Decrobond Limited 03452783 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the manufacture of veneer sheets and wood-based panels Digita Accounts Production Advanced 6.30.9574.0 true true true 03452783 2023-04-01 2024-03-31 03452783 2024-03-31 03452783 core:RetainedEarningsAccumulatedLosses 2024-03-31 03452783 core:ShareCapital 2024-03-31 03452783 core:CurrentFinancialInstruments 2024-03-31 03452783 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03452783 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 03452783 core:FurnitureFittingsToolsEquipment 2024-03-31 03452783 core:MotorVehicles 2024-03-31 03452783 core:OtherPropertyPlantEquipment 2024-03-31 03452783 bus:SmallEntities 2023-04-01 2024-03-31 03452783 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03452783 bus:FullAccounts 2023-04-01 2024-03-31 03452783 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03452783 bus:RegisteredOffice 2023-04-01 2024-03-31 03452783 bus:Director1 2023-04-01 2024-03-31 03452783 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03452783 core:ComputerEquipment 2023-04-01 2024-03-31 03452783 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 03452783 core:MotorVehicles 2023-04-01 2024-03-31 03452783 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 03452783 core:PlantMachinery 2023-04-01 2024-03-31 03452783 1 2023-04-01 2024-03-31 03452783 countries:AllCountries 2023-04-01 2024-03-31 03452783 2023-03-31 03452783 core:FurnitureFittingsToolsEquipment 2023-03-31 03452783 core:MotorVehicles 2023-03-31 03452783 core:OtherPropertyPlantEquipment 2023-03-31 03452783 2022-04-01 2023-03-31 03452783 2023-03-31 03452783 core:RetainedEarningsAccumulatedLosses 2023-03-31 03452783 core:ShareCapital 2023-03-31 03452783 core:CurrentFinancialInstruments 2023-03-31 03452783 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03452783 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03452783 core:FurnitureFittingsToolsEquipment 2023-03-31 03452783 core:MotorVehicles 2023-03-31 03452783 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 03452783

Decrobond Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 31 March 2024

 

Decrobond Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Decrobond Limited

(Registration number: 03452783)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

288,149

 

335,995

Current assets

   

 

Stocks

5

180,395

 

248,395

 

Debtors

6

924,965

 

923,268

 

Cash at bank and in hand

 

248,348

 

100,007

 

 

1,353,708

 

1,271,670

 

Creditors: Amounts falling due within one year

7

(1,063,208)

 

(1,029,673)

 

Net current assets

   

290,500

 

241,997

Total assets less current liabilities

   

578,649

 

577,992

Creditors: Amounts falling due after more than one year

7

 

(133,151)

 

(205,531)

Provisions for liabilities

 

(57,444)

 

(64,540)

Net assets

   

388,054

 

307,921

Capital and reserves

   

 

Called up share capital

1

 

1

 

Profit and loss account

388,053

 

307,920

 

Total equity

   

388,054

 

307,921

For the financial year ending 31 March 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 July 2024 and signed on its behalf by:
 

.........................................
Mr S.D. Jewitt
Director

 

Decrobond Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Unit B
Eurolink Industrial Estate
Mildred Sylvester Way
Normanton
West Yorkshire
WF6 1TA
United Kingdom

These financial statements were authorised for issue by the Board on 22 July 2024.

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

The financial statements have been prepared using the historical cost convention.

The financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered the funding facilities available to the Company along with the forecast trading performance for at least twelve months following the approval of these financial statements and continue to adopt the going concern basis in the preparation of these financial statements.

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 value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Government grants

Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

 

Decrobond Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

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.

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

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% - 25% on a reducing balance basis

Office equipment and software

10% - 25% on a straight line basis

Research and development costs

Research and development expenditure is expensed through the profit and loss account as incurred unless it can be demonstrated the expenditure will generate future economic benefit and its cost can be reliably measured. Such expenditure may be capitalised and amortised over its expected useful life.

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. 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.

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.

 

Decrobond Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

Leases

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.

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 directors) during the year, was 26 (2023 - 26).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

67,778

95,262

363,873

526,913

Additions

17,334

-

-

17,334

At 31 March 2024

85,112

95,262

363,873

544,247

Depreciation

At 1 April 2023

31,328

12,854

146,736

190,918

Charge for the year

11,865

20,527

32,788

65,180

At 31 March 2024

43,193

33,381

179,524

256,098

Carrying amount

At 31 March 2024

41,919

61,881

184,349

288,149

At 31 March 2023

36,450

82,408

217,137

335,995

 

Decrobond Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Work in progress

-

189,000

Stocks

180,395

59,395

180,395

248,395

6

Debtors

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

503,021

551,221

Amounts owed by related parties

348,894

342,679

Prepayments

6,238

4,054

Other debtors

66,812

25,314

 

924,965

923,268

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

475,715

357,128

Trade creditors

475,047

524,815

Taxation and social security

84,934

110,780

Other creditors

27,512

36,950

1,063,208

1,029,673

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

133,151

205,531


Creditors include bank loans and borrowings and net obligations under finance lease and hire purchase contracts which are secured of £608,866 (2023 - £562,659). Bank loans and borrowings are secured by a fixed and floating charge over the assets of the company. Finance lease and hire purchase contracts are secured upon the assets to which they relate.

 

Decrobond Limited

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £375,768 (2023 - £343,854). Financial commitments comprise £375,768 relating to operating lease commitments expiring in June 2028.

9

Parent and ultimate parent undertaking

The company's immediate parent is DCB Holdings Limited, incorporated in England and Wales.