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Registration number: 09450974

InDorset Developments Limited

Annual Report and Unaudited Financial Statements Year Ended 29 February 2024

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Chartered Accountants

 

InDorset Developments Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

InDorset Developments Limited

Company Information

Directors

Mr J R D Porter

Mr T H D Hatcher

Company secretary

Mr T H D Hatcher

Registered office

Clappcotts Farm
Spetisbury
Blandford Forum
Dorset
DT11 9DF

Accountants

Edwards and Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
InDorset Developments Limitedfor the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of InDorset Developments Limited for the year ended 29 February 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of InDorset Developments Limited, as a body, in accordance with the terms of our engagement letter dated 17 June 2024. Our work has been undertaken solely to prepare for your approval the accounts of InDorset Developments Limited and state those matters that we have agreed to state to the Board of Directors of InDorset Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than InDorset Developments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that InDorset Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of InDorset Developments Limited. You consider that InDorset Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of InDorset Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards and Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

26 July 2024

 

InDorset Developments Limited

(Registration number: 09450974)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Tangible assets

5

27,283

34,243

Current assets

 

Stocks

6

500

500

Debtors

7

30,212

53,522

Cash at bank and in hand

 

59,966

17,631

 

90,678

71,653

Creditors: Amounts falling due within one year

8

(97,121)

(75,259)

Net current liabilities

 

(6,443)

(3,606)

Total assets less current liabilities

 

20,840

30,637

Creditors: Amounts falling due after more than one year

8

(13,950)

(24,111)

Provisions for liabilities

(6,822)

(6,507)

Net assets

 

68

19

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

66

17

Shareholders' funds

 

68

19

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 July 2024 and signed on its behalf by:
 



Mr J R D Porter
Director



Mr T H D Hatcher
Company secretary and director

 

InDorset Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

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:
Clappcotts Farm
Spetisbury
Blandford Forum
Dorset
DT11 9DF
England

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 company is in a net current liabilities position at the year end. The directors will continue to support the company in meeting its debts as and when they fall due.

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.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

 

InDorset Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

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

25% reducing balance

Motor vehicles

25% reducing balance

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

25% straight line basis

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. They are subsequently measured at amortised cost using the effective interest method, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

InDorset Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

 

InDorset Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

10,000

10,000

At 29 February 2024

10,000

10,000

Amortisation

At 1 March 2023

10,000

10,000

At 29 February 2024

10,000

10,000

Carrying amount

At 29 February 2024

-

-

At 28 February 2023

-

-

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost

At 1 March 2023

52,159

57,300

109,459

Additions

2,135

-

2,135

At 29 February 2024

54,294

57,300

111,594

Depreciation

At 1 March 2023

29,982

45,234

75,216

Charge for the year

6,078

3,017

9,095

At 29 February 2024

36,060

48,251

84,311

Carrying amount

At 29 February 2024

18,234

9,049

27,283

At 28 February 2023

22,177

12,066

34,243

6

Stocks

2024
£

2023
£

Other inventories

500

500

7

Debtors

Current

2024
£

2023
£

Trade debtors

27,049

48,430

Prepayments

453

-

Other debtors

2,710

5,092

 

30,212

53,522

 

InDorset Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,029

10,079

Trade creditors

 

25,731

8,167

Taxation and social security

 

26,028

23,135

Accruals and deferred income

 

1,100

1,993

Other creditors

 

34,233

31,885

 

97,121

75,259

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

13,950

24,111

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,950

24,111

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,029

9,736

Hire purchase contracts

-

343

10,029

10,079

 

InDorset Developments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

10

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr T H D Hatcher

Loan account, repayable on demand, with interest charged at HMRC approved rate

(31,482)

33,110

(35,418)

(33,790)

         
       

Mr J R D Porter

Loan account, repayable on demand, with interest charged at HMRC approved rate

5,092

33,064

(35,446)

2,710

         
       

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr T H D Hatcher

Loan account, repayable on demand, with interest charged at HMRC approved rate

(23,601)

32,443

(40,324)

(31,482)

         
       

Mr J R D Porter

Loan account, repayable on demand, with interest charged at HMRC approved rate

10,783

34,623

(40,314)

5,092