Registered number
06564069
DMC Walling Limited
Report and Financial Statements
31 March 2023
DMC Walling Limited
Registered number: 06564069
Directors' Report
The directors present their report and financial statements for the year ended 31 March 2023.
Principal activities
The company's principal activity during the period was of construction of commercial buildings.
Directors
The following persons served as directors during the period :
Kelly McKie
Stephen Conway
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 15 November 2023 and signed on its behalf.
Kelly McKie
Director
DMC Walling Limited
Profit and Loss Account
for the year ended 31 March 2023
2023 2022
£ £
Turnover 6,796,612 6,145,867
Cost of sales (5,974,087) (5,488,813)
Gross profit 822,525 657,054
Administrative expenses (720,695) (558,757)
Operating profit 101,830 98,297
Interest payable (236) (6,265)
Profit on ordinary activities before taxation 101,594 92,032
Tax on profit on ordinary activities (1,104) (17,486)
Profit for the financial period 100,490 74,546
DMC Walling Limited
Registered number: 06564069
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 119,344 23,558
Current assets
Inventories 850,703 502,311
Debtors 4 742,059 817,265
Cash at bank and in hand 2,340 12,542
1,595,102 1,332,118
Creditors: amounts falling due within one year 5 (1,110,413) (791,843)
Net current assets 484,689 540,275
Total assets less current liabilities 604,033 563,833
Creditors: amounts falling due after more than one year 6 (140,316) (200,606)
Net assets 463,717 363,227
Capital and reserves
Called up share capital 2 2
Profit and loss account 463,715 363,225
Shareholder's funds 463,717 363,227
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 member has 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.
Kelly McKie
Director
Approved by the board on 15 November 2023
DMC Walling Limited
Statement of Changes in Equity
for the year ended 31 March 2023
Share Profit Total
capital and loss
account
£ £ £
At 1 April 2021 2 358,679 358,681
Profit for the financial year 74,546 74,546
Dividends (70,000) (70,000)
At 31 March 2022 2 363,225 363,227
At 1 April 2022 2 363,225 363,227
Profit for the financial year 100,490 100,490
Dividends - -
At 31 March 2023 2 463,715 463,717
DMC Walling Limited
Notes to the Accounts
for the year ended 31 March 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 25% reducing balance basis
Motor vehicles 25% reducing balance basis
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 13 14
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 30,968 48,138 79,106
Additions 135,264 - 135,264
At 31 March 2023 166,232 48,138 214,370
Depreciation
At 1 April 2022 29,595 25,953 55,548
Charge for the year 33,932 5,546 39,478
At 31 March 2023 63,527 31,499 95,026
Net book value
At 31 March 2023 102,705 16,639 119,344
At 31 March 2022 1,373 22,185 23,558
4 Debtors 2023 2022
£ £
Trade debtors 663,205 642,774
VAT 7,514 89,219
Accrued income and prepayments 71,340 85,272
742,059 817,265
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 60,290 60,290
Trade creditors 885,870 578,040
Loan from directors 116,758 134,196
Other taxes and social security costs 42,790 13,230
Accruals 4,705 6,087
1,110,413 791,843
Included in creditors at the year ended 31 March 2023, the Company owed £116,758 (2022: £134,196) to Mr. S F Conway, a director and shareholder of the company. Loans are interest free and repayable on demand.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 140,316 200,606
At 31 March 2023, the Company has secured bank loan of £200,606 (2022: £260,896).
The loan is secured by fixed and floating charge over the assets to which it relates.
The loan was due for repayment in full on 14 June 2026 and bears a minimum
interest rate of 2.52% per annum
7 Other information
DMC Walling Limited is a private company limited by shares and incorporated in England. Its registered office is:
27 First Avenue
Edmonton
London
N18 3PD
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