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REGISTERED NUMBER: 01563650 (England and Wales)















Darnall Tools & Abrasives Limited

Unaudited Financial Statements For The Year Ended 31 March 2024






Darnall Tools & Abrasives Limited (Registered number: 01563650)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Darnall Tools & Abrasives Limited

Company Information
For The Year Ended 31 March 2024







DIRECTORS: Q Brown
P Brown





SECRETARY: Q Brown





REGISTERED OFFICE: 46 Catley Road
SHEFFIELD
S9 5JF





REGISTERED NUMBER: 01563650 (England and Wales)





ACCOUNTANTS: Kingswood Allotts Limited
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

Darnall Tools & Abrasives Limited (Registered number: 01563650)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 59,980 51,842

CURRENT ASSETS
Stocks 180,000 180,000
Debtors 5 358,402 369,781
Cash at bank 19,868 23,269
558,270 573,050
CREDITORS
Amounts falling due within one year 6 283,553 354,316
NET CURRENT ASSETS 274,717 218,734
TOTAL ASSETS LESS CURRENT LIABILITIES 334,697 270,576

CREDITORS
Amounts falling due after more than one year 7 (12,350 ) (22,350 )

PROVISIONS FOR LIABILITIES (5,500 ) (9,579 )
NET ASSETS 316,847 238,647

CAPITAL AND RESERVES
Called up share capital 3,640 3,640
Capital redemption reserve 16,360 16,360
Retained earnings 296,847 218,647
SHAREHOLDERS' FUNDS 316,847 238,647

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:



Q Brown - Director


Darnall Tools & Abrasives Limited (Registered number: 01563650)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Darnall Tools & Abrasives Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.
Improvements to property - 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% on cost

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 Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

Darnall Tools & Abrasives Limited (Registered number: 01563650)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 35,595 43,740 75,997 45,544 200,876
Additions - - 27,900 - 27,900
Disposals - - (6,664 ) (9,288 ) (15,952 )
At 31 March 2024 35,595 43,740 97,233 36,256 212,824
DEPRECIATION
At 1 April 2023 34,168 43,550 30,368 40,948 149,034
Charge for year 1,423 95 13,651 4,593 19,762
Eliminated on disposal - - (6,664 ) (9,288 ) (15,952 )
At 31 March 2024 35,591 43,645 37,355 36,253 152,844
NET BOOK VALUE
At 31 March 2024 4 95 59,878 3 59,980
At 31 March 2023 1,427 190 45,629 4,596 51,842

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 357,402 369,781
Directors' current accounts 1,000 -
358,402 369,781

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 177,158 223,996
Debt factor finance 41,615 55,410
Taxation 29,588 24,600
Social security and other taxes - 5,648
VAT 21,104 29,761
Other creditors 141 306
Accrued expenses 3,947 4,595
283,553 354,316

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 2,350 12,350
12,350 22,350

Darnall Tools & Abrasives Limited (Registered number: 01563650)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 7,425 12,889
Between one and five years - 7,425
7,425 20,314

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Debt factor finance 41,615 55,410

The debt factor finance is secured on the trade debtors to which the finance relates.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Q Brown
Balance outstanding at start of year - -
Amounts advanced 1,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,000 -