Defence Composites Limited 03997553 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is Design/Manufacture Industrial Clothing Digita Accounts Production Advanced 6.30.9574.0 true true 03997553 2022-06-01 2023-05-31 03997553 2023-05-31 03997553 core:RetainedEarningsAccumulatedLosses 2023-05-31 03997553 core:ShareCapital 2023-05-31 03997553 core:CurrentFinancialInstruments 2023-05-31 03997553 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 03997553 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 03997553 core:FurnitureFittingsToolsEquipment 2023-05-31 03997553 core:MotorVehicles 2023-05-31 03997553 bus:SmallEntities 2022-06-01 2023-05-31 03997553 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 03997553 bus:FullAccounts 2022-06-01 2023-05-31 03997553 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 03997553 bus:RegisteredOffice 2022-06-01 2023-05-31 03997553 bus:Director1 2022-06-01 2023-05-31 03997553 bus:Director2 2022-06-01 2023-05-31 03997553 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 03997553 core:FurnitureFittings 2022-06-01 2023-05-31 03997553 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 03997553 core:MotorVehicles 2022-06-01 2023-05-31 03997553 core:PlantMachinery 2022-06-01 2023-05-31 03997553 countries:EnglandWales 2022-06-01 2023-05-31 03997553 2022-05-31 03997553 core:FurnitureFittingsToolsEquipment 2022-05-31 03997553 core:MotorVehicles 2022-05-31 03997553 2021-06-01 2022-05-31 03997553 2022-05-31 03997553 core:RetainedEarningsAccumulatedLosses 2022-05-31 03997553 core:ShareCapital 2022-05-31 03997553 core:CurrentFinancialInstruments 2022-05-31 03997553 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 03997553 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 03997553 core:FurnitureFittingsToolsEquipment 2022-05-31 03997553 core:MotorVehicles 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03997553

Defence Composites Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Defence Composites Limited

Contents

Company Information

1

Directors' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Defence Composites Limited

Company Information

Directors

Mrs Julia Harbridge

Mr Craig Anthony Mills

Registered office

C/o Bright Partnership
26 Edward Court
Altrincham Business Park
Altrincham
United Kingdom
WA14 5GL

Accountants

Christopher Wilson & Co
26 Edward Court
Altrincham Business Park
Altrincham
WA14 5GL

 

Defence Composites Limited

Directors' Report for the Year Ended 31 May 2023

The directors present their report and the financial statements for the year ended 31 May 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs Julia Harbridge

Mr Craig Anthony Mills

Principal activity

The principal activity of the company is Design/Manufacture Industrial Clothing

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

.........................................
Mr Craig Anthony Mills
Director

 

Defence Composites Limited

(Registration number: 03997553)
Statement of Financial Position as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

65,436

72,428

Current assets

 

Stocks

76,892

61,591

Debtors

5

75,716

92,939

Cash at bank and in hand

 

75,109

14,605

 

227,717

169,135

Creditors: Amounts falling due within one year

6

(135,733)

(69,795)

Net current assets

 

91,984

99,340

Total assets less current liabilities

 

157,420

171,768

Creditors: Amounts falling due after more than one year

6

(59,514)

(131,649)

Provisions for liabilities

(8,711)

(9,458)

Net assets

 

89,195

30,661

Capital and reserves

 

Called up share capital

7

1,100

1,100

Retained earnings

88,095

29,561

Shareholders' funds

 

89,195

30,661

For the financial year ending 31 May 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

 

Defence Composites Limited

(Registration number: 03997553)
Statement of Financial Position as at 31 May 2023

.........................................
Mrs Julia Harbridge
Director

 

Defence Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
C/o Bright Partnership
26 Edward Court
Altrincham Business Park
Altrincham
United Kingdom
WA14 5GL

These financial statements were authorised for issue by the Board on 9 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.

These financial statements are presented in sterling, which is the functional currency of the entity.

Going concern

The financial statements 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.

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.

 

Defence Composites Limited

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

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 statement of financial position 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

Plant and Machinery

RBM at 15%

Furniture and Fittings

RBM at 20%

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.

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.

 

Defence Composites Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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 statement of financial position 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.

 

Defence Composites Limited

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

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 10 (2022 - 10).

 

Defence Composites Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

106,830

27,554

134,384

Additions

5,233

-

5,233

Disposals

(716)

-

(716)

At 31 May 2023

111,347

27,554

138,901

Depreciation

At 1 June 2022

49,512

12,444

61,956

Charge for the year

8,963

3,022

11,985

Eliminated on disposal

(476)

-

(476)

At 31 May 2023

57,999

15,466

73,465

Carrying amount

At 31 May 2023

53,348

12,088

65,436

At 31 May 2022

57,318

15,110

72,428

5

Debtors

Current

2023
£

2022
£

Trade debtors

71,005

87,949

Prepayments

1,278

1,323

Other debtors

3,433

3,667

 

75,716

92,939

6

Creditors

Creditors: amounts falling due within one year

 

Defence Composites Limited

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

-

12,732

Trade creditors

 

20,752

19,718

Taxation and social security

 

67,089

19,787

Accruals and deferred income

 

1,500

1,500

Other creditors

 

46,392

16,058

 

135,733

69,795

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

59,514

131,649

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1,000 each

1

1,000

1

1,000

Ordinary A of £100 each

1

100

1

100

 

2

1,100

2

1,100