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Company registration number: 00620074
Duckworth and Kent Limited
Filleted financial statements
31 January 2023
Duckworth and Kent Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Duckworth and Kent Limited
Directors and other information
Directors Mr Terence A Waldock
Mrs Fay Waldock
Mr Andrew Waldock
Mr Adrian Waldock
Secretary Adrian Waldock
Company number 00620074
Registered office 7 Marquis Business Centre
Royston Road
Baldock
Hertfordshire
SG7 6XL
Auditor Hicks and Company
Chartered Accountants and Statutory Auditor
First Floor
99 Bancroft
Hitchin
SG5 1NQ
Bankers National Westminster Bank
Station Place
Letchworth Garden City
Hertfordshire
SG6 3AL
Duckworth and Kent Limited
Directors responsibilities statement
Year ended 31 January 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Duckworth and Kent Limited
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 4,846,357 4,887,546
_________ _________
4,846,357 4,887,546
Current assets
Stocks 7 965,090 964,502
Debtors 8 1,500,928 1,027,793
Cash at bank and in hand 1,411,704 1,241,152
_________ _________
3,877,722 3,233,447
Creditors: amounts falling due
within one year 9 ( 738,916) ( 594,598)
_________ _________
Net current assets 3,138,806 2,638,849
_________ _________
Total assets less current liabilities 7,985,163 7,526,395
Provisions for liabilities ( 108,530) ( 108,649)
_________ _________
Net assets 7,876,633 7,417,746
_________ _________
Capital and reserves
Called up share capital 1,992 1,992
Profit and loss account 7,874,641 7,415,754
_________ _________
Shareholders funds 7,876,633 7,417,746
_________ _________
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.
These financial statements were approved by the board of directors and authorised for issue on 20 October 2023 , and are signed on behalf of the board by:
Mr Andrew Waldock
Director
Company registration number: 00620074
Duckworth and Kent Limited
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Terence House, 7 Marquis Business Centre, Royston Road, Baldock, Hertfordshire, SG7 6XL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Research and development
Research expenditure is written off in the year in which it is incurred.Development expenditure incurred is capitalised as an intangible asset only when all of he following criteria are met:- It is technically feasible to complete the intangible asset so that it will be available for use or sale;- There is the intention to complete the intangible asset and use or sell it;- There is the ability to use or sell the intangible asset;- The use or sale of the intangible asset will generate probablefuture economic benefits;- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and- The expenditure attributable to the intangible asset during its development can be measured reliably.Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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:
Freehold property - No depreciation provided, see below.
Plant and machinery - 10- 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Freehold buildings are stated at cost and are to be depreciated on a straight line basis to allocate the depeciable amount to their residual values. In assessing these factors the directors have assumed an expected life of the buildings to be 50 years and their residual values to be no less than the cost.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.Cost of conversion include direct costs, allocated variable production overheads and allocated fixed production overheads.Cost is determined on the first-in, first-out (FIFO) method. Stocks are recognised as an expense in the period in which the related revenue is recognised.At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to it's selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model and the performance model.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Auditors remuneration
2023 2022
£ £
Fees payable to Hicks and Company
Fees payable for the audit of the financial statements 13,800 11,500
_________ _________
Fees payable to the company's auditor and its associates for other services:
Other non-audit services 17,600 11,693
_________ _________
5. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 50 ).
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 February 2022 4,090,355 3,852,096 42,723 10,437 7,995,611
Additions - 200,900 - - 200,900
Disposals - ( 346,843) - - ( 346,843)
_________ _________ _________ _________ _________
At 31 January 2023 4,090,355 3,706,153 42,723 10,437 7,849,668
_________ _________ _________ _________ _________
Depreciation
At 1 February 2022 - 3,062,262 35,367 10,436 3,108,065
Charge for the year - 236,408 2,540 - 238,948
Disposals - ( 343,702) - - ( 343,702)
_________ _________ _________ _________ _________
At 31 January 2023 - 2,954,968 37,907 10,436 3,003,311
_________ _________ _________ _________ _________
Carrying amount
At 31 January 2023 4,090,355 751,185 4,816 1 4,846,357
_________ _________ _________ _________ _________
At 31 January 2022 4,090,355 789,834 7,356 1 4,887,546
_________ _________ _________ _________ _________
7. Stocks
2023 2022
£ £
Raw materials and consumables 366,503 374,521
Work in progress 420,747 405,537
Finished goods and goods for resale 177,840 184,444
_________ _________
965,090 964,502
_________ _________
8. Debtors
2023 2022
£ £
Trade debtors 1,065,127 772,036
Other debtors 435,801 255,757
_________ _________
1,500,928 1,027,793
_________ _________
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 162,670 198,106
Corporation tax 471,895 292,983
Social security and other taxes 53,936 53,494
Other creditors 50,415 50,015
_________ _________
738,916 594,598
_________ _________
10. Summary audit opinion
The auditor's report for the year dated 20 October 2023 was unqualified.
The senior statutory auditor was Philip Dean for and on behalf of Hicks and Company
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Adrian Waldock - 196,271 196,271
_________ _________ _________
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Adrian Waldock - - -
_________ _________ _________
12. Controlling party
The company is controlled by Mr T A Waldock.