Company Registration No. 9822042 (England and Wales)
DMC ELECTRICAL CONTRACTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
DMC ELECTRICAL CONTRACTORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DMC ELECTRICAL CONTRACTORS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,400
5,500
Tangible assets
4
294,950
144,117
299,350
149,617
Current assets
Debtors
5
295,386
501,355
Cash at bank and in hand
89,872
46,567
385,258
547,922
Creditors: amounts falling due within one year
6
(333,828)
(417,331)
Net current assets
51,430
130,591
Total assets less current liabilities
350,780
280,208
Creditors: amounts falling due after more than one year
7
(138,819)
(132,890)
Provisions for liabilities
(56,040)
-
0
Net assets
155,921
147,318
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
155,911
147,308
Total equity
155,921
147,318

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

DMC ELECTRICAL CONTRACTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
Mr M J Coales
Mr S B Tugwell
Director
Director
Company Registration No. 9822042
DMC ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

DMC Electrical Contractors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B2 Enterprise Industrial Estate, Crowhurst Road, Brighton, East Sussex, BN1 8AF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% Straight line
Plant and equipment
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

DMC ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

DMC ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
22
16
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
11,000
Amortisation and impairment
At 1 April 2022
5,500
Amortisation charged for the year
1,100
At 31 March 2023
6,600
Carrying amount
At 31 March 2023
4,400
At 31 March 2022
5,500
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Motor vehicles
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 April 2022
-
0
2,582
167,074
43,492
213,148
Additions
117,804
393
103,109
4,794
226,100
Disposals
-
0
-
0
(4,000)
-
0
(4,000)
At 31 March 2023
117,804
2,975
266,183
48,286
435,248
Depreciation and impairment
At 1 April 2022
-
0
1,933
49,984
17,113
69,030
Depreciation charged in the year
5,716
533
61,170
7,038
74,457
Eliminated in respect of disposals
-
0
-
0
(3,189)
-
0
(3,189)
At 31 March 2023
5,716
2,466
107,965
24,151
140,298
Carrying amount
At 31 March 2023
112,088
509
158,218
24,135
294,950
At 31 March 2022
-
0
649
117,090
26,378
144,117
DMC ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
267,100
421,659
Corporation tax recoverable
-
0
1,540
Amounts owed by group undertakings
2,210
2,010
Other debtors
26,076
76,146
295,386
501,355
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
24,000
86,182
Trade creditors
169,199
269,932
Corporation tax
17,150
16,720
Other taxation and social security
17,273
21,447
Other creditors
106,206
23,050
333,828
417,331
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
54,000
78,000
Other creditors
84,819
54,890
138,819
132,890
8
Operating lease commitments
Lessee

 

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
7,230
19,312
DMC ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors Loan
-
3,271
4,370
(4,500)
3,141
Directors Loan
-
5,274
2,709
(4,500)
3,483
8,545
7,079
(9,000)
6,624

The loans are interest free and repayable on demand.

10
Parent company

The parent company is DMC Group UK Holdings Ltd. There is no one ultimate controlling party.

The group is exempt from preparing consolidated financial statements on the basis it is a small group.

2023-03-312022-04-01false22 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr M J CoalesMr S B Tugwell98220422022-04-012023-03-3198220422023-03-3198220422022-03-319822042core:NetGoodwill2023-03-319822042core:NetGoodwill2022-03-319822042core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-319822042core:PlantMachinery2023-03-319822042core:MotorVehicles2023-03-319822042core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-319822042core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-319822042core:PlantMachinery2022-03-319822042core:MotorVehicles2022-03-319822042core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-319822042core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-319822042core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-319822042core:CurrentFinancialInstruments2023-03-319822042core:CurrentFinancialInstruments2022-03-319822042core:Non-currentFinancialInstruments2023-03-319822042core:Non-currentFinancialInstruments2022-03-319822042core:ShareCapital2023-03-319822042core:ShareCapital2022-03-319822042core:RetainedEarningsAccumulatedLosses2023-03-319822042core:RetainedEarningsAccumulatedLosses2022-03-319822042bus:Director12022-04-012023-03-319822042bus:Director22022-04-012023-03-319822042core:Goodwill2022-04-012023-03-319822042core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-319822042core:PlantMachinery2022-04-012023-03-319822042core:MotorVehicles2022-04-012023-03-319822042core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-04-012023-03-3198220422021-04-012022-03-319822042core:NetGoodwill2022-03-319822042core:NetGoodwill2022-04-012023-03-319822042core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-319822042core:PlantMachinery2022-03-319822042core:MotorVehicles2022-03-319822042core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-03-3198220422022-03-319822042core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-319822042core:WithinOneYear2023-03-319822042core:WithinOneYear2022-03-319822042bus:PrivateLimitedCompanyLtd2022-04-012023-03-319822042bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-319822042bus:FRS1022022-04-012023-03-319822042bus:AuditExemptWithAccountantsReport2022-04-012023-03-319822042bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP