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COMPANY REGISTRATION NUMBER: 07404721
Durley Shopfitting Contractors Limited
Filleted unaudited financial statements
31 December 2022
Durley Shopfitting Contractors Limited
Statement of financial position
31 December 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
6
30,293
4,346
Current assets
Debtors
7
351,307
323,332
Cash at bank and in hand
66,648
109,572
---------
---------
417,955
432,904
Creditors: amounts falling due within one year
8
( 158,235)
( 202,724)
---------
---------
Net current assets
259,720
230,180
---------
---------
Total assets less current liabilities
290,013
234,526
Creditors: amounts falling due after more than one year
9
( 7,533)
( 14,550)
---------
---------
Net assets
282,480
219,976
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
282,380
219,876
---------
---------
Shareholders funds
282,480
219,976
---------
---------
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.
For the year ending 31st December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Durley Shopfitting Contractors Limited
Statement of financial position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 26 September 2023 , and are signed on behalf of the board by:
Mr D Peat
Director
Company registration number: 07404721
Durley Shopfitting Contractors Limited
Notes to the financial statements
year ended 31st December 2022
1. General information
The principal activity of the company is shopfitting and construction . The company is a private company limited by shares, which is incorporated in England and Wales (no 07404721 ). The address of the registered office is Siddall Street, Leeds, LS11 9AG.
2. Statement of compliance
These 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 and investment properties measured at fair value through profit or loss.
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 for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery
-
25% straight line basis
Fixtures and fittings
-
25% straight line basis
Motor vehicles
-
25% straight line basis
Office equipment
-
25% straight line basis
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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1st January 2022 and 31st December 2022
100,000
---------
Amortisation
At 1st January 2022 and 31st December 2022
100,000
---------
Carrying amount
At 31st December 2022
---------
At 31st December 2021
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st January 2022
20,939
731
72,509
11,020
105,199
Additions
609
27,750
2,041
30,400
Disposals
( 10,185)
( 10,185)
-------
----
-------
-------
---------
At 31st December 2022
21,548
731
90,074
13,061
125,414
-------
----
-------
-------
---------
Depreciation
At 1st January 2022
19,638
731
72,509
7,975
100,853
Charge for the year
640
2,312
1,501
4,453
Disposals
( 10,185)
( 10,185)
-------
----
-------
-------
---------
At 31st December 2022
20,278
731
64,636
9,476
95,121
-------
----
-------
-------
---------
Carrying amount
At 31st December 2022
1,270
25,438
3,585
30,293
-------
----
-------
-------
---------
At 31st December 2021
1,301
3,045
4,346
-------
----
-------
-------
---------
7. Debtors
2022
2021
£
£
Trade debtors
95,499
70,787
Prepayments and accrued income
18,703
17,107
Director's loan account
36,438
34,321
Other debtors
200,667
201,117
---------
---------
351,307
323,332
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
109,467
156,137
Accruals and deferred income
3,010
2,756
Corporation tax
16,000
18,000
Social security and other taxes
12,063
9,312
Obligations under finance leases and hire purchase contracts
16,905
Other creditors
790
16,519
---------
---------
158,235
202,724
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
7,533
14,550
------
-------
10. Director's advances, credits and guarantees
Included in debtors at the year end is £36,438 (2021 - £34,321) due from the director.