Dietech Engineering Company Limited 04707806 false 2022-08-30 2023-08-29 2023-08-29 The principal activity of the company is precision engineering Digita Accounts Production Advanced 6.30.9574.0 true true 04707806 2022-08-30 2023-08-29 04707806 2023-08-29 04707806 bus:OrdinaryShareClass1 2023-08-29 04707806 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-08-29 04707806 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-08-29 04707806 core:CurrentFinancialInstruments 2023-08-29 04707806 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-29 04707806 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-29 04707806 core:Goodwill 2023-08-29 04707806 core:FurnitureFittingsToolsEquipment 2023-08-29 04707806 core:LandBuildings 2023-08-29 04707806 core:MotorVehicles 2023-08-29 04707806 core:OtherPropertyPlantEquipment 2023-08-29 04707806 bus:SmallEntities 2022-08-30 2023-08-29 04707806 bus:AuditExemptWithAccountantsReport 2022-08-30 2023-08-29 04707806 bus:FullAccounts 2022-08-30 2023-08-29 04707806 bus:SmallCompaniesRegimeForAccounts 2022-08-30 2023-08-29 04707806 bus:RegisteredOffice 2022-08-30 2023-08-29 04707806 bus:CompanySecretaryDirector1 2022-08-30 2023-08-29 04707806 bus:Director1 2022-08-30 2023-08-29 04707806 bus:OrdinaryShareClass1 2022-08-30 2023-08-29 04707806 bus:PrivateLimitedCompanyLtd 2022-08-30 2023-08-29 04707806 core:Goodwill 2022-08-30 2023-08-29 04707806 core:FurnitureFittings 2022-08-30 2023-08-29 04707806 core:FurnitureFittingsToolsEquipment 2022-08-30 2023-08-29 04707806 core:LandBuildings 2022-08-30 2023-08-29 04707806 core:MotorVehicles 2022-08-30 2023-08-29 04707806 core:OtherPropertyPlantEquipment 2022-08-30 2023-08-29 04707806 core:PlantMachinery 2022-08-30 2023-08-29 04707806 countries:EnglandWales 2022-08-30 2023-08-29 04707806 2022-08-29 04707806 core:Goodwill 2022-08-29 04707806 core:FurnitureFittingsToolsEquipment 2022-08-29 04707806 core:LandBuildings 2022-08-29 04707806 core:MotorVehicles 2022-08-29 04707806 core:OtherPropertyPlantEquipment 2022-08-29 04707806 2021-08-30 2022-08-29 04707806 2022-08-29 04707806 bus:OrdinaryShareClass1 2022-08-29 04707806 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-08-29 04707806 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-08-29 04707806 core:CurrentFinancialInstruments 2022-08-29 04707806 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-29 04707806 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-29 04707806 core:FurnitureFittingsToolsEquipment 2022-08-29 04707806 core:LandBuildings 2022-08-29 04707806 core:MotorVehicles 2022-08-29 04707806 core:OtherPropertyPlantEquipment 2022-08-29 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04707806

Dietech Engineering Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 August 2023

 

Dietech Engineering Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Dietech Engineering Company Limited

(Registration number: 04707806)
Balance Sheet as at 29 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

140,027

124,427

Current assets

 

Stocks

6

22,250

18,750

Debtors

7

226,006

218,845

Cash at bank and in hand

 

76,950

62,256

 

325,206

299,851

Creditors: Amounts falling due within one year

8

(135,463)

(135,895)

Net current assets

 

189,743

163,956

Total assets less current liabilities

 

329,770

288,383

Creditors: Amounts falling due after more than one year

8

(32,208)

(46,336)

Provisions for liabilities

(42,349)

(29,699)

Net assets

 

255,213

212,348

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

255,113

212,248

Shareholders' funds

 

255,213

212,348

 

Dietech Engineering Company Limited

(Registration number: 04707806)
Balance Sheet as at 29 August 2023

For the financial year ending 29 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 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.

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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and directors' report have not been delivered in accordance with the special provisions applicable to companies subject to the small company regime.

Approved and authorised by the Board on 6 February 2024 and signed on its behalf by:
 

.........................................
Mr I Clayton
Director

.........................................
Mr M H Clayton
Company secretary and director

 

Dietech Engineering Company Limited

Notes to the Financial Statements for the Year Ended 29 August 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:
Unit 1
Dixon Street
Blackburn
Lancashire
BB2 1TR
England

These financial statements were authorised for issue by the Board on 6 February 2024.

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.

The financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.

Going concern

The accounts 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

Government grants are recognised at the fair value of the asset received when there is reasonable assurance that the grant conditions will be met.

The government grant is released to the profit and loss account in line with the depreciation of the associated assets.

 

Dietech Engineering Company Limited

Notes to the Financial Statements for the Year Ended 29 August 2023

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.

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

Freehold land and buildings

20% straight line

Plant and machinery

15% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

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% on cost

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.

 

Dietech Engineering Company Limited

Notes to the Financial Statements for the Year Ended 29 August 2023

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.

Stocks

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Dietech Engineering Company Limited

Notes to the Financial Statements for the Year Ended 29 August 2023

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.

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.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee`s services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 16).

 

Dietech Engineering Company Limited

Notes to the Financial Statements for the Year Ended 29 August 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 30 August 2022

15,000

15,000

At 29 August 2023

15,000

15,000

Amortisation

At 30 August 2022

15,000

15,000

At 29 August 2023

15,000

15,000

Carrying amount

At 29 August 2023

-

-

5

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Plant and machinery
£

Cost or valuation

At 30 August 2022

26,404

20,498

11,851

399,377

Additions

-

494

18,500

25,700

Disposals

-

-

(11,851)

-

At 29 August 2023

26,404

20,992

18,500

425,077

Depreciation

At 30 August 2022

26,404

18,994

7,269

281,036

Charge for the year

-

455

3,755

20,588

Eliminated on disposal

-

-

(7,555)

-

At 29 August 2023

26,404

19,449

3,469

301,624

Carrying amount

At 29 August 2023

-

1,543

15,031

123,453

At 29 August 2022

-

1,504

4,582

118,341

 

Dietech Engineering Company Limited

Notes to the Financial Statements for the Year Ended 29 August 2023

Total
£

Cost or valuation

At 30 August 2022

458,130

Additions

44,694

Disposals

(11,851)

At 29 August 2023

490,973

Depreciation

At 30 August 2022

333,703

Charge for the year

24,798

Eliminated on disposal

(7,555)

At 29 August 2023

350,946

Carrying amount

At 29 August 2023

140,027

At 29 August 2022

124,427

Assets under Hire Purchase

Included within the net book value of tangible fixed assets is £63,141 (2022 - £73,461) in respect of assets held under hire purchase contracts. Depreciation for the year on these assets was £11,959 (2022 - £2,975).

6

Stocks

2023
£

2022
£

Other inventories

22,250

18,750

7

Debtors

2023
£

2022
£

Trade debtors

220,218

216,107

Prepayments

5,788

2,738

226,006

218,845

 

Dietech Engineering Company Limited

Notes to the Financial Statements for the Year Ended 29 August 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

10

14,963

13,284

Trade creditors

 

62,641

81,001

Taxation and social security

 

24,685

21,167

Accruals and deferred income

 

13,857

16,773

Other creditors

 

19,317

3,670

 

135,463

135,895

Creditors include net obligations under hire purchase contracts which are secured of £14,963 (2022 - £13,284).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

10

32,208

46,336

Creditors include net obligations under hire purchase contracts which are secured of £32,208 (2022 - £46,336).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

32,208

46,336

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

14,963

13,284