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Registration number: 03558166

D and P Reinforcements Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

D and P Reinforcements Limited
(Registration number: 03558166)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

D and P Reinforcements Limited
(Registration number: 03558166)

Company Information

Directors

Mrs H Seldon

Mr D B Seldon

Mr A D Seldon

Company secretary

Mrs H Seldon

Registered office

67 Hill Barton Road
Exeter
Devon
EX13PW

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

D and P Reinforcements Limited
(Registration number: 03558166)

Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

251,347

202,549

Current assets

 

Debtors

5

175,598

261,570

Cash at bank and in hand

 

91,004

47,843

 

266,602

309,413

Creditors: Amounts falling due within one year

6

(84,196)

(159,232)

Net current assets

 

182,406

150,181

Total assets less current liabilities

 

433,753

352,730

Creditors: Amounts falling due after more than one year

6

(63,838)

(69,073)

Provisions for liabilities

(57,344)

(32,263)

Net assets

 

312,571

251,394

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

312,471

251,294

Total equity

 

312,571

251,394

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

D and P Reinforcements Limited
(Registration number: 03558166)

Balance Sheet as at 31 March 2023

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 Board on 22 November 2023 and signed on its behalf by:
 

.........................................
Mr D B Seldon
Director

 

D and P Reinforcements Limited
(Registration number: 03558166)

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 and Wales .

The address of its registered office is:
67 Hill Barton Road
Exeter
Devon
EX13PW

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

 

D and P Reinforcements Limited
(Registration number: 03558166)

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Furniture, fittings and equipment

33% Straight line

Motor vehicles

25% Reducing balance

Other property, plant and equipment

20% Reducing balance

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.

 

D and P Reinforcements Limited
(Registration number: 03558166)

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

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

D and P Reinforcements Limited
(Registration number: 03558166)

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

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.

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 directors) during the year was 9 (2022 - 5).

 

D and P Reinforcements Limited
(Registration number: 03558166)

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Equipment
£

Total
£

Cost or valuation

At 1 April 2022

6,418

105,810

212,863

325,091

Additions

1,839

102,698

49,361

153,898

Disposals

-

(56,103)

-

(56,103)

At 31 March 2023

8,257

152,405

262,224

422,886

Depreciation

At 1 April 2022

5,493

36,009

81,040

122,542

Charge for the year

1,144

34,972

36,237

72,353

Eliminated on disposal

-

(23,356)

-

(23,356)

At 31 March 2023

6,637

47,625

117,277

171,539

Carrying amount

At 31 March 2023

1,620

104,780

144,947

251,347

At 31 March 2022

925

69,801

131,823

202,549

5

Debtors

2023
£

2022
£

Trade debtors

96,999

130,972

Other debtors

72,281

124,996

Prepayments and accrued income

6,318

5,602

Total current trade and other debtors

175,598

261,570

 

D and P Reinforcements Limited
(Registration number: 03558166)

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

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

11,886

13,534

Trade creditors

 

22,955

30,278

Taxation and social security

 

37,584

44,554

Other creditors

 

8,188

60,121

Accrued expenses

 

3,583

10,745

 

84,196

159,232

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

63,838

69,073

2023
£

2022
£

Due after more than five years

After more than five years by instalments

12,910

17,593

-

-

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,556

5,556

Hire purchase contracts

6,330

7,978

11,886

13,534

 

D and P Reinforcements Limited
(Registration number: 03558166)

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

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

35,133

40,265

Hire purchase contracts

28,705

28,808

63,838

69,073

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

After more than five years by instalments

12,910

17,593

8

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr A D Seldon

-

1,949

-

1,949

 

-

1,949

-

1,949

       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr D B Seldon

-

77,640

(77,640)

-

 

-

77,640

(77,640)

-