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COMPANY REGISTRATION NUMBER: 08749121
Dairy Lane (St Michael's) Limited
Filleted Unaudited Financial Statements
30 April 2024
Dairy Lane (St Michael's) Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
7,771
10,262
Current assets
Stocks
2,500
2,000
Debtors
6
21,056
32,275
Cash at bank and in hand
1,491,087
1,217,508
------------
------------
1,514,643
1,251,783
Creditors: amounts falling due within one year
7
176,193
98,034
------------
------------
Net current assets
1,338,450
1,153,749
------------
------------
Total assets less current liabilities
1,346,221
1,164,011
------------
------------
Net assets
1,346,221
1,164,011
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,346,121
1,163,911
------------
------------
Shareholders funds
1,346,221
1,164,011
------------
------------
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 statement of income and retained earnings has not been delivered.
For the year ending 30th April 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 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 .
Dairy Lane (St Michael's) Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 21 May 2024 , and are signed on behalf of the board by:
Mr J A Elliott
Director
Company registration number: 08749121
Dairy Lane (St Michael's) Limited
Notes to the Financial Statements
Year ended 30th April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dairy Lane, Houghton le Spring, DH4 5EH.
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.
Corporation 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 which are expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Fixtures and fittings
-
20-33% Straight line
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2023: 24 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1st May 2023
28,851
7,901
36,752
Additions
899
899
--------
-------
--------
At 30th April 2024
29,750
7,901
37,651
--------
-------
--------
Depreciation
At 1st May 2023
19,528
6,962
26,490
Charge for the year
3,214
176
3,390
--------
-------
--------
At 30th April 2024
22,742
7,138
29,880
--------
-------
--------
Carrying amount
At 30th April 2024
7,008
763
7,771
--------
-------
--------
At 30th April 2023
9,323
939
10,262
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
12,314
2,906
Other debtors
8,742
29,369
--------
--------
21,056
32,275
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
528
1,643
Accruals and deferred income
36,920
35,385
Corporation tax
103,836
28,985
Social security and other taxes
7,073
2,415
Director loan accounts
27,836
29,606
---------
--------
176,193
98,034
---------
--------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J A Elliott
( 29,478)
1,719
( 27,759)
Mrs J Tinkler
( 128)
51
( 77)
--------
-------
--------
( 29,606)
1,770
( 27,836)
--------
-------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J A Elliott
( 30,620)
1,143
(29,477)
Mrs J Tinkler
( 245)
116
(129)
--------
-------
--------
( 30,865)
1,259
( 29,606)
--------
-------
--------
9. Controlling party
The company is under control of its majority shareholder and director J.A. Elliott