Registered number
03101049
Dales of Cannock Limited
Report and Accounts
31 January 2024
Accountancy 4 Success Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Tel 0871 222 1920 Fax 0871 222 1921
Email info@accountancy4growth.co.uk
Website www.accountancy4growth.co.uk
Dales of Cannock Limited
Registered number: 03101049
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Current assets
Stocks 21,686 21,649
Debtors 3 42,266 39,579
Cash at bank and in hand 23,922 18,716
87,874 79,944
Creditors: amounts falling due within one year 4 (72,092) (59,443)
Net current assets 15,782 20,501
Total assets less current liabilities 15,782 20,501
Creditors: amounts falling due after more than one year 5 (6,776) (11,533)
Net assets 9,006 8,968
Capital and reserves
Called up share capital 201 201
Profit and loss account 8,805 8,767
Shareholders' funds 9,006 8,968
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S P Pickard
Director
Approved by the board on 8 April 2024
Dales of Cannock Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 5
3 Debtors 2024 2023
£ £
Trade debtors 30,493 33,360
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,276 5,410
Other debtors 7,497 809
42,266 39,579
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,800 4,800
Trade creditors 51,814 43,423
Corporation tax 4,746 5,128
Other taxes and social security costs 3,886 5,990
Other creditors 6,846 102
72,092 59,443
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,776 11,533
6 Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
7 Controlling party
The company is owned by Pickard Holdings Limited which is ultimately under the control of Steve Pickard and family.
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