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COMPANY REGISTRATION NUMBER: SC512460
D & R Re-Sprays Ltd
Filleted Unaudited Financial Statements
31 August 2023
D & R Re-Sprays Ltd
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
92,548
54,575
Current assets
Stocks
102,511
159,982
Debtors
6
39,128
37,510
Cash at bank and in hand
43,880
55,972
---------
---------
185,519
253,464
Creditors: amounts falling due within one year
7
162,809
158,298
---------
---------
Net current assets
22,710
95,166
---------
---------
Total assets less current liabilities
115,258
149,741
Creditors: amounts falling due after more than one year
8
75,708
97,506
Provisions
Taxation including deferred tax
16,351
15,595
---------
---------
Net assets
23,199
36,640
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
23,099
36,540
--------
--------
Shareholders funds
23,199
36,640
--------
--------
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.
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 .
D & R Re-Sprays Ltd
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:
Mr D Main
Mr R Adam
Director
Director
Company registration number: SC512460
D & R Re-Sprays Ltd
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is DRM Re-Sprays, Moycroft Industrial Estate, Elgin, IV30 1XZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and Machinery
-
15% reducing balance
Fixtures and Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 as a finance cost 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 6 (2022: 6 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2022
35,822
2,575
60,057
926
99,380
Additions
104,625
104,625
Disposals
( 50,366)
( 50,366)
--------
-------
---------
----
---------
At 31 August 2023
35,822
2,575
114,316
926
153,639
--------
-------
---------
----
---------
Depreciation
At 1 September 2022
21,521
1,669
20,727
888
44,805
Charge for the year
2,145
181
26,545
6
28,877
Disposals
( 12,591)
( 12,591)
--------
-------
---------
----
---------
At 31 August 2023
23,666
1,850
34,681
894
61,091
--------
-------
---------
----
---------
Carrying amount
At 31 August 2023
12,156
725
79,635
32
92,548
--------
-------
---------
----
---------
At 31 August 2022
14,301
906
39,330
38
54,575
--------
-------
---------
----
---------
6. Debtors
2023
2022
£
£
Trade debtors
38,711
36,936
Other debtors
417
574
--------
--------
39,128
37,510
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
49,942
49,942
Trade creditors
22,442
11,877
Corporation tax
2,223
12,559
Social security and other taxes
8,570
10,641
Pension
209
415
Other creditors
79,423
72,864
---------
---------
162,809
158,298
---------
---------
Obligations under hire purchase and finance leases of £15,887 (2022 - £10,192) shown as other creditors are secured on the assets concerned.
Personal guarantees have been given by the directors with regards to a loan amounting to £39,942 as at 31 August 2023 (2022 - £39,942).
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,467
71,176
Other creditors
54,241
26,330
--------
--------
75,708
97,506
--------
--------
Personal guarantees have been given by the directors with regard to a loan amounting to £3,328 as at 31 August 2023 (2022 - £43,270).
Obligations under hire purchase and finance leases of £54,241 (2022 - £26,330) shown as other creditors are secured on the assets concerned.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
670
670
Later than 1 year and not later than 5 years
1,004
1,675
-------
-------
1,674
2,345
-------
-------
10. Related party transactions
The dividends paid to the directors during the year were £60,600 (2022 - £80,600). Included within other creditors due within one year is £60,296 (2022 - £59,621) which is due to the directors. No interest is charged on the loan.