Company registration number 04169172 (England and Wales)
D.C.HANDRAILS AND IRONWORK PARTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
D.C.HANDRAILS AND IRONWORK PARTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
D.C.HANDRAILS AND IRONWORK PARTS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
708,580
693,468
Current assets
Stocks
5,101,018
4,761,243
Debtors
4
891,965
939,260
Cash at bank and in hand
3,876,783
2,241,750
9,869,766
7,942,253
Creditors: amounts falling due within one year
5
(1,138,184)
(901,318)
Net current assets
8,731,582
7,040,935
Total assets less current liabilities
9,440,162
7,734,403
Provisions for liabilities
(48,846)
(42,165)
Net assets
9,391,316
7,692,238
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
9,391,216
7,692,138
Total equity
9,391,316
7,692,238
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 11 October 2023 and are signed on its behalf by:
Mr DA Collins
Mrs SA Collins
Director
Director
Company registration number 04169172 (England and Wales)
D.C.HANDRAILS AND IRONWORK PARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
D.C.Handrails and Ironwork Parts Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Team Valley Brush Factory, Whickham Industrial Estate, Swalwell, Tyne and Wear, NE16 3DA.
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. 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 and services 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.
1.3
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:
Freehold land and buildings
2% straight line basis
Short leasehold
Straight line over 15 years
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% straight line basis
Motor vehicles
25% on reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
D.C.HANDRAILS AND IRONWORK PARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period in which they relate.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
30
30
D.C.HANDRAILS AND IRONWORK PARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
3
Tangible fixed assets
Freehold land and buildings
Short leasehold
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2022
521,525
33,516
99,189
158,150
97,983
56,244
966,607
Additions
18,859
1,324
4,160
38,495
62,838
Disposals
(4,000)
(4,000)
At 30 June 2023
521,525
33,516
114,048
159,474
102,143
94,739
1,025,445
Depreciation and impairment
At 1 July 2022
13,039
17,193
39,302
82,464
93,846
27,295
273,139
Depreciation charged in the year
10,431
1,180
10,502
11,404
2,486
9,531
45,534
Eliminated in respect of disposals
(1,808)
(1,808)
At 30 June 2023
23,470
18,373
47,996
93,868
96,332
36,826
316,865
Carrying amount
At 30 June 2023
498,055
15,143
66,052
65,606
5,811
57,913
708,580
At 30 June 2022
508,486
16,323
59,887
75,686
4,137
28,949
693,468
D.C.HANDRAILS AND IRONWORK PARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
342,026
348,370
Other debtors
463,974
515,146
Prepayments and accrued income
85,965
75,744
891,965
939,260
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
591,660
497,099
Corporation tax
233,612
138,125
Other taxation and social security
291,803
220,971
Other creditors
13,053
40,123
Accruals and deferred income
8,056
5,000
1,138,184
901,318
6
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
550,000
663,000