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Registration number: 01107591

Swadlincote Diesel Fuel Injection Services Co Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Swadlincote Diesel Fuel Injection Services Co Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Swadlincote Diesel Fuel Injection Services Co Limited

Company Information

Chairman

Mr SA Richins

Directors

Mr S Bugden

Mr G Hartley

Mr MK Watson

Mrs K J Bentley

Company secretary

Mrs M L Richins

Registered office

Unit 1
Ryder Close
Cadley Hill Industrial Estate
Swadlincote
Derbyshire
DE11 9EU

Accountants

Buckler Spencer Limited
Old Police Station
Church Street
Swadlincote
Derbyshire
DE11 8LN

 

Swadlincote Diesel Fuel Injection Services Co Limited

(Registration number: 01107591)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

96,169

135,233

Current assets

 

Stocks

5

88,196

79,178

Debtors

6

99,747

138,312

Cash at bank and in hand

 

185,997

76,312

 

373,940

293,802

Creditors: Amounts falling due within one year

7

(265,360)

(217,671)

Net current assets

 

108,580

76,131

Total assets less current liabilities

 

204,749

211,364

Provisions for liabilities

(21,000)

(21,000)

Net assets

 

183,749

190,364

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

183,649

190,264

Shareholders' funds

 

183,749

190,364

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 23 February 2024 and signed on its behalf by:
 

.........................................
Mr SA Richins
Chairman

 

Swadlincote Diesel Fuel Injection Services Co 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 Other.

The address of its registered office is:
Unit 1
Ryder Close
Cadley Hill Industrial Estate
Swadlincote
Derbyshire
DE11 9EU

The principal place of business is:
Unit 1
Ryder Close
Cadley Hill Industrial Estate
Swadlincote
Derbyshire
DE11 9EU

These financial statements were authorised for issue by the Board on 23 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.

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 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.

 

Swadlincote Diesel Fuel Injection Services Co Limited

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

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

Improvements to property

25% straight line

Motor vehicles, plant and fixture

25% reducing balance

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.

 

Swadlincote Diesel Fuel Injection Services Co 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 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.

 

Swadlincote Diesel Fuel Injection Services Co 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 16 (2022 - 17).

 

Swadlincote Diesel Fuel Injection Services Co Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

36,485

24,872

9,632

750,049

821,038

At 31 May 2023

36,485

24,872

9,632

750,049

821,038

Depreciation

At 1 June 2022

16,247

24,756

4,857

639,945

685,805

Charge for the year

730

39

1,592

36,703

39,064

At 31 May 2023

16,977

24,795

6,449

676,648

724,869

Carrying amount

At 31 May 2023

19,508

77

3,183

73,401

96,169

At 31 May 2022

20,238

116

4,775

110,104

135,233

Included within the net book value of land and buildings above is £19,508 (2022 - £20,238) in respect of freehold land and buildings.
 

 

Swadlincote Diesel Fuel Injection Services Co Limited

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

5

Stocks

2023
£

2022
£

Other inventories

88,196

79,178

6

Debtors

Current

2023
£

2022
£

Trade debtors

99,747

138,312

 

99,747

138,312

 

Swadlincote Diesel Fuel Injection Services Co Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

32,356

43,890

Trade creditors

 

150,580

115,203

Taxation and social security

 

79,141

55,296

Other creditors

 

3,283

3,282

 

265,360

217,671

Creditors: amounts falling due after more than one year

2023
£

2022
£

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordianry of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

32,356

42,062

Hire purchase contracts

-

1,828

32,356

43,890

10

Dividends

Any dividends declared in the period are disclosed in the Statement of Income and Retained Earnings.