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2023-12-31
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No description of principal activities is disclosed
2023-01-01
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Company registration number:
SC222659
Delprom Ltd
Unaudited filleted financial statements
31 December 2023
Delprom Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Delprom Ltd
Directors and other information
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Director |
Euan Fielder |
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Secretary |
Lesley Blair |
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Company number |
SC222659 |
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Registered office |
1 Newark Road South |
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Eastfield |
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Glenrothes |
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Fife |
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KY7 4NS |
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Business address |
Itek House |
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1 Newark Road South |
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Eastfield |
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Glenrothes |
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KY7 4NS |
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Accountants |
Paterson Boyd & Co |
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Chartered Certified Accountants |
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18 North Street |
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Glenrothes |
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Fife |
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KY7 5NA |
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Delprom Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Delprom Ltd
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Delprom Ltd for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the director of Delprom Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Delprom Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Delprom Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Delprom Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Delprom Ltd. You consider that Delprom Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Delprom Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
22 August 2024
Delprom Ltd
Statement of financial position
31 December 2023
|
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2023 |
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2022 |
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Note |
£ |
|
£ |
|
£ |
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£ |
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|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
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Tangible assets |
|
5 |
1,092,375 |
|
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|
986,226 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
1,092,375 |
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|
|
986,226 |
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|
|
|
|
|
|
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Current assets |
|
|
|
|
|
|
|
|
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Debtors |
|
6 |
51,410 |
|
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|
15,436 |
|
|
Cash at bank and in hand |
|
|
137,912 |
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|
|
104,344 |
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|
|
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|
_______ |
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|
_______ |
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|
189,322 |
|
|
|
119,780 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
128,095) |
|
|
|
(
35,152) |
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|
|
|
|
_______ |
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|
_______ |
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Net current assets |
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61,227 |
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84,628 |
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|
_______ |
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_______ |
Total assets less current liabilities |
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1,153,602 |
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1,070,854 |
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Creditors: amounts falling due |
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|
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after more than one year |
|
8 |
|
|
- |
|
|
|
(
25,412) |
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|
|
|
|
|
|
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|
Provisions for liabilities |
|
|
|
|
(
38,403) |
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|
(
17,821) |
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|
|
|
|
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|
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_______ |
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_______ |
Net assets |
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1,115,199 |
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1,027,621 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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|
100 |
Profit and loss account |
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1,115,099 |
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1,027,521 |
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_______ |
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_______ |
Shareholder funds |
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1,115,199 |
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1,027,621 |
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_______ |
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_______ |
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
22 August 2024
, and are signed on behalf of the board by:
Euan Fielder
Director
Company registration number:
SC222659
Delprom Ltd
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Itek House, 1 Newark Road South, Eastfield, Glenrothes, Fife, KY7 4NS.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
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Plant and machinery |
- |
20 % |
straight line |
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Fittings fixtures and equipment |
- |
20 % |
straight line |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
Computer equipment |
- |
33.33 % |
straight line |
|
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|
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|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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.
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.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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022: Nil).
5.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Computer equipment |
Total |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
|
|
|
|
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|
At 1 January 2023 |
864,028 |
14,043 |
43,276 |
149,593 |
933 |
1,071,873 |
|
|
Additions |
1,200 |
1,637 |
- |
267,117 |
- |
269,954 |
|
|
Disposals |
- |
- |
- |
(
114,495) |
- |
(
114,495) |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 December 2023 |
865,228 |
15,680 |
43,276 |
302,215 |
933 |
1,227,332 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2023 |
- |
6,763 |
41,175 |
37,398 |
311 |
85,647 |
|
|
Charge for the year |
- |
3,134 |
1,129 |
73,360 |
311 |
77,934 |
|
|
Disposals |
- |
- |
- |
(
28,624) |
- |
(
28,624) |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 December 2023 |
- |
9,897 |
42,304 |
82,134 |
622 |
134,957 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
865,228 |
5,783 |
972 |
220,081 |
311 |
1,092,375 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 December 2022 |
864,028 |
7,280 |
2,101 |
112,195 |
622 |
986,226 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
Investment property
Investment property has been valued by the director, who does not hold a recognised relevant qualification. The valuation is based on experience of the property locations and is still in line with original cost.
6.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
35,724 |
- |
|
Other debtors |
|
15,686 |
15,436 |
|
|
|
_______ |
_______ |
|
|
|
51,410 |
15,436 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
- |
3,843 |
|
Trade creditors |
|
8 |
771 |
|
Corporation tax |
|
36 |
344 |
|
Social security and other taxes |
|
35,830 |
3,255 |
|
Other creditors |
|
92,221 |
26,939 |
|
|
|
_______ |
_______ |
|
|
|
128,095 |
35,152 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
- |
25,412 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £ -
(2022 £ 10,353 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Creditors due after more than 5 years relate to the bank term loan. Interest is being charged at 2.5% per annum.
9.
Related party transactions
Included in "Other creditors" is an amount of £4,522 (2022: £6,127) due to the director from the company. This loan is interest free and has no fixed terms of repayment