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Company registration number: SC555283
D M Decking Ltd
Unaudited filleted financial statements
31 January 2024
D M Decking Ltd
Contents
Directors and other information
Balance sheet
Statement of changes in equity
Notes to the financial statements
D M Decking Ltd
Directors and other information
Directors Mr David Martin
Ms Christine Jack
Secretary Christine Jack
Company number SC555283
Registered office Unit 5a
Bandeath Industrial Estate
Throsk
FK7 7NP
Accountant Nicola Woodburn
100 Station Road
Bannockburn
Stirling
FK7 8JP
D M Decking Ltd
Balance sheet
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 321,328 248,527
Investments 6 1,037,856 -
_______ _______
1,359,184 248,527
Current assets
Stocks 64,179 2,000
Debtors 7 811,648 730,770
Cash at bank and in hand 2,040,085 2,532,355
_______ _______
2,915,912 3,265,125
Creditors: amounts falling due
within one year 8 ( 505,519) ( 728,734)
_______ _______
Net current assets 2,410,393 2,536,391
_______ _______
Total assets less current liabilities 3,769,577 2,784,918
Provisions for liabilities ( 63,494) ( 54,032)
_______ _______
Net assets 3,706,083 2,730,886
_______ _______
Capital and reserves
Called up share capital 100 100
Other reserves 35,628 -
Profit and loss account 3,670,355 2,730,786
_______ _______
Shareholders funds 3,706,083 2,730,886
_______ _______
For the year ending 31 January 2024 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.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 March 2024 , and are signed on behalf of the board by:
Mr David Martin
Director
Company registration number: SC555283
D M Decking Ltd
Statement of changes in equity
Year ended 31 January 2024
Called up share capital Other reserves Profit and loss account Total
£ £ £ £
At 1 February 2022 100 - 1,119,028 1,119,128
Profit for the year 1,695,758 1,695,758
_______ _______ _______ _______
Total comprehensive income for the year - - 1,695,758 1,695,758
Dividends paid and payable ( 84,000) ( 84,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 84,000) ( 84,000)
_______ _______ _______ _______
At 31 January 2023 and 1 February 2023 100 - 2,730,786 2,730,886
Profit for the year 1,099,085 1,099,085
Other comprehensive income for the year (Net fair value adjustment ) - 35,628 ( 35,628) -
_______ _______ _______ _______
Total comprehensive income for the year - 35,628 1,063,457 1,099,085
Dividends paid and payable ( 123,888) ( 123,888)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 123,888) ( 123,888)
_______ _______ _______ _______
At 31 January 2024 100 35,628 3,670,355 3,706,083
_______ _______ _______ _______
D M Decking Ltd
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 5a, Bandeath Industrial Estate, Throsk, FK7 7NP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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.
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 - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2023: 27 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 2,288 18,026 361,739 382,053
Additions 1,555 10,209 223,203 234,967
Disposals - - ( 136,110) ( 136,110)
_______ _______ _______ _______
At 31 January 2024 3,843 28,235 448,832 480,910
_______ _______ _______ _______
Depreciation
At 1 February 2023 2,288 8,526 122,712 133,526
Charge for the year 194 3,032 79,568 82,794
Disposals - - ( 56,738) ( 56,738)
_______ _______ _______ _______
At 31 January 2024 2,482 11,558 145,542 159,582
_______ _______ _______ _______
Carrying amount
At 31 January 2024 1,361 16,677 303,290 321,328
_______ _______ _______ _______
At 31 January 2023 - 9,500 239,027 248,527
_______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 February 2023 - -
Additions 990,352 990,352
Fair value adjustment 47,504 47,504
_______ _______
At 31 January 2024 1,037,856 1,037,856
_______ _______
Impairment
At 1 February 2023 and 31 January 2024 - -
_______ _______
Carrying amount
At 31 January 2024 1,037,856 1,037,856
_______ _______
At 31 January 2023 - -
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 515,702 434,420
Other debtors 295,946 296,350
_______ _______
811,648 730,770
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 242,203 274,990
Corporation tax 160,693 367,196
Social security and other taxes 93,152 71,695
Other creditors 9,471 14,853
_______ _______
505,519 728,734
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr David Martin 245,158 - ( 245,158) -
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr David Martin ( 3,628) 245,158 3,628 245,158
_______ _______ _______ _______
The interest free loan made to one of the directors in the year ended 31st January 2023 was repaid in full on 10th February 2023.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Businesses with a common owner\shareholder - - 250,628 -
_______ _______ _______ _______