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COMPANY REGISTRATION NUMBER: 665628
D McNair Ltd
Filleted Unaudited Abridged Financial Statements
31 March 2023
D McNair Ltd
Abridged Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,021,542
877,448
Current assets
Stocks
131,386
111,646
Debtors
159,788
194,858
Cash at bank and in hand
17,729
16,719
---------
---------
308,903
323,223
Creditors: amounts falling due within one year
203,753
167,728
---------
---------
Net current assets
105,150
155,495
------------
------------
Total assets less current liabilities
1,126,692
1,032,943
Creditors: amounts falling due after more than one year
2,378,055
2,354,759
------------
------------
Net liabilities
( 1,251,363)
( 1,321,816)
------------
------------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
( 1,261,363)
( 1,331,816)
------------
------------
Shareholders deficit
( 1,251,363)
( 1,321,816)
------------
------------
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
D McNair Ltd
Abridged Statement of Financial Position (continued)
31 March 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 23 September 2023 , and are signed on behalf of the board by:
J. McNair
Director
Company registration number: 665628
D McNair Ltd
Notes to the Abridged Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dickley Hall, Mistley, Manningtree, Essex, CO11 2NW.
2. Statement of compliance
These abridged 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 measured at fair value through profit or loss.
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.
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:
Property
-
5% straight line
Plant & machinery
-
5% straight line - 15% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 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 abridged 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.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
£
Cost
At 1 April 2022
1,284,551
Additions
214,313
Disposals
( 26,521)
------------
At 31 March 2023
1,472,343
------------
Depreciation
At 1 April 2022
407,103
Charge for the year
62,404
Disposals
( 18,706)
------------
At 31 March 2023
450,801
------------
Carrying amount
At 31 March 2023
1,021,542
------------
At 31 March 2022
877,448
------------
6. Related party transactions
The company was under the control of Mr J McNair throughout the current and previous year. Mr J McNair is the managing director and majority shareholder.