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Registration number: NI042010

Denver Todd Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Denver Todd Limited

(Registration number: NI042010)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

-

-

Tangible assets

6

164,565

217,308

 

164,565

217,308

Current assets

 

Stock and work in progress

7

232,065

284,898

Debtors

8

18,928

29,533

Cash at bank and in hand

 

254

253

 

251,247

314,684

Creditors: Amounts falling due within one year

9

(375,358)

(339,884)

Net current liabilities

 

(124,111)

(25,200)

Total assets less current liabilities

 

40,454

192,108

Creditors: Amounts falling due after more than one year

9

(177,922)

(141,511)

Provisions for liabilities

(8,306)

(41,288)

Net (liabilities)/assets

 

(145,774)

9,309

Capital and reserves

 

Called up share capital

10

1,000

1,000

Profit and loss account

(146,774)

8,309

Total equity

 

(145,774)

9,309

 

Denver Todd Limited

(Registration number: NI042010)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 November 2023
 

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

Denver Todd
Director

 

Denver Todd Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is: 188 Steeple Road, Kells, Ballymena, BT42 3NP.

These financial statements were authorised for issue by the director on 23 November 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Revenue grants are accounted for under the performance model. Revenue grants that do not impose specified future performance-related conditions are recognised when the grant proceeds are received or receivable.

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.

 

Denver Todd Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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

Plant and machinery

6.67% reducing balance basis

Motor vehicles

10% reducing balance basis

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

10% straight line basis

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.

 

Denver Todd Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stock and work in progress

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.

Work in progress is valued at the lower of cost and net realisable value. Net realisable value is calculated as expected sales value less additional costs to completion.

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.

Hire purchase

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

Pension scheme

The Company operates a defined contribution scheme for directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund and contributions are charged to the profit and loss account in the period to which they relate.

 

Denver Todd Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Basis of preparing the financial statements

The Company's total liabilities are more than the book value of the assets. Nevertheless, the Director considers it appropriate to prepare the financial statements on a going concern basis. This decision has been made as the Director has prepared budgets which show that the Company will return to profitability in the future. The Company continues to meet its working capital commitments through a loan provided by the director and funding from its creditors, and it is expected that both of these will be available for the forseeable future. The company continues to meet all its liabilites as they fall due.

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

15,000

15,000

At 28 February 2023

15,000

15,000

Amortisation

At 1 March 2022

15,000

15,000

At 28 February 2023

15,000

15,000

Carrying amount

At 28 February 2023

-

-

 

Denver Todd Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

76,714

311,160

387,874

Additions

-

1,396

1,396

Disposals

-

(65,000)

(65,000)

At 28 February 2023

76,714

247,556

324,270

Depreciation

At 1 March 2022

25,780

144,786

170,566

Charge for the year

5,093

8,380

13,473

Eliminated on disposal

-

(24,334)

(24,334)

At 28 February 2023

30,873

128,832

159,705

Carrying amount

At 28 February 2023

45,841

118,724

164,565

At 28 February 2022

50,934

166,374

217,308

7

Stock and work in progress

2023
£

2022
£

Work in progress and stock of materials

232,065

284,898

8

Debtors

2023
£

2022
£

Other debtors

18,928

29,533

18,928

29,533

 

Denver Todd Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank borrowings

46,012

46,570

Other borrowings

48,190

42,729

Hire purchase liabilities

23,994

25,234

Trade creditors

208,293

164,404

Taxation and social security

2,763

2,994

Other creditors and accruals

46,106

57,953

375,358

339,884

Due after one year

Bank borrowings

23,287

33,021

Hire purchase liabilities

11,163

34,158

Other borrowings

26,142

74,332

Directors loan account

117,330

-

177,922

141,511


Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the company:

2023

2022

£

£

Bank borrowings

36,312

36,970

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         
 

Denver Todd Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,287

33,021

Hire purchase liabilities

11,163

34,158

Other borrowings

26,142

74,332

Directors loan account

117,330

-

177,922

141,511

2023
£

2022
£

Current loans and borrowings

Bank borrowings

46,012

46,570

Hire purchase liabilities

23,994

25,234

Other borrowings

48,190

42,729

118,196

114,533