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Registration number: 06864912

Duchy Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Duchy Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 8

 

Duchy Limited

Company Information

Directors

Ms B Rosen

Mr P T Diment

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Duchy Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Duchy Limited for the year ended 31 March 2023 as set out on pages 3 to 8 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/regulation.

This report is made solely to the Board of Directors of Duchy 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 accounts of Duchy Limited and state those matters that we have agreed to state to the Board of Directors of Duchy 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 Duchy Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Duchy Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Duchy Limited. You consider that Duchy 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 accounts of Duchy 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 accounts.

......................................

Houndiscombe Consultants Limited
3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP

15 September 2023

 

Duchy Limited

(Registration number: 06864912)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

9,504

12,079

Current assets

 

Stocks

6

37,698

42,689

Debtors

7

24,081

39,445

Cash at bank and in hand

 

157,963

164,838

 

219,742

246,972

Creditors: Amounts falling due within one year

8

(203,082)

(235,572)

Net current assets

 

16,660

11,400

Total assets less current liabilities

 

26,164

23,479

Creditors: Amounts falling due after more than one year

8

(20,637)

(31,615)

Provisions for liabilities

(1,806)

(2,295)

Net assets/(liabilities)

 

3,721

(10,431)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,621

(10,531)

Shareholders' funds/(deficit)

 

3,721

(10,431)

 

Duchy Limited

(Registration number: 06864912)
Balance Sheet as at 31 March 2023

For the financial 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 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 small companies subject to the small company regime and the option not to file the Statement of Income and Retained Earnings and the Directors report has been taken.

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 15 September 2023 and signed on its behalf by:
 

.........................................

Ms B Rosen

Director

.........................................

Mr P T Diment

Director

 

Duchy Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
116-118 Launceston Road
Callington
Cornwall
PL17 8DS

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.

Going concern

The accounts have been prepared on a going concern basis as directors continue to provide financial support when necessary to the company. The directors have also reviewed the position for 12 months from the date the accounts were approved and in thier opinion the company will reduce the balance sheet deficiency and will show positive results for the next financial period.

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 the entity;
and specific criteria have been met for each of the company's activities.

 

Duchy Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Government grants

Government grants are fair value of the grants received by the government to support the company in the ordinary course of the company's activities.

The company recognises government grant income when the amount of grant can be reliably measured, and it is highly probable that future economic benefits of the grant will flow to the company.

Where government grants are received for long-term commitments and expenses, the amount of grant received is time apportioned appropriately, and released to match the relevant cost each year.

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.

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

Short leasehold land and buildings

Over the term of the lease

Motor vehicles

25% reducing balance

Computer equipment

33.3% straight line

Office and other equipment

15% reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,874

2,324

 

Duchy Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Short leasehold
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

12,331

12,459

29,763

54,553

Additions

-

300

-

300

At 31 March 2023

12,331

12,759

29,763

54,853

Depreciation

At 1 April 2022

12,331

10,938

19,205

42,474

Charge for the year

-

235

2,640

2,875

At 31 March 2023

12,331

11,173

21,845

45,349

Carrying amount

At 31 March 2023

-

1,586

7,918

9,504

At 31 March 2022

-

1,521

10,558

12,079

6

Stocks

2023
£

2022
£

Other inventories

37,698

42,689

 

Duchy Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Debtors

2023
£

2022
£

Trade debtors

18,563

33,743

Other debtors

5,518

5,702

24,081

39,445

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,978

10,051

Trade creditors

 

18,302

62,847

Taxation and social security

 

41,055

46,193

Accruals and deferred income

 

2,902

430

Other creditors

 

129,845

116,051

 

203,082

235,572

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,637

31,615

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,978

10,051