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Registration number: 01323827

East Kent Components (Dover) Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

East Kent Components (Dover) Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

East Kent Components (Dover) Limited

Company Information

Directors

Mrs Angela Dilnot-Smith

Mr Richard Bishop

Mrs. Rita Bishop

Mr Nigel Dilnot-Smith

Registered office

1 Poulton Close
Dover
Kent
CT17 0HL

Accountants

Cannons
Chartered Certified Accountants
Unit 1A
Park Farm Industrial Estate
Folkestone
Kent
Kent
CT19 5EY

 

East Kent Components (Dover) Limited

(Registration number: 01323827)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,243

19,866

Current assets

 

Stocks

5

489,275

474,846

Debtors

6

289,233

319,234

Investments

7

183,432

183,432

Cash at bank and in hand

 

149,440

139,646

 

1,111,380

1,117,158

Creditors: Amounts falling due within one year

(401,727)

(432,868)

Net current assets

 

709,653

684,290

Total assets less current liabilities

 

717,896

704,156

Accruals and deferred income

 

(10,922)

(5,092)

Net assets

 

706,974

699,064

Capital and reserves

 

Called up share capital

8

3,622

3,622

Share premium reserve

178,718

178,718

Capital redemption reserve

51,331

51,331

Retained earnings

473,303

465,393

Shareholders' funds

 

706,974

699,064

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 October 2023 and signed on its behalf by:
 

 

East Kent Components (Dover) Limited

(Registration number: 01323827)
Abridged Balance Sheet as at 31 March 2023

.........................................
Mr Nigel Dilnot-Smith
Director

 

East Kent Components (Dover) Limited

Notes to the Unaudited Abridged 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:
1 Poulton Close
Dover
Kent
CT17 0HL
United Kingdom

The principal place of business is:
1 Poulton Close
Dover
Kent
CT17 0HL
United Kingdom

These financial statements were authorised for issue by the Board on 19 October 2023.

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 abridged 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 abridged 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 financial statements have been prepared on a going concern basis.

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.

 

East Kent Components (Dover) Limited

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

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.

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

Office equipment

25% on cost

Plant and machinery

25% on cost

Motor vehicles

25% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

East Kent Components (Dover) Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 22).

 

East Kent Components (Dover) Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

69,233

101,464

170,697

Disposals

-

(3,100)

(3,100)

At 31 March 2023

69,233

98,364

167,597

Depreciation

At 1 April 2022

61,483

89,348

150,831

Charge for the year

3,875

6,973

10,848

Eliminated on disposal

-

(2,325)

(2,325)

At 31 March 2023

65,358

93,996

159,354

Carrying amount

At 31 March 2023

3,875

4,368

8,243

At 31 March 2022

7,750

12,116

19,866

5

Stocks

2023
£

2022
£

Other inventories

489,275

474,846

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Current asset investments

2023
£

2022
£

Shares in group undertakings

183,432

183,432

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

3,622

3,622

3,622

3,622

         
 

East Kent Components (Dover) Limited

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

9

Related party transactions

 

East Kent Components (Dover) Limited

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

Transactions with directors

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Mr Richard Bishop

5,259

(5,259)

-

       
     

Mrs. Rita Bishop

8,078

(8,078)

-

       
     

Mr Nigel Dilnot-Smith

5,943

(5,943)

-

       
     

Mrs Angela Dilnot-Smith

2,483

(2,483)

-

       
     

 

 

East Kent Components (Dover) Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

36,000

39,890

Contributions paid to money purchase schemes

614

1,164

36,614

41,054

Summary of transactions with other related parties

East Kent Components Ltd
 East Kent Components Ltd became a wholly owned subsidiary of East Kent Components (Dover) Ltd on 30th September 2014.

The assets and business of East Kent Components Ltd were transferred to East Kent Components (Dover) Ltd on 30th September 2014. At the balance sheet date the amount due to East Kent Components Ltd was £1,282 (2022 - £1,282).