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REGISTERED NUMBER: 03510251















Strategic Report,

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Duncan Research & Development Ltd

Duncan Research & Development Ltd (Registered number: 03510251)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 0

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


Duncan Research & Development Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D Duncan
M Duncan





SECRETARY: I Mills





REGISTERED OFFICE: Higher Cholwell Harberton
Totnes
Devon
TQ9 7RZ





REGISTERED NUMBER: 03510251






Duncan Research & Development Ltd (Registered number: 03510251)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Research and Development and production of marine propulsion equipment.

REVIEW OF BUSINESS
The Company continues to invest in Research and Development and to develop products and services for Marine Propulsion and related industries.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

D Duncan
M Duncan

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





I Mills - Secretary


22 August 2024

Duncan Research & Development Ltd (Registered number: 03510251)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 1,619,987 1,662,543

CURRENT ASSETS
Stocks 138,359 -
Debtors 4 3,070 545
Investments 5 - 108,489
Cash at bank 186,706 101,765
328,135 210,799
CREDITORS
Amounts falling due within one year 6 1,348,646 1,317,127
NET CURRENT LIABILITIES (1,020,511 ) (1,106,328 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

599,476

556,215

CREDITORS
Amounts falling due after more than one
year

7

22,007

51,447
NET ASSETS 577,469 504,768

CAPITAL AND RESERVES
Called up share capital 500,000 500,000
Retained earnings 77,469 4,768
577,469 504,768

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Duncan Research & Development Ltd (Registered number: 03510251)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





D Duncan - Director


Duncan Research & Development Ltd (Registered number: 03510251)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern basis
The financial statements have been prepared on a going concern basis as David Duncan, Director, Marlene Duncan , Director, Nicola Hutton and Christopher Duncan have agreed not to recall amounts due to them totalling £1207438 as at 31 December 2022 for a period of at least 12 months from the date of approval of the financial statements.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 3 ).

Duncan Research & Development Ltd (Registered number: 03510251)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1,921,454 171,074 2,092,528
DEPRECIATION
At 1 January 2023 284,989 144,996 429,985
Charge for year 39,233 3,323 42,556
At 31 December 2023 324,222 148,319 472,541
NET BOOK VALUE
At 31 December 2023 1,597,232 22,755 1,619,987
At 31 December 2022 1,636,465 26,078 1,662,543

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Prepayments 3,070 545

5. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Loans to Teignbridge
Propellers International Ltd - (66,740 )
Loans to Duncan Propellers Ltd - 175,229
- 108,489

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Directors and Related Party Loans (See note 9)
(see note 8) 1,174,959 1,207,438
Hire purchase contracts 8,362 8,362
Trade creditors 745 1,655
Social security and other taxes 9,042 357
VAT - 10,387
Bank Loan < 1 Yr 17,505 36,948
Directors and Related Party Loans
Teignbridge Propellers International and
Duncan Prlrs


82,577


-
Accruals and deferred income 51,975 51,980
Accrued expenses 3,481 -
1,348,646 1,317,127

Duncan Research & Development Ltd (Registered number: 03510251)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 8) - 20,486
Hire purchase contracts 22,007 30,961
22,007 51,447

8. RELATED PARTY LOANS

An analysis of the maturity of related party loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Loan Christopher Duncan 611,283 605,212
Loan Nicola Hutton 527,663 566,213
Loan Marlene Duncan 36,013 36,013
1,174,959 1,207,438

Amounts falling due between one and two years:
Bank loans - 1-2 years - 20,486