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Registration number: 04443842

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

Company Information

Directors

T R Dyer

H R Dyer

Company secretary

T N Dyer

Registered office

7 Buckland Road
Pen Mill Trading Estate
Yeovil
Somerset
BA21 5EA

Accountants

Gilbie Roberts Limited
Chartered Certified Accountants
1 Church Terrace
Yeovil
Somerset
BA20 1HX

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dyers Metal Mesh Limited for the year ended 31 May 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Dyers Metal Mesh Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Dyers Metal Mesh Limited and state those matters that we have agreed to state to the Board of Directors of Dyers Metal Mesh Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dyers Metal Mesh Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dyers Metal Mesh Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dyers Metal Mesh Limited. You consider that Dyers Metal Mesh Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Dyers Metal Mesh Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Gilbie Roberts Limited
Chartered Certified Accountants
1 Church Terrace
Yeovil
Somerset
BA20 1HX

21 November 2023

 

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

(Registration number: 04443842)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

128,519

92,140

Investment property

5

860,000

654,122

 

988,519

746,262

Current assets

 

Stocks

6

20,000

20,000

Debtors

7

68,276

42,538

Cash at bank and in hand

 

24,508

38,731

 

112,784

101,269

Creditors: Amounts falling due within one year

8

(179,282)

(175,957)

Net current liabilities

 

(66,498)

(74,688)

Total assets less current liabilities

 

922,021

671,574

Creditors: Amounts falling due after more than one year

8

(68,722)

(72,076)

Provisions for liabilities

(90,431)

(50,996)

Net assets

 

762,868

548,502

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

538,829

296,090

Retained earnings

223,939

252,312

Shareholders' funds

 

762,868

548,502

For the financial year ending 31 May 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.

 

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

(Registration number: 04443842)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................
T R Dyer
Director

 

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
7 Buckland Road
Pen Mill Trading Estate
Yeovil
Somerset
BA21 5EA

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.

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 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.

 

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Land and buildings

2% straight line basis

Plant and machinery

15% reducing balance basis

Office equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

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

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.

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.

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.

 

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

 

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

107,811

13,023

38,786

31,798

191,418

Revaluations

2,189

-

-

-

2,189

Additions

-

-

-

5,950

5,950

At 31 May 2023

110,000

13,023

38,786

37,748

199,557

Depreciation

At 1 June 2022

32,516

11,458

27,088

28,216

99,278

Charge for the year

2,156

235

2,925

1,116

6,432

Impairment

(34,672)

-

-

-

(34,672)

At 31 May 2023

-

11,693

30,013

29,332

71,038

Carrying amount

At 31 May 2023

110,000

1,330

8,773

8,416

128,519

At 31 May 2022

75,295

1,565

11,698

3,582

92,140

Included within the net book value of land and buildings above is £110,000 (2022 - £75,295) in respect of freehold land and buildings.
 

 

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

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

5

Investment properties

2023
£

At 1 June

654,122

Fair value adjustments

205,878

At 31 May

860,000

The investment property was valued as at 31 May 2023 by Symonds & Sampson LLP using the open market value basis.

6

Stocks

2023
£

2022
£

Other inventories

20,000

20,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

64,016

38,278

Prepayments

760

760

Other debtors

3,500

3,500

 

68,276

42,538

 

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

4,391

4,391

Trade creditors

 

88,038

67,809

Taxation and social security

 

61,999

60,872

Accruals and deferred income

 

2,244

3,743

Other creditors

 

22,610

39,142

 

179,282

175,957

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

68,722

72,076

9

Share capital

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

242,739

242,739

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

68,722

72,076

 

Dyers Metal Mesh Limited

trading as Dyers Metal & Mesh

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,391

4,391