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COMPANY REGISTRATION NUMBER: 01111406
Dolphin Autos (Norwich) Limited
Unaudited financial statements
31 October 2023
Dolphin Autos (Norwich) Limited
Statement of financial position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
304,129
327,011
Investments
7
105,000
105,000
---------
---------
409,129
432,011
Current assets
Stocks
14,200
14,200
Debtors
8
486,655
526,024
Cash at bank and in hand
361,370
309,255
---------
---------
862,225
849,479
Prepayments and accrued income
98,304
113,925
Creditors: Amounts falling due within one year
9
( 169,122)
( 213,525)
---------
---------
Net current assets
791,407
749,879
-----------
-----------
Total assets less current liabilities
1,200,536
1,181,890
Provisions
Taxation including deferred tax
79,469
82,057
Accruals and deferred income
( 9,540)
( 7,907)
-----------
-----------
Net assets
1,270,465
1,256,040
-----------
-----------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
24,177
24,177
Profit and loss account
1,246,188
1,231,763
-----------
-----------
Shareholders funds
1,270,465
1,256,040
-----------
-----------
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 income statement has not been delivered.
For the year ending 31 October 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 .
Dolphin Autos (Norwich) Limited
Statement of financial position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr M. Cooke
Director
Company registration number: 01111406
Dolphin Autos (Norwich) Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Woodland Drive, Thorpe End, Norwich, Norfolk, NR13 5BH.
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.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.
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:
Leasehold property
-
over the period of the lease
Plant and machinery
-
20% reducing balance
Office equipment
-
10% and 33% straight line
Motor vehicles
-
25% reducing balance
Government grants
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
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.
4. Employee numbers
The average number of employees during the year was 55 (2022: 65 ).
5. Government grant income
2023
2022
£
£
Covid-19 Job Retention Scheme
170,871
----
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
155,216
194,870
88,144
1,297,487
1,735,717
Additions
4,667
1,182
70,548
76,397
Disposals
( 94,537)
( 94,537)
---------
---------
-------
-----------
-----------
At 31 October 2023
155,216
199,537
89,326
1,273,498
1,717,577
---------
---------
-------
-----------
-----------
Depreciation
At 1 November 2022
84,536
170,799
84,158
1,069,213
1,408,706
Charge for the year
5,913
6,285
1,405
61,997
75,600
Disposals
( 70,858)
( 70,858)
---------
---------
-------
-----------
-----------
At 31 October 2023
90,449
177,084
85,563
1,060,352
1,413,448
---------
---------
-------
-----------
-----------
Carrying amount
At 31 October 2023
64,767
22,453
3,763
213,146
304,129
---------
---------
-------
-----------
-----------
At 31 October 2022
70,680
24,071
3,986
228,274
327,011
---------
---------
-------
-----------
-----------
7. Investments
Investment property
£
Cost
At 1 November 2022 and 31 October 2023
105,000
---------
Impairment
At 1 November 2022 and 31 October 2023
---------
Carrying amount
At 31 October 2023
105,000
---------
At 31 October 2022
105,000
---------
As at 31 October 2022 the investment property was valued at market value of £105,000 by the directors of the company.
8. Debtors
2023
2022
£
£
Trade debtors
261,832
279,599
Other debtors
224,823
246,425
---------
---------
486,655
526,024
---------
---------
9. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
15,391
33,568
Social security and other taxes
44,275
21,670
Other creditors
109,456
158,287
---------
---------
169,122
213,525
---------
---------