Ian Duggan Limited 07526560 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of Other service activities not elsewhere classified Digita Accounts Production Advanced 6.30.9574.0 true 07526560 2022-03-01 2023-02-28 07526560 2023-02-28 07526560 bus:OrdinaryShareClass1 bus:OtherShareType 2023-02-28 07526560 bus:Revised 2023-02-28 07526560 core:CurrentFinancialInstruments 2023-02-28 07526560 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 07526560 core:Non-currentFinancialInstruments 2023-02-28 07526560 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 07526560 core:OfficeEquipment 2023-02-28 07526560 core:PlantMachinery 2023-02-28 07526560 bus:SmallEntities 2022-03-01 2023-02-28 07526560 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 07526560 bus:FullAccounts 2022-03-01 2023-02-28 07526560 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 07526560 bus:RegisteredOffice 2022-03-01 2023-02-28 07526560 bus:Director1 2022-03-01 2023-02-28 07526560 bus:Director2 2022-03-01 2023-02-28 07526560 bus:OrdinaryShareClass1 bus:OtherShareType 2022-03-01 2023-02-28 07526560 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07526560 core:ComputerEquipment 2022-03-01 2023-02-28 07526560 core:OfficeEquipment 2022-03-01 2023-02-28 07526560 core:PlantMachinery 2022-03-01 2023-02-28 07526560 countries:EnglandWales 2022-03-01 2023-02-28 07526560 2022-02-28 07526560 core:OfficeEquipment 2022-02-28 07526560 core:PlantMachinery 2022-02-28 07526560 2021-03-01 2022-02-28 07526560 2022-02-28 07526560 bus:OrdinaryShareClass1 bus:OtherShareType 2022-02-28 07526560 core:CurrentFinancialInstruments 2022-02-28 07526560 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 07526560 core:Non-currentFinancialInstruments 2022-02-28 07526560 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 07526560 core:OfficeEquipment 2022-02-28 07526560 core:PlantMachinery 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07526560

Ian Duggan Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Ian Duggan Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Ian Duggan Limited

Company Information

Directors

Mr Ian Nicholas Shore Duggan

Mrs Vivien Judith Duggan

Registered office

3 Sycamore Yard
Blakesley
Northants
NN12 8QY

Accountants

KRW Accountants Ltd
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Ian Duggan Limited

(Registration number: 07526560)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

23,530

Current assets

 

Debtors

5

146,736

198,428

Cash at bank and in hand

 

1,204

106,266

 

147,940

304,694

Creditors: Amounts falling due within one year

6

(116,400)

(211,422)

Net current assets

 

31,540

93,272

Total assets less current liabilities

 

31,540

116,802

Creditors: Amounts falling due after more than one year

6

(22,500)

(32,500)

Net assets

 

9,040

84,302

Capital and reserves

 

Called up share capital

2

2

Retained earnings

9,038

84,300

Shareholders' funds

 

9,040

84,302

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 March 2023 and signed on its behalf by:
 

.........................................
Mr Ian Nicholas Shore Duggan
Director

.........................................
Mrs Vivien Judith Duggan
Director

 

Ian Duggan Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Sycamore Yard
Blakesley
Northants
NN12 8QY
England

These financial statements were authorised for issue by the Board on 28 March 2023.

The company registration number is 07526560

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Ian Duggan Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Straight Line

Computer equipment

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ian Duggan Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Ian Duggan Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

38,183

12,329

50,512

Disposals

(38,183)

-

(38,183)

At 28 February 2023

-

12,329

12,329

Depreciation

At 1 March 2022

14,820

12,162

26,982

Charge for the year

-

167

167

Eliminated on disposal

(14,820)

-

(14,820)

At 28 February 2023

-

12,329

12,329

Carrying amount

At 28 February 2023

-

-

-

At 28 February 2022

23,363

167

23,530

5

Debtors

Current

2023
£

2022
£

Trade debtors

121,851

120,135

Other debtors

24,885

78,293

 

146,736

198,428

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

741

1,800

Taxation and social security

 

-

4,324

Accruals and deferred income

 

8,069

14,907

Other creditors

 

97,590

180,391

 

116,400

211,422

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

22,500

32,500

 

Ian Duggan Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,500

32,500

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000