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Company registration number: 03969705
D & M Mechanical Services Ltd
Unaudited abridged financial statements
31 December 2023
D & M Mechanical Services Ltd
Contents
Directors and other information
Director's report
Abridged statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
D & M Mechanical Services Ltd
Directors and other information
Director Mr M Woodfield
Company number 03969705
Registered office 349 Bury Old Road
Prestwich
Manchester
M25 1PY
Business address Unit 2G Palatine Industrial Estate
Causeway Avenue
Warrington
Cheshire
WA4 6QQ
Accountants Warents Feingold & Co
349 Bury Old Road
Prestwich
Manchester
M25 1PY
D & M Mechanical Services Ltd
Director's report
Year ended 31 December 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2023.
Director
The director who served the company during the year was as follows:
Mr M Woodfield
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 March 2024 and signed on behalf of the board by:
Mr M Woodfield
Director
D & M Mechanical Services Ltd
Abridged statement of comprehensive income
Year ended 31 December 2023
2023 2022
Note £ £
Gross profit 572,678 466,533
Administrative expenses ( 236,087) ( 220,254)
_______ _______
Operating profit 336,591 246,279
Other interest receivable and similar income 3,536 ( 591)
Interest payable and similar expenses ( 1,145) ( 1,193)
_______ _______
Profit before taxation 5 338,982 244,495
Tax on profit ( 79,857) ( 41,160)
_______ _______
Profit for the financial year and total comprehensive income 259,125 203,335
_______ _______
All the activities of the company are from continuing operations.
Company registration number: 03969705
D & M Mechanical Services Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 77,349 80,504
_______ _______
77,349 80,504
Current assets
Stocks 46,387 102,091
Debtors 7 158,968 96,528
Cash at bank and in hand 854,665 747,619
_______ _______
1,060,020 946,238
Creditors: amounts falling due
within one year 8 ( 155,225) ( 148,986)
_______ _______
Net current assets 904,795 797,252
_______ _______
Total assets less current liabilities 982,144 877,756
Creditors: amounts falling due
after more than one year 9 - ( 8,737)
_______ _______
Net assets 982,144 869,019
_______ _______
Capital and reserves
Called up share capital 54 54
Capital redemption reserve ( 15,000) ( 15,000)
Profit and loss account 997,090 883,965
_______ _______
Shareholders funds 982,144 869,019
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
All of the members have consented to the preparation of the abridged statement of comprehensive income for the current year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
Mr M Woodfield
Director
D & M Mechanical Services Ltd
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 January 2022 54 ( 15,000) 916,630 901,684
Profit for the year 203,335 203,335
_______ _______ _______ _______
Total comprehensive income for the year - - 203,335 203,335
Dividends paid and payable ( 236,000) ( 236,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 236,000) ( 236,000)
_______ _______ _______ _______
At 31 December 2022 and 1 January 2023 54 ( 15,000) 883,965 869,019
Profit for the year 259,125 259,125
_______ _______ _______ _______
Total comprehensive income for the year - - 259,125 259,125
Dividends paid and payable ( 146,000) ( 146,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 146,000) ( 146,000)
_______ _______ _______ _______
At 31 December 2023 54 ( 15,000) 997,090 982,144
_______ _______ _______ _______
D & M Mechanical Services Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 349 Bury Old Road, Prestwich, Manchester, M25 1PY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 17 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 25,641 26,658
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 23,153 25,274 202,331 250,758
Additions - 22,995 - 22,995
Disposals - - ( 8,128) ( 8,128)
_______ _______ _______ _______
At 31 December 2023 23,153 48,269 194,203 265,625
_______ _______ _______ _______
Depreciation
At 1 January 2023 21,262 23,138 125,855 170,255
Charge for the year 473 427 24,741 25,641
Disposals - - ( 7,620) ( 7,620)
_______ _______ _______ _______
At 31 December 2023 21,735 23,565 142,976 188,276
_______ _______ _______ _______
Carrying amount
At 31 December 2023 1,418 24,704 51,227 77,349
_______ _______ _______ _______
At 31 December 2022 1,891 2,136 76,476 80,503
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 158,968 96,528
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 5,412 4,936
Trade creditors 13,026 51,692
Corporation tax 80,606 41,787
Social security and other taxes 46,044 37,478
Other creditors 10,137 13,093
_______ _______
155,225 148,986
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts - 5,412
Other creditors - 3,325
_______ _______
- 8,737
_______ _______