E J Ditton & Co Limited 06490826 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Electrical Installation Digita Accounts Production Advanced 6.30.9574.0 true 06490826 2022-04-01 2023-03-31 06490826 2023-03-31 06490826 bus:Director1 1 2023-03-31 06490826 bus:OrdinaryShareClass1 2023-03-31 06490826 core:CurrentFinancialInstruments 2023-03-31 06490826 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06490826 core:Goodwill 2023-03-31 06490826 core:MotorVehicles 2023-03-31 06490826 core:OfficeEquipment 2023-03-31 06490826 bus:SmallEntities 2022-04-01 2023-03-31 06490826 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06490826 bus:FullAccounts 2022-04-01 2023-03-31 06490826 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06490826 bus:RegisteredOffice 2022-04-01 2023-03-31 06490826 bus:Director1 2022-04-01 2023-03-31 06490826 bus:Director1 1 2022-04-01 2023-03-31 06490826 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06490826 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06490826 core:Goodwill 2022-04-01 2023-03-31 06490826 core:MotorVehicles 2022-04-01 2023-03-31 06490826 core:OfficeEquipment 2022-04-01 2023-03-31 06490826 core:Vehicles 2022-04-01 2023-03-31 06490826 countries:England 2022-04-01 2023-03-31 06490826 2022-03-31 06490826 bus:Director1 1 2022-03-31 06490826 core:Goodwill 2022-03-31 06490826 core:MotorVehicles 2022-03-31 06490826 core:OfficeEquipment 2022-03-31 06490826 2021-04-01 2022-03-31 06490826 2022-03-31 06490826 bus:Director1 1 2022-03-31 06490826 bus:OrdinaryShareClass1 2022-03-31 06490826 core:CurrentFinancialInstruments 2022-03-31 06490826 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06490826 core:MotorVehicles 2022-03-31 06490826 core:OfficeEquipment 2022-03-31 06490826 bus:Director1 1 2021-04-01 2022-03-31 06490826 bus:Director1 1 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06490826

E J Ditton & Co Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

(filleted for filing purposes)

 

E J Ditton & Co Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

E J Ditton & Co Limited

Company Information

Director

P J Glenister

Registered office

41 Longfield Road
Dover
Kent
CT17 9QR

 

E J Ditton & Co Limited

(Registration number: 06490826)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

30,081

30,359

Current assets

 

Stocks

6

23,976

24,098

Debtors

7

168,762

152,711

Cash at bank and in hand

 

67,865

124,185

 

260,603

300,994

Creditors: Amounts falling due within one year

8

(53,608)

(50,724)

Net current assets

 

206,995

250,270

Total assets less current liabilities

 

237,076

280,629

Provisions for liabilities

(4,774)

(4,114)

Net assets

 

232,302

276,515

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

232,301

276,514

Shareholders' funds

 

232,302

276,515

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

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 October 2023
 

.........................................
P J Glenister
Director

 

E J Ditton & Co Limited

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

1

General information

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

The address of its registered office is:
41 Longfield Road
Dover
Kent
CT17 9QR

These financial statements were authorised for issue by the director on 16 October 2023.

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.

 

E J Ditton & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

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

Motor vehicles

20% on reducing balance

Office equipment

15% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

ten years straight line

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.

 

E J Ditton & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

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.

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 the director) during the year, was 15 (2022 - 17).

 

E J Ditton & Co Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

80,000

80,000

At 31 March 2023

80,000

80,000

Amortisation

At 1 April 2022

80,000

80,000

At 31 March 2023

80,000

80,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

35,886

38,225

74,111

Additions

2,412

4,185

6,597

Disposals

(164)

(3,060)

(3,224)

At 31 March 2023

38,134

39,350

77,484

Depreciation

At 1 April 2022

15,539

28,213

43,752

Charge for the year

3,408

2,694

6,102

Eliminated on disposal

(115)

(2,336)

(2,451)

At 31 March 2023

18,832

28,571

47,403

Carrying amount

At 31 March 2023

19,302

10,779

30,081

At 31 March 2022

20,347

10,012

30,359

6

Stocks

2023
£

2022
£

Work in progress

2,451

2,230

Other inventories

21,525

21,868

23,976

24,098

 

E J Ditton & Co Limited

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

139,581

101,587

Prepayments

8,515

8,015

Other debtors

20,666

43,109

 

168,762

152,711

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

40,506

35,271

Taxation and social security

 

8,516

9,487

Other creditors

 

4,586

5,966

 

53,608

50,724

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         
 

E J Ditton & Co Limited

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

10

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

P J Glenister

Interest was charged by the company at 2.00%

40,356

26,744

(55,500)

11,600

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

P J Glenister

Interest was charged by the company at 2.00%

35,174

31,882

(26,700)

40,356