Company registration number 06317176 (England and Wales)
DACOL ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
DACOL ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DACOL ENGINEERING LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
83,472
109,714
Current assets
Stocks
20,192
15,621
Debtors
5
52,469
64,779
Cash at bank and in hand
78,985
46,792
151,646
127,192
Creditors: amounts falling due within one year
6
(56,000)
(63,416)
Net current assets
95,646
63,776
Total assets less current liabilities
179,118
173,490
Creditors: amounts falling due after more than one year
7
(16,912)
(26,733)
Provisions for liabilities
(20,845)
(24,803)
Net assets
141,361
121,954
Capital and reserves
Called up share capital
200
200
Share premium account
25,503
25,503
Capital redemption reserve
1
1
Profit and loss reserves
115,657
96,250
Total equity
141,361
121,954
DACOL ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
R Walker
P Mosley
Director
Director
Company Registration No. 06317176
DACOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Dacol Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 59-61, Block 8, Old Mill Lane Industrial Estate, Mansfield Woodhouse, Mansfield, Nottingham, NG19 9BG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It was initially recognised as an asset at cost and is now fully amortised.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% straight line
Fixtures and fittings
15% reducing balance
Motor vehicles
25% straight line
Plant and machinery
15% reducing balance
DACOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

These financial statements for the year ended 30 June 2023 are the first financial statements of Dacol Engineering Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

DACOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, are recognised at transaction price. inancial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

1.8
Equity instruments

Share capital issued by the company is recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

DACOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
144,000
Amortisation and impairment
At 1 July 2022 and 30 June 2023
144,000
Carrying amount
At 30 June 2023
-
0
At 30 June 2022
-
0
DACOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 July 2022
324,337
14,375
15,753
354,465
Disposals
(105,231)
(12,654)
(13,090)
(130,975)
At 30 June 2023
219,106
1,721
2,663
223,490
Depreciation and impairment
At 1 July 2022
219,115
10,548
15,088
244,751
Depreciation charged in the year
15,783
658
665
17,106
Eliminated in respect of disposals
(98,062)
(10,687)
(13,090)
(121,839)
At 30 June 2023
136,836
519
2,663
140,018
Carrying amount
At 30 June 2023
82,270
1,202
-
0
83,472
At 30 June 2022
105,222
3,827
665
109,714
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
50,081
62,300
Other debtors
2,388
2,479
52,469
64,779
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,648
10,648
Trade creditors
8,738
23,596
Corporation tax
7,400
-
0
Other taxation and social security
17,822
14,979
Other creditors
11,392
14,193
56,000
63,416
DACOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,912
26,733
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
15,016
12,032
2023-06-302022-07-01false27 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityR WalkerP MosleyJ E Walker063171762022-07-012023-06-30063171762023-06-30063171762022-06-3006317176core:PlantMachinery2023-06-3006317176core:FurnitureFittings2023-06-3006317176core:ComputerEquipment2023-06-3006317176core:PlantMachinery2022-06-3006317176core:FurnitureFittings2022-06-3006317176core:ComputerEquipment2022-06-3006317176core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3006317176core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3006317176core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3006317176core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3006317176core:CurrentFinancialInstruments2023-06-3006317176core:CurrentFinancialInstruments2022-06-3006317176core:ShareCapital2023-06-3006317176core:ShareCapital2022-06-3006317176core:SharePremium2023-06-3006317176core:SharePremium2022-06-3006317176core:CapitalRedemptionReserve2023-06-3006317176core:CapitalRedemptionReserve2022-06-3006317176core:RetainedEarningsAccumulatedLosses2023-06-3006317176core:RetainedEarningsAccumulatedLosses2022-06-3006317176bus:Director12022-07-012023-06-3006317176bus:Director22022-07-012023-06-3006317176core:Goodwill2022-07-012023-06-3006317176core:LandBuildingscore:OwnedOrFreeholdAssets2022-07-012023-06-3006317176core:LandBuildingscore:LongLeaseholdAssets2022-07-012023-06-3006317176core:LeaseholdImprovements2022-07-012023-06-3006317176core:PlantMachinery2022-07-012023-06-30063171762021-07-012022-06-3006317176core:NetGoodwill2022-06-3006317176core:NetGoodwill2023-06-3006317176core:NetGoodwill2022-06-3006317176core:PlantMachinery2022-06-3006317176core:FurnitureFittings2022-06-3006317176core:ComputerEquipment2022-06-30063171762022-06-3006317176core:FurnitureFittings2022-07-012023-06-3006317176core:ComputerEquipment2022-07-012023-06-3006317176core:WithinOneYear2023-06-3006317176core:WithinOneYear2022-06-3006317176core:Non-currentFinancialInstruments2023-06-3006317176core:Non-currentFinancialInstruments2022-06-3006317176bus:PrivateLimitedCompanyLtd2022-07-012023-06-3006317176bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3006317176bus:FRS1022022-07-012023-06-3006317176bus:AuditExemptWithAccountantsReport2022-07-012023-06-3006317176bus:CompanySecretary12022-07-012023-06-3006317176bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP