Company registration number 02775462 (England and Wales)
AUSTIN DIVALL FABRICATIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
AUSTIN DIVALL FABRICATIONS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
AUSTIN DIVALL FABRICATIONS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AUSTIN DIVALL FABRICATIONS LIMITED FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Austin Divall Fabrications Limited for the year ended 31 August 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Austin Divall Fabrications Limited, as a body, in accordance with the terms of our engagement letter dated 2 November 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Austin Divall Fabrications Limited and state those matters that we have agreed to state to the board of directors of Austin Divall Fabrications Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Austin Divall Fabrications Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Austin Divall Fabrications Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Austin Divall Fabrications Limited. You consider that Austin Divall Fabrications Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Carpenter Box
22 November 2023
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
AUSTIN DIVALL FABRICATIONS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
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2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
230,642
240,020
Current assets
Stocks
247,000
236,900
Debtors
4
3,566,523
3,191,818
Cash at bank and in hand
215,639
339,166
4,029,162
3,767,884
Creditors: amounts falling due within one year
5
(905,621)
(911,855)
Net current assets
3,123,541
2,856,029
Total assets less current liabilities
3,354,183
3,096,049
Provisions for liabilities
(40,100)
(40,700)
Net assets
3,314,083
3,055,349
Capital and reserves
Called up share capital
6
900
900
Capital redemption reserve
100
100
Profit and loss reserves
3,313,083
3,054,349
Total equity
3,314,083
3,055,349
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 August 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.
AUSTIN DIVALL FABRICATIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
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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 S A Dicker
Director
Company registration number 02775462 (England and Wales)
AUSTIN DIVALL FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
1
Accounting policies
Company information
Austin Divall Fabrications Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit J Rudford Industrial Estate, Ford, West Sussex, BN18 0BD.
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
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.
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:
Plant and machinery
15% per annum diminishing balance
Fixtures, fittings and equipment
15% per annum diminishing balance
Motor vehicles
25% per annum diminishing 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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
AUSTIN DIVALL FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
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.
1.9
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.
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
AUSTIN DIVALL FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
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2
Employees
The average monthly number of persons employed by the company during the year was 37 (2022 - 37).
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022
549,841
103,815
72,647
726,303
Additions
28,819
10,032
38,851
Disposals
(16,000)
(16,000)
At 31 August 2023
562,660
113,847
72,647
749,154
Depreciation and impairment
At 1 September 2022
367,333
82,447
36,503
486,283
Depreciation charged in the year
27,417
3,737
9,036
40,190
Eliminated in respect of disposals
(7,961)
(7,961)
At 31 August 2023
386,789
86,184
45,539
518,512
Carrying amount
At 31 August 2023
175,871
27,663
27,108
230,642
At 31 August 2022
182,508
21,368
36,144
240,020
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,208,860
1,259,802
Amounts owed by group undertakings
2,278,048
1,929,766
Other debtors
79,615
2,250
3,566,523
3,191,818
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
653,452
679,866
Taxation and social security
40,278
83,675
Other creditors
211,891
148,314
905,621
911,855
AUSTIN DIVALL FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
5
Creditors: amounts falling due within one year
(Continued)
- 7 -
Included within other creditors is £nil (2022: £4,480) relating to hire purchase contracts, which are secured over the asset purchased through financial arrangements.
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
900
900
900
900
7
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
£
£
158,000
158,000