
_______ _______
116,729 123,740
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loan 46,582 49,167
Other creditors - 3,000
_______ _______
46,582 52,167
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 21,135 (2021 £ 9,167 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Bank bounce back loan is repayable by installments. Interest is charged at 2.5% per annum.
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 27,000 27,000
Later than 1 year and not later than 5 years - 27,000
_______ _______
27,000 54,000
_______ _______
10. Pension commitments
The company's annual commitment under the scheme is for contributions of £5,084 (2021-£6,877). Included in other creditors is an amount due to the pension company odf £1,146 (2020-£1,143).