REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 30 MAY 2022 TO 31 MAY 2023 |
FOR |
DUNWOODY BUILDING LEGISLATION LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 30 MAY 2022 TO 31 MAY 2023 |
FOR |
DUNWOODY BUILDING LEGISLATION LTD |
DUNWOODY BUILDING LEGISLATION LTD (REGISTERED NUMBER: 01389061) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 30 May 2022 to 31 May 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
DUNWOODY BUILDING LEGISLATION LTD |
COMPANY INFORMATION |
for the period 30 May 2022 to 31 May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
DUNWOODY BUILDING LEGISLATION LTD (REGISTERED NUMBER: 01389061) |
ABRIDGED BALANCE SHEET |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PENSION LIABILITY | 6 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DUNWOODY BUILDING LEGISLATION LTD (REGISTERED NUMBER: 01389061) |
ABRIDGED BALANCE SHEET - continued |
31 May 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DUNWOODY BUILDING LEGISLATION LTD (REGISTERED NUMBER: 01389061) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 30 May 2022 to 31 May 2023 |
1. | STATUTORY INFORMATION |
Dunwoody Building Legislation Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Long leasehold | - |
Motor vehicles | - |
Computer equipment | - |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
DUNWOODY BUILDING LEGISLATION LTD (REGISTERED NUMBER: 01389061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 30 May 2022 to 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. |
The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability. |
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
DUNWOODY BUILDING LEGISLATION LTD (REGISTERED NUMBER: 01389061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 30 May 2022 to 31 May 2023 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 30 May 2022 |
Additions |
At 31 May 2023 |
DEPRECIATION |
At 30 May 2022 |
Charge for period |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 29 May 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 30 May 2022 |
and 31 May 2023 | 78,338 |
DEPRECIATION |
At 30 May 2022 | 19,584 |
Charge for period | 14,688 |
At 31 May 2023 | 34,272 |
NET BOOK VALUE |
At 31 May 2023 | 44,066 |
At 29 May 2022 | 58,754 |
DUNWOODY BUILDING LEGISLATION LTD (REGISTERED NUMBER: 01389061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 30 May 2022 to 31 May 2023 |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 55,488 | 75,073 |
Hire purchase contracts are secured against the assets to which they relate. |
6. | EMPLOYEE BENEFIT OBLIGATIONS |
Dunwoody Building Legislation Limited (the Company) operates a defined benefit pension arrangement called the T Dunwoody & Partners Retirement Benefits Scheme (the Scheme). The Scheme provides benefits based on salary and length of service on retirement or death. |
The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Company must agree with the Trustees of the Scheme the contributions to be paid to meet the Statutory Funding Objective. |
The most comprehensive actuarial valuation of the Scheme was carried out as at 1 June 2022 and the next valuation of the Scheme is due as at 1 June 2025. In the event that the valuation reveals a larger deficit than expected the Company may be required to increase contributions above those set out in the existing Schedule of Contributions. Conversely, if the position is better than expected, it is possible that contributions may be reduced. |
The Company expects to pay contributions of £8,000 in the year to 31 May 2024. |
The Scheme is managed by a board of Trustees. The Trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme's assets. The Trustees delegate some of these functions to their professional advisers where appropriate. |
There were no plan amendments, curtailments or settlements during the period. |
The amounts recognised in the balance sheet are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Present value of funded obligations | ( |
) | ( |
) |
Fair value of plan assets |
(20,000 | ) | (46,000 | ) |
Present value of unfunded obligations |
Deficit | ( |
) | ( |
) |
Net liability | ( |
) | ( |
) |
DUNWOODY BUILDING LEGISLATION LTD (REGISTERED NUMBER: 01389061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 30 May 2022 to 31 May 2023 |
6. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The amounts recognised in profit or loss are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Current service cost |
Net interest from net defined benefit asset/liability | 1,000 | 1,000 |
Past service cost |
1,000 | 1,000 |
Actual return on plan assets | ( |
) | ( |
) |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening defined benefit obligation |
Interest cost |
Actuarial losses/(gains) | ( |
) | ( |
) |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening fair value of scheme assets |
Contributions by employer |
Expected return | 7,000 | 4,000 |
Actuarial gains/(losses) | ( |
) | ( |
) |
DUNWOODY BUILDING LEGISLATION LTD (REGISTERED NUMBER: 01389061) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 30 May 2022 to 31 May 2023 |
6. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Actuarial gains/(losses) |
19,000 | 19,000 |
The major categories of scheme assets as amounts of total scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Equities |
Fixed interest | 86,940 | 100,940 |
Property |
180,000 | 194,000 |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2023 | 2022 |
Discount rate |
Retail Price Inflation | 3.50% | 4.10% |
Consumer Price Inflation | 2.50% | 3.10% |
Sensitivity of the value placed on the liabilities: |
£ s Impact on liability value |
Discount rate increased by 0.5% p.a. (9) |
Inflation assumptions decreased by 0.5% p.a. (6) |