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Company registration number: 730269
J. Darbyshire & Son Limited
Unaudited filleted financial statements
31 August 2023
J. Darbyshire & Son Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
J. Darbyshire & Son Limited
Directors and other information
Directors P J Darbyshire
C L Darbyshire
J Darbyshire
Company number 730269
Registered office 7 Tudor Close
Carleton
Poulton le Fylde
Lancs
FY6 7TD
Business address 7 Tudor Close
Carleton
Poulton-le-Fylde
Lancs
FY67TD
Accountants Turner and Brown Limited
105 Garstang Road
Preston
Lancs
PR1 1LD
J. Darbyshire & Son Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of J. Darbyshire & Son Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J. Darbyshire & Son Limited for the year ended 31 August 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of J. Darbyshire & Son Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of J. Darbyshire & Son Limited and state those matters that we have agreed to state to the board of directors of J. Darbyshire & Son Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J. Darbyshire & Son Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that J. Darbyshire & Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J. Darbyshire & Son Limited. You consider that J. Darbyshire & Son Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of J. Darbyshire & Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
Lancs
PR1 1LD
J. Darbyshire & Son Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 12,434 14,697
Investments 6 11,496 11,496
_______ _______
23,930 26,193
Current assets
Stocks 8,038 10,000
Debtors 7 399,015 355,868
Cash at bank and in hand 62,574 15,086
_______ _______
469,627 380,954
Creditors: amounts falling due
within one year 8 ( 261,954) ( 198,346)
_______ _______
Net current assets 207,673 182,608
_______ _______
Total assets less current liabilities 231,603 208,801
Creditors: amounts falling due
after more than one year 9 ( 57,792) ( 28,271)
Provisions for liabilities ( 910) ( 1,118)
_______ _______
Net assets 172,901 179,412
_______ _______
Capital and reserves
Called up share capital 2,000 2,000
Profit and loss account 170,901 177,412
_______ _______
Shareholders funds 172,901 179,412
_______ _______
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 January 2024 , and are signed on behalf of the board by:
P J Darbyshire
Director
Company registration number: 730269
J. Darbyshire & Son Limited
Notes to the financial statements
Year ended 31 August 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 P J Darbyshire , 7 Tudor Close, Carleton, Poulton le Fylde, Lancs, FY6 7TD.
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:
Long leasehold property - 4 % straight line
Plant and machinery - 15 % reducing balance
Fittings, fixtures and equipment - 15% reducing balance (computer equipment 33.33% RB)
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
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 3 (2022: 3 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 September 2022 16,635 3,463 31,114 51,212
Additions - - 1,544 1,544
Disposals - - ( 26,930) ( 26,930)
_______ _______ _______ _______
At 31 August 2023 16,635 3,463 5,728 25,826
_______ _______ _______ _______
Depreciation
At 1 September 2022 8,147 1,567 26,801 36,515
Charge for the year 387 284 980 1,651
Disposals - - ( 24,774) ( 24,774)
_______ _______ _______ _______
At 31 August 2023 8,534 1,851 3,007 13,392
_______ _______ _______ _______
Carrying amount
At 31 August 2023 8,101 1,612 2,721 12,434
_______ _______ _______ _______
At 31 August 2022 8,488 1,896 4,313 14,697
_______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 September 2022 and 31 August 2023 11,496 11,496
_______ _______
Impairment
At 1 September 2022 and 31 August 2023 - -
_______ _______
Carrying amount
At 31 August 2023 11,496 11,496
_______ _______
At 31 August 2022 11,496 11,496
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 190,481 162,447
Other debtors 208,534 193,421
_______ _______
399,015 355,868
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 31,906 37,169
Trade creditors 98,225 76,676
Taxation and social security 44,207 25,056
Other creditors 87,616 59,445
_______ _______
261,954 198,346
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 57,792 28,271
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
P J Darbyshire 67,574 92,393 ( 78,776) 81,191
C L Darbyshire 67,574 92,393 ( 78,776) 81,191
J Darbyshire 38,688 1,443 ( 13,565) 26,566
_______ _______ _______ _______
173,836 186,229 ( 171,117) 188,948
_______ _______ _______ _______
These loans were interest free and repayable on demand.