Registered number
SC247291
Dennis Clancy & Sons Limited
Filleted Accounts
28 February 2023
Dennis Clancy & Sons Limited
Registered number: SC247291
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 78,896 47,019
Current assets
Stocks 17,504 20,192
Debtors 4 37,485 25,935
Cash at bank and in hand 304,109 324,579
359,098 370,706
Creditors: amounts falling due within one year 5 (67,586) (54,957)
Net current assets 291,512 315,749
Total assets less current liabilities 370,408 362,768
Provisions for liabilities (19,724) (8,977)
Net assets 350,684 353,791
Capital and reserves
Called up share capital 38 38
Profit and loss account 350,646 353,753
Shareholders' funds 350,684 353,791
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Clancy
Director
Approved by the board on 29 September 2023
Dennis Clancy & Sons Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and Machinery over 5 years
Motor Vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 276,121 - 276,121
Additions 23,590 34,585 58,175
At 28 February 2023 299,711 34,585 334,296
Depreciation
At 1 March 2022 229,102 - 229,102
Charge for the year 17,652 8,646 26,298
At 28 February 2023 246,754 8,646 255,400
Net book value
At 28 February 2023 52,957 25,939 78,896
At 28 February 2022 47,019 - 47,019
4 Debtors 2023 2022
£ £
Trade debtors 37,485 25,935
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 7,852 3,143
Taxation and social security costs 58,114 46,516
Other creditors 1,620 5,298
67,586 54,957
6 Related party transactions
During the year, dividends of £40,000 (2022 : £20,000) were paid to the Directors.
7 Controlling party
The company is under the control of the Directors. There is no single controlling party.
8 Other information
Dennis Clancy & Sons Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
111 Montgomery Street
Irvine
Ayrshire
KA12 8PU
Dennis Clancy & Sons Limited SC247291 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts April 2022 P Clancy No description of principal activity SC247291 2021-03-01 2022-02-28 SC247291 core:WithinOneYear 2022-02-28 SC247291 core:ShareCapital 2022-02-28 SC247291 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC247291 2022-03-01 2023-02-28 SC247291 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC247291 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC247291 bus:Director40 2022-03-01 2023-02-28 SC247291 1 2022-03-01 2023-02-28 SC247291 2 2022-03-01 2023-02-28 SC247291 core:PlantMachinery 2022-03-01 2023-02-28 SC247291 core:Vehicles 2022-03-01 2023-02-28 SC247291 countries:England 2022-03-01 2023-02-28 SC247291 bus:FRS102 2022-03-01 2023-02-28 SC247291 bus:FullAccounts 2022-03-01 2023-02-28 SC247291 2023-02-28 SC247291 core:WithinOneYear 2023-02-28 SC247291 core:ShareCapital 2023-02-28 SC247291 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC247291 core:PlantMachinery 2023-02-28 SC247291 core:Vehicles 2023-02-28 SC247291 2022-02-28 SC247291 core:PlantMachinery 2022-02-28 SC247291 core:Vehicles 2022-02-28 iso4217:GBP xbrli:pure