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Registration number: 3990527

DDP Hull Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

DDP Hull Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

DDP Hull Limited

Company Information

Directors

P G Charlton

D R Charlton

Company secretary

T Charlton

Registered office

Tower House Lane
Saltend
Hull
East Yorkshire
HU12 8EE

 

DDP Hull Limited

(Registration number: 3990527)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

7,276,924

6,813,814

Current assets

 

Debtors

6

402,525

432,326

Cash at bank and in hand

 

107,649

88,190

 

510,174

520,516

Creditors: Amounts falling due within one year

7

(519,012)

(611,610)

Net current liabilities

 

(8,838)

(91,094)

Total assets less current liabilities

 

7,268,086

6,722,720

Creditors: Amounts falling due after more than one year

7

(2,466,912)

(2,623,961)

Provisions for liabilities

(109,396)

(63,401)

Net assets

 

4,691,778

4,035,358

Capital and reserves

 

Called up share capital

24,501

24,501

Capital redemption reserve

75,499

75,499

Fair value reserve

3,125,019

2,723,386

Retained earnings

1,466,759

1,211,972

Shareholders' funds

 

4,691,778

4,035,358

For the financial year ending 31 July 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.

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 7 November 2023 and signed on its behalf by:
 

.........................................
P G Charlton
Director

 

DDP Hull Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 3990527.

The address of its registered office is:
Tower House Lane
Saltend
Hull
East Yorkshire
HU12 8EE
England

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 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 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of warehouse and storage facilities and rent receivable 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 and deferred 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.

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.

 

DDP Hull Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

15% on reducing balance

Freehold property

2% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand that is 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 the services provided in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts 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.

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.

 

DDP Hull Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Leases

Leases are classified as hire purchase whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under hire purchase are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 9 (2022 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

171,580

108,358

 

DDP Hull Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

6,689,479

338,168

5,200

7,032,847

Revaluations

267,089

-

-

267,089

Additions

44,432

193,679

-

238,111

Disposals

(1,000)

(17,000)

-

(18,000)

At 31 July 2023

7,000,000

514,847

5,200

7,520,047

Depreciation

At 1 August 2022

-

216,027

3,007

219,034

Charge for the year

134,544

36,488

548

171,580

Eliminated on disposal

-

(12,947)

-

(12,947)

Revaluation

(134,544)

-

-

(134,544)

At 31 July 2023

-

239,568

3,555

243,123

Carrying amount

At 31 July 2023

7,000,000

275,279

1,645

7,276,924

At 31 July 2022

6,689,479

122,141

2,194

6,813,814

Included within the net book value of land and buildings above is £7,000,000 (2022: £6,689,479) in respect of freehold land and buildings.
 

6

Debtors

2023
£

2022
£

Trade debtors

268,234

410,312

Prepayments and accrued income

134,291

22,014

Total current trade and other debtors

402,525

432,326

 

DDP Hull Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

203,067

236,082

Trade creditors

 

138,078

196,173

Taxation and social security

 

110,607

105,057

Other creditors

 

56,744

56,000

Accruals and deferred income

 

5,516

8,298

Other borrowings

 

5,000

10,000

 

519,012

611,610

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

2,466,912

2,623,961

2023
£

2022
£

Due after more than five years

After more than five years by instalments

1,692,645

1,689,402

-

-

8

Loans and borrowings

2023
£

2022
£

Non-current secured loans and borrowings

Bank borrowings

2,458,998

2,616,009

Hire purchase

7,914

7,952

2,466,912

2,623,961

2023
£

2022
£

Current secured loans and borrowings

Bank borrowings

194,172

231,333

Hire purchase

8,895

4,749

203,067

236,082

The hire purchase obligations are secured on the assets they relate to, and the bank borrowings are secured on the land and buildings they relate to, as well as all plant, machinery and other assets owned by the company.

 

DDP Hull Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Related party transactions

Other transactions with directors

At the year end, the Company owed the Directors £5,000 (2022: £10,000). The amount is unsecured, interest-free and repayable on demand.

Summary of transactions with other related parties

D & P Haulage Limited (a company controlled by D R Charlton and P G Charlton).
 As at 31 July 2023, DDP Hull Limited owed a balance to D & P Haulage Limited of £56,000 (2022: £56,000) in respect of a loan.