Displad Limited 00401061 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is the manufacture of display and merchandising equipment for the carpet and textile retailing industry Digita Accounts Production Advanced 6.30.9574.0 true 00401061 2022-12-01 2023-11-30 00401061 2023-11-30 00401061 bus:OrdinaryShareClass1 2023-11-30 00401061 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-11-30 00401061 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-11-30 00401061 core:CurrentFinancialInstruments 2023-11-30 00401061 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 00401061 core:Non-currentFinancialInstruments 2023-11-30 00401061 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 00401061 core:FurnitureFittingsToolsEquipment 2023-11-30 00401061 core:LandBuildings 2023-11-30 00401061 core:OtherPropertyPlantEquipment 2023-11-30 00401061 1 2023-11-30 00401061 bus:SmallEntities 2022-12-01 2023-11-30 00401061 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 00401061 bus:FullAccounts 2022-12-01 2023-11-30 00401061 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 00401061 bus:RegisteredOffice 2022-12-01 2023-11-30 00401061 bus:CompanySecretary1 2022-12-01 2023-11-30 00401061 bus:Director4 2022-12-01 2023-11-30 00401061 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 00401061 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 00401061 bus:Agent1 2022-12-01 2023-11-30 00401061 core:FurnitureFittings 2022-12-01 2023-11-30 00401061 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 00401061 core:LandBuildings 2022-12-01 2023-11-30 00401061 core:MotorCars 2022-12-01 2023-11-30 00401061 core:OfficeEquipment 2022-12-01 2023-11-30 00401061 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 00401061 core:PlantMachinery 2022-12-01 2023-11-30 00401061 1 2022-12-01 2023-11-30 00401061 countries:EnglandWales 2022-12-01 2023-11-30 00401061 2022-11-30 00401061 core:FurnitureFittingsToolsEquipment 2022-11-30 00401061 core:LandBuildings 2022-11-30 00401061 core:OtherPropertyPlantEquipment 2022-11-30 00401061 2021-12-01 2022-11-30 00401061 2022-11-30 00401061 bus:OrdinaryShareClass1 2022-11-30 00401061 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-11-30 00401061 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-11-30 00401061 core:CurrentFinancialInstruments 2022-11-30 00401061 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 00401061 core:Non-currentFinancialInstruments 2022-11-30 00401061 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 00401061 core:FurnitureFittingsToolsEquipment 2022-11-30 00401061 core:LandBuildings 2022-11-30 00401061 core:OtherPropertyPlantEquipment 2022-11-30 00401061 1 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00401061

Displad Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Displad Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Displad Limited

Company Information

Director

PA Richardson

Company secretary

PA Richardson

Registered office

Eton Hill Works,
Eton Hill Road,
Radcliffe,
Manchester,
M26 2DL.

Bankers

Barclays Bank Plc.,
Radcliffe Branch,
51 Blackburn Street,
Radcliffe,
Manchester,
M26 9NT.

Accountants

McKellens Limited
Chartered Accountants
11 Riverview
The Embankment Business Park
Vale Road
Heaton Mersey
Stockport
SK4 3GN

 

Displad Limited

(Registration number: 00401061)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

23,011

9,973

Current assets

 

Stocks

5

89,074

85,427

Debtors

6

162,367

156,218

Cash at bank and in hand

 

29,223

67,672

 

280,664

309,317

Creditors: Amounts falling due within one year

7

(162,925)

(159,106)

Net current assets

 

117,739

150,211

Total assets less current liabilities

 

140,750

160,184

Creditors: Amounts falling due after more than one year

7

(37,111)

(33,333)

Net assets

 

103,639

126,851

Capital and reserves

 

Called up share capital

9

3,000

3,000

Retained earnings

100,639

123,851

Shareholders' funds

 

103,639

126,851

For the financial year ending 30 November 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 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 29 August 2024
 

.........................................
PA Richardson
Director

   
     
 

Displad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Eton Hill Works,
Eton Hill Road,
Radcliffe,
Manchester,
M26 2DL.

These financial statements were authorised for issue by the director on 29 August 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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

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.

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

Freehold land and buildings

written off over term of lease

Plant and machinery

10% on a straight line basis

Fixtures and fittings

10% on a reducing balance basis

 

Displad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Motor vehicles

25% on a reducing balance basis

Office equipment

33% on a straight line basis

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Displad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

 

Displad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Improvements to landlord's premises
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

4,231

10,754

183,578

198,563

Additions

-

-

17,940

17,940

At 30 November 2023

4,231

10,754

201,518

216,503

Depreciation

At 1 December 2022

4,231

9,960

174,399

188,590

Charge for the year

-

397

4,505

4,902

At 30 November 2023

4,231

10,357

178,904

193,492

Carrying amount

At 30 November 2023

-

397

22,614

23,011

At 30 November 2022

-

794

9,179

9,973

5

Stocks

2023
£

2022
£

Work in progress

7,012

3,195

Finished goods and goods for resale

10,898

6,797

Raw materials

71,164

75,435

89,074

85,427

6

Debtors

Current

2023
£

2022
£

Trade debtors

158,427

151,063

Prepayments

3,271

4,486

Other debtors

669

669

 

162,367

156,218

 

Displad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

13,444

10,000

Trade creditors

 

83,394

112,260

Taxation and social security

 

15,472

21,482

Accruals and deferred income

 

47,201

9,557

Other creditors

 

3,414

5,807

 

162,925

159,106

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

37,111

33,333

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,333

33,333

Hire purchase contracts

13,778

-

37,111

33,333

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

3,444

-

13,444

10,000

Bank borrowings

The bounce back loan is denominated in £ with a nominal interest rate of 2.5%%, and the final instalment is due on 9 March 2026. The carrying amount at year end is £33,333 (2022 - £43,333).

The loan is unsecured.

 

Displad Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

3,000

3,000

3,000

3,000