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COMPANY REGISTRATION NUMBER: 04042337
CDM DUCTWORK LIMITED
Filleted Financial Statements
31 March 2023
CDM DUCTWORK LIMITED
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
CDM DUCTWORK LIMITED
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
121,843
41,843
Current assets
Stocks
82,377
88,961
Debtors
6
686,412
1,203,184
Cash at bank and in hand
40,217
52,525
---------
------------
809,006
1,344,670
Creditors: amounts falling due within one year
7
456,110
991,450
---------
------------
Net current assets
352,896
353,220
---------
---------
Total assets less current liabilities
474,739
395,063
Provisions
11,127
3,242
---------
---------
Net assets
463,612
391,821
---------
---------
Capital and reserves
Called up share capital
128,077
128,077
Profit and loss account
335,535
263,744
---------
---------
Shareholders funds
463,612
391,821
---------
---------
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.
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.
These financial statements were approved by the board of directors and authorised for issue on 9 August 2023 , and are signed on behalf of the board by:
Mr D J Bell
Director
Company registration number: 04042337
CDM DUCTWORK LIMITED
Notes to the Financial Statements
Year ended 31 March 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 Midway House, Staverton Technonolgy Park, Herrick Way, Staverton, Cheltenham, GL51 6TQ, England.
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.
Long term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value, and costs are released to profit and loss based also on the percentage complete and total expected costs for that contract. Revenues derived from variations on contracts are recognised only when there is reasonable certainty they will be paid. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Vaule Added Taxation and trade discounts.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 & machinery
-
10% straight line
Fixtures & fittings
-
10% straight line
Motor Vehicles
-
25% straight line
Equipment
-
33 % straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured 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 stock to its present location and condition.
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 as a finance cost in profit or loss in the period it arises.
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 as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 19 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
21,719
21,947
118,741
81,610
244,017
Additions
44,750
74,223
4,770
123,743
Disposals
( 45,092)
( 45,092)
--------
--------
---------
--------
---------
At 31 March 2023
66,469
21,947
147,872
86,380
322,668
--------
--------
---------
--------
---------
Depreciation
At 1 April 2022
9,555
21,403
90,686
80,530
202,174
Charge for the year
6,770
124
34,719
2,130
43,743
Disposals
( 45,092)
( 45,092)
--------
--------
---------
--------
---------
At 31 March 2023
16,325
21,527
80,313
82,660
200,825
--------
--------
---------
--------
---------
Carrying amount
At 31 March 2023
50,144
420
67,559
3,720
121,843
--------
--------
---------
--------
---------
At 31 March 2022
12,164
544
28,055
1,080
41,843
--------
--------
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
626,184
799,179
Other debtors
60,228
404,005
---------
------------
686,412
1,203,184
---------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
132,329
220,249
Amounts owed to group undertakings and undertakings in which the company has a participating interest
164,430
146,525
Corporation tax
91,510
94,635
Social security and other taxes
21,413
18,781
Other creditors
5,682
4,494
Other creditors
40,746
506,766
---------
---------
456,110
991,450
---------
---------
8. Contingencies
The company is party to a cross guarantee given to the group's bankers and as such there is a contingent liability at the balance sheet date for the bank borrowing of all group undertakings, with the exception of D.I.S Limited.
9. Summary audit opinion
The auditor's report for the year dated 9 August 2023 was unqualified .
The senior statutory auditor was James Harper , for and on behalf of Harper Sheldon Limited .
10. Related party transactions
The company has taken advantage of the exemption under FRS8 from reporting transactions entered into with group companies since the company's results are included in consolidated financial statements which are publicly available.
11. Controlling party
The ultimate parent undertaking and controlling party is D.I.S Limited, a company registered in England and Wales. A copy of the group financial statements is available from Companies House, Cardiff.