REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Duncan Research & Development Ltd |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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. |
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: |
Duncan Research & Development Ltd (Registered number: 03510251) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Investments | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
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 |
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 |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 - |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
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) |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
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 |
Accrued expenses |
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) |
Hire purchase contracts |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |