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REGISTERED NUMBER: SC269322 (Scotland)















Financial Statements for the Year Ended 31 May 2023

for

DFS CASKETS LIMITED

DFS CASKETS LIMITED (REGISTERED NUMBER: SC269322)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


DFS CASKETS LIMITED (REGISTERED NUMBER: SC269322)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 747,283 853,292

CURRENT ASSETS
Stocks 159,802 115,631
Debtors 5 414,290 245,562
Cash at bank 40,305 -
614,397 361,193
CREDITORS
Amounts falling due within one year 6 666,315 464,806
NET CURRENT LIABILITIES (51,918 ) (103,613 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

695,365

749,679

CREDITORS
Amounts falling due after more than one
year

7

(130,126

)

(175,253

)

PROVISIONS FOR LIABILITIES (73,774 ) (81,879 )
NET ASSETS 491,465 492,547

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 58,500 58,500
Retained earnings 432,865 433,947
491,465 492,547

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 October 2023 and were signed by:





Mr S A Jukes - Director


DFS CASKETS LIMITED (REGISTERED NUMBER: SC269322)

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

1. STATUTORY INFORMATION

Dfs Caskets Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC269322

Registered office: New Dyke Industrial Development
Stapleton Road
Annan
Dumfriesshire
DG12 6JP

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company's year end was changed to 31 May last financial year. As a result, the comparative period, year ended 31 May 2022 covered a 17 month period and will not be entirely comparable.

Significant judgements and estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. Management considers that certain accounting assumptions relating to taxation and provisions are its critical accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost
Plant and machinery - 20% on cost and 15% on cost
Fixtures and fittings - 25% on cost

Directors have reviewed the depreciation policy for all categories of fixed assets and decided that the above rates are a more reasonable reflection of the useful life of the assets and changed the policies accordingly

Stocks
Stock is stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

DFS CASKETS LIMITED (REGISTERED NUMBER: SC269322)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year 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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern and covid-19
Having emerged from the post Covid-19 era, we can report that when taken in aggregate across all sites, turnover was increased for the year with sales performance exceeding the previous year month on month for all but the month of December.

The supply issues alluded to in the previous annual report have eased, however raw material prices have not returned to pre-pandemic levels, and these have had to be absorbed by price increases to our customers.

As 2023 progresses we still see the pressures of inflation, along with energy costs, which have not reduced to any discernible degree. Demand for our products remains high.

It is the management's assessment that Brexit has still shown no discernible effect on the business.

On this basis, management continue to prepare these accounts on a going concern basis and deem this appropriate. The director does not consider that a material uncertainty about the going concern status currently exists. In making this assessment the director has considered the likely trading conditions for a period of twelve months from the date of the approval of these accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 22 ) .

DFS CASKETS LIMITED (REGISTERED NUMBER: SC269322)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 June 2022 465,000 853,658 10,370 1,329,028
Additions - 39,000 - 39,000
Disposals - (47,845 ) - (47,845 )
At 31 May 2023 465,000 844,813 10,370 1,320,183
DEPRECIATION
At 1 June 2022 - 474,958 778 475,736
Charge for year 23,250 87,772 2,593 113,615
Eliminated on disposal - (16,451 ) - (16,451 )
At 31 May 2023 23,250 546,279 3,371 572,900
NET BOOK VALUE
At 31 May 2023 441,750 298,534 6,999 747,283
At 31 May 2022 465,000 378,700 9,592 853,292

Cost or valuation at 31 May 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2022 58,500 - - 58,500
Cost 406,500 844,813 10,370 1,261,683
465,000 844,813 10,370 1,320,183

If freehold property had not been revalued it would have been included at the following historical cost:

31.5.23 31.5.22
£    £   
Cost 406,500 406,500
Aggregate depreciation 23,250 49,794

Value of land in freehold land and buildings 465,000 465,000

Freehold property was valued on an open market basis on 6 May 2023 by Walton Goodland, Chartered Surveyors .

DFS CASKETS LIMITED (REGISTERED NUMBER: SC269322)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 202,246 136,817
Amounts owed by group undertakings 176,115 97,190
Other debtors 35,929 11,555
414,290 245,562

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 28,376 59,662
Hire purchase contracts 13,877 24,867
Trade creditors 88,769 75,483
Amounts owed to group undertakings 358,482 241,219
Taxation and social security 104,693 31,350
Other creditors 72,118 32,225
666,315 464,806

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans 124,593 152,048
Hire purchase contracts 5,533 23,205
130,126 175,253

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Bank loans 152,969 179,779
Hire purchase contracts 19,410 48,072
Bank Overdraft - 31,930
172,379 259,781

The bank loans are secured by a charge over the land on the South East side of Stapleton Road, Annan and a floating charge over the company assets.

The hire purchase liability is secured over the assets to which they relate.

9. RESERVES
Revaluation
reserve
£   
At 1 June 2022
and 31 May 2023 58,500

DFS CASKETS LIMITED (REGISTERED NUMBER: SC269322)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adele Lawton (Senior Statutory Auditor)
for and on behalf of Lawton Bradford Accountants Ltd

11. CAPITAL COMMITMENTS
31.5.23 31.5.22
£    £   
Contracted but not provided for in the
financial statements 62,824 28,000

12. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Jukes Group Limited whose registered office is 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ.