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Registration number: 02862581

Dealhill Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Dealhill Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Dealhill Limited

Company Information

Director

Mr L W Stevens

Company secretary

G L Stewart

Registered office

39 High Street
Battle
East Sussex
TN33 0EE

Accountants

Manningtons
Chartered Accountants
39 High Street
Battle
East Sussex
TN33 0EE

 

Dealhill Limited

(Registration number: 02862581)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

119,790

25,596

Current assets

 

Debtors

7

20,760

31,551

Cash at bank and in hand

 

33,000

39,499

 

53,760

71,050

Creditors: Amounts falling due within one year

8

(110,080)

(148,088)

Net current liabilities

 

(56,320)

(77,038)

Total assets less current liabilities

 

63,470

(51,442)

Creditors: Amounts falling due after more than one year

8

(71,064)

(29,670)

Net liabilities

 

(7,594)

(81,112)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(7,694)

(81,212)

Shareholders' deficit

 

(7,594)

(81,112)

For the financial 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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 July 2024
 

.........................................
Mr L W Stevens
Director

 

Dealhill Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
39 High Street
Battle
East Sussex
TN33 0EE
United Kingdom

The principal place of business is:
Suite 1, First Floor
Henwood Pavilion
Henwood
Ashford
Kent
TN24 8DH

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding that there is a deficiency
of assets at the year end date amounting to £7,694. The validity of this assumption is dependent on the
continued financial support of the company's director and creditors. The financial statements do not include any
adjustments that would result from discontinuance of their financial support. On this basis, the director considers
that it is appropriate for the financial statements to be prepared on the going concern basis.

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.

 

Dealhill Limited

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

Tax

The tax expense for the period comprises corporation tax and deferred 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.

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

Plant and machinery

15% straight line

Office equipment

33% straight line

Motor vehicles

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

7 years straight line

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, 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.

 

Dealhill Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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 at the transaction price.

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.

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.

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 the director) during the year, was 12 (2022 - 14).

 

Dealhill Limited

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

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

20,681

28,486

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

32,000

32,000

At 31 October 2023

32,000

32,000

Amortisation

At 1 November 2022

32,000

32,000

At 31 October 2023

32,000

32,000

Carrying amount

At 31 October 2023

-

-

 

Dealhill Limited

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

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

3,397

403,478

46,912

453,787

Additions

-

116,000

-

116,000

Disposals

-

(230,930)

-

(230,930)

At 31 October 2023

3,397

288,548

46,912

338,857

Depreciation

At 1 November 2022

3,130

378,149

46,912

428,191

Charge for the year

136

20,545

-

20,681

Eliminated on disposal

-

(229,805)

-

(229,805)

At 31 October 2023

3,266

168,889

46,912

219,067

Carrying amount

At 31 October 2023

131

119,659

-

119,790

At 31 October 2022

267

25,329

-

25,596

7

Debtors

2023
£

2022
£

Trade debtors

5,312

14,761

Prepayments

14,333

16,790

Director loan account

1,115

-

20,760

31,551

 

Dealhill Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans, overdrafts, finance lease and hire purchase liabilities

9

59,502

28,318

Trade creditors

 

20,155

81,382

Taxation and social security

 

25,461

26,795

Accruals and deferred income

 

4,715

6,350

Other creditors

 

247

1,027

Director loan account

 

-

4,216

 

110,080

148,088

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

71,064

29,670

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

16,409

26,508

Hire purchase contracts

54,655

3,162

71,064

29,670

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,098

9,818

Bank overdrafts

6,710

-

Hire purchase contracts

42,146

8,455

Other borrowings

548

10,045

59,502

28,318

 

Dealhill Limited

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

10

Related party transactions

The director's loan account was repaid within 9 months after the year end.

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr L W Stevens

loan

4,216

(5,903)

572

(1,115)

         
       

 

Summary of transactions with other related parties

Ms G L Stewart (secretary) & L W Stevens (director)
 The company paid rent of NIL (2022: £2,600) to the secretary Ms G Stewart, for the use of a yard and workshop premises owned by her.

Mrs G Stewart also lent various sums to the company. At the balance sheet date the amount due to G Stewart was £548 (2022: £10,044).

The director lent various sums to the company. At the balance sheet date the amount due to L W Stevens was £NIL (2022: £4,216).