REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
DUDLEY ASSOCIATES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
DUDLEY ASSOCIATES LIMITED |
DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
DUDLEY ASSOCIATES LIMITED |
COMPANY INFORMATION |
for the year ended 30 November 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
16 Davy Court |
Castle Mound Way |
Rugby, CV23 0UZ |
Magma Audit LLP is part |
Of the Dains Group |
DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699) |
BALANCE SHEET |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Dudley Associates Limited is a private company, limited by shares, registered in England and Wales, registration number 02508699. The address of the registered office is 3 Elizabethan Way, Lutterworth, Leicestershire, LE17 4ND. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency of the financial statements is sterling (£) and amounts are rounded to the nearest £1. |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
i) the amount of revenue can be measured reliably; |
ii) it is probable that the Company will receive the consideration due under the contract; |
iii) the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
iv) the costs incurred and the costs to complete the contract can be measured reliably. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a straight line basis, as indicated below. |
Improvements to property | - | straight line over the shorter of the lease term and useful economic life |
Plant and machinery | - | 10 - 20% straight line |
Fixtures and fittings | - | 10% straight line |
Computer equipment | - | 33% straight line |
Motor vehicles | - | 25% Straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account. |
Work in progress |
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest rate method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in the profit and loss account except that a charge attributable to an item of income and |
expense recognised as other comprehensive income or to an item recognised directly in equity is also |
recognised in the profit and loss account or directly in equity respectively. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
i) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits; and |
ii) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Operating leases |
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful economic lives. |
The interest element of these obligations is charged to the profit and loss account on a straight line basis over the period of the lease. |
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 8) |
Hire purchase contracts (see note 9) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 51,655 | 61,008 |
Other creditors |
Directors' current accounts | - | 50,000 |
Accruals and deferred income |
At the year end unpaid pension contributions totalling £8,153 (2022: £6,646) are included in other creditors. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 8) |
Hire purchase contracts (see note 9) |
Directors' loan accounts | 250,000 | 250,000 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
9. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
DUDLEY ASSOCIATES LIMITED (REGISTERED NUMBER: 02508699) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 November 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 84,928 | 120,794 |
Hire purchase debts are secured on the assets to which they relate. |
The invoice discounting facility is secured by a debenture over the assets of the company. The debenture contains both fixed and floating charges. The floating charge covers all the property or undertaking of the company. |
11. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Tax losses carried forward | ( |
) | ( |
) |
59,076 | 81,002 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Utilised during year | ( |
) |
Balance at 30 November 2023 |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the year £10,000 (2022: £12,000) of consultancy fees were incurred from a company controlled by a director of Dudley Associates Limited. At 30 November 2023 £NIL (2022: £1,000) was owed to this company. |
During the year £84,000 (2021: £79,903) of lease rentals were incurred from a company controlled by a director of Dudley Associates Limited. At 30 November 2023 £NIL (2022: £2,569) was owed to this company. |
During the year £42,000 (2022: £38,333) of lease rentals were incurred from a company controlled by a director of Dudley Associates Limited. At 30 November 2023 £NIL (2022: £1,377) was owed to this company. |