DAC Automation Midlands Ltd 06488191 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is electrical door installation Digita Accounts Production Advanced 6.30.9574.0 true true 06488191 2023-02-01 2024-01-31 06488191 2024-01-31 06488191 bus:OrdinaryShareClass1 2024-01-31 06488191 core:RetainedEarningsAccumulatedLosses 2024-01-31 06488191 core:ShareCapital 2024-01-31 06488191 core:CurrentFinancialInstruments 2024-01-31 06488191 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 06488191 core:FurnitureFittingsToolsEquipment 2024-01-31 06488191 core:MotorVehicles 2024-01-31 06488191 core:OtherPropertyPlantEquipment 2024-01-31 06488191 bus:SmallEntities 2023-02-01 2024-01-31 06488191 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 06488191 bus:FilletedAccounts 2023-02-01 2024-01-31 06488191 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 06488191 bus:RegisteredOffice 2023-02-01 2024-01-31 06488191 bus:CompanySecretary1 2023-02-01 2024-01-31 06488191 bus:Director2 2023-02-01 2024-01-31 06488191 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 06488191 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 06488191 core:ComputerEquipment 2023-02-01 2024-01-31 06488191 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 06488191 core:MotorVehicles 2023-02-01 2024-01-31 06488191 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 06488191 core:PlantMachinery 2023-02-01 2024-01-31 06488191 countries:UnitedKingdom 2023-02-01 2024-01-31 06488191 2023-01-31 06488191 core:FurnitureFittingsToolsEquipment 2023-01-31 06488191 core:MotorVehicles 2023-01-31 06488191 core:OtherPropertyPlantEquipment 2023-01-31 06488191 2022-02-01 2023-01-31 06488191 2023-01-31 06488191 bus:OrdinaryShareClass1 2023-01-31 06488191 core:RetainedEarningsAccumulatedLosses 2023-01-31 06488191 core:ShareCapital 2023-01-31 06488191 core:CurrentFinancialInstruments 2023-01-31 06488191 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 06488191 core:FurnitureFittingsToolsEquipment 2023-01-31 06488191 core:MotorVehicles 2023-01-31 06488191 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06488191

DAC Automation Midlands Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

DAC Automation Midlands Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

DAC Automation Midlands Ltd

Company Information

Director

D Cork

Company secretary

L Hardwick

Registered office

46 Mount Road
Stone
Staffordshire
ST15 8LJ

Accountants

Winton Bath Group Limited
Chartered Accountants
First Floor
6 Ferranti Court
Staffordshire Technology Park
Stafford
Staffordshire
ST18 0LQ

 

DAC Automation Midlands Ltd

(Registration number: 06488191)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fiixed assets

 

Tangible assets

4

4,146

3,856

Current assets

 

Stocks

5

2,154

2,650

Debtors

6

44,982

28,010

Cash at bank and in hand

 

13,245

20,541

 

60,381

51,201

Creditors: Amounts falling due within one year

7

(63,282)

(51,499)

Net current liabilities

 

(2,901)

(298)

Total assets less current liabilities

 

1,245

3,558

Provisions for liabilities

(802)

(747)

Net assets

 

443

2,811

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

441

2,809

Shareholders' funds

 

443

2,811

For the financial year ending 31 January 2024 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 1 May 2024
 

.........................................
D Cork
Director

 

DAC Automation Midlands Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
46 Mount Road
Stone
Staffordshire
ST15 8LJ

These financial statements were authorised for issue by the director on 1 May 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

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.

Going concern

The financial statements have been prepared on a 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.

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.

 

DAC Automation Midlands Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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 & machinery

20% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

20% on reducing balance

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.

 

DAC Automation Midlands Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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. The share capital disclosed on balance sheet is allotted, called up and fully paid.

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 the director) during the year, was 2 (2023 - 2).

 

DAC Automation Midlands Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

4,042

11,040

1,000

16,082

Additions

1,220

-

-

1,220

At 31 January 2024

5,262

11,040

1,000

17,302

Depreciation

At 1 February 2023

2,204

9,075

947

12,226

Charge for the year

429

491

10

930

At 31 January 2024

2,633

9,566

957

13,156

Carrying amount

At 31 January 2024

2,629

1,474

43

4,146

At 31 January 2023

1,838

1,965

53

3,856

5

Stocks

2024
£

2023
£

Other inventories

2,154

2,650

6

Debtors



 

The carrying amount of trade debtors pledged as security for liabilities amounted to £37,496 (2023: £20,524).

Trade debtors are subject to a factoring arragement. Amounts due to the fatcor are included in other creditors and amounted to £9,951 (2023: £7,019).

Novuna Business has a fixed and floating charge over all the assets of the company in connection with the debt purchases factoring agreement.

Current

2024
£

2023
£

Trade debtors

38,796

21,824

Other debtors

6,186

6,186

 

44,982

28,010

 

DAC Automation Midlands Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

18,859

14,114

Taxation and social security

32,457

28,386

Accruals and deferred income

2,150

2,050

Other creditors

9,816

6,949

63,282

51,499

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2