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Registration number: 04465138

Douglas Metal Finishing Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 June 2024

 

Douglas Metal Finishing Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 15

Detailed Profit and Loss Account

16 to 18

 

Douglas Metal Finishing Limited

Company Information

Directors

S C Paton

P S Johnston

Registered office

Unit 27 Mulberry Court
Bourne Road Industrial Est Bourne Road
Crayford
Dartford
DA1 4BF

Accountants

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

 

Douglas Metal Finishing Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the abridged financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

S C Paton

P S Johnston

Principal activity

The principal activity of the company is continued to be that of metal finishing.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

.........................................
P S Johnston
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Douglas Metal Finishing Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Douglas Metal Finishing Limited for the year ended 30 June 2024 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Douglas Metal Finishing Limited, as a body, in accordance with the terms of our engagement letter dated 15 November 2012. Our work has been undertaken solely to prepare for your approval the accounts of Douglas Metal Finishing Limited and state those matters that we have agreed to state to the Board of Directors of Douglas Metal Finishing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Douglas Metal Finishing Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Douglas Metal Finishing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Douglas Metal Finishing Limited. You consider that Douglas Metal Finishing Limited 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 accounts of Douglas Metal Finishing Limited. 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 accounts.

......................................

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

3 September 2024

 

Douglas Metal Finishing Limited

Abridged Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Gross profit

 

449,938

392,186

Administrative expenses

 

(362,524)

(409,439)

Interest payable and similar expenses

 

(29,558)

(15,713)

Profit/(loss) before tax

4

57,856

(32,966)

Tax on profit/(loss)

 

(6,949)

(207)

Profit/(loss) for the financial year

 

50,907

(33,173)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Douglas Metal Finishing Limited

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit/(loss) for the year

50,907

(33,173)

Total comprehensive income for the year

50,907

(33,173)

 

Douglas Metal Finishing Limited

(Registration number: 04465138)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

5

1

1

Tangible Assets

6

50,509

52,782

 

50,510

52,783

Current assets

 

Stocks

7

125,803

124,855

Debtors

8

127,503

170,457

Cash at bank and in hand

 

35,371

61,338

 

288,677

356,650

Prepayments and accrued income

 

22,369

19,029

Creditors: Amounts falling due within one year

(214,839)

(204,026)

Net current assets

 

96,207

171,653

Total assets less current liabilities

 

146,717

224,436

Creditors: Amounts falling due after more than one year

(132,496)

(161,251)

Provisions for liabilities

(12,225)

(9,656)

Accruals and deferred income

 

(16,572)

(25,000)

Net (liabilities)/assets

 

(14,576)

28,529

Capital and reserves

 

Called up share capital

9

16,130

16,130

Revaluation reserve

118,420

118,420

Retained earnings

(149,126)

(106,021)

Shareholders' (deficit)/funds

 

(14,576)

28,529

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Douglas Metal Finishing Limited

(Registration number: 04465138)
Abridged Balance Sheet as at 30 June 2024

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

.........................................
P S Johnston
Director

 

Douglas Metal Finishing Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2023

16,130

118,420

(106,021)

28,529

Profit for the year

-

-

50,907

50,907

Dividends

-

-

(94,012)

(94,012)

At 30 June 2024

16,130

118,420

(149,126)

(14,576)

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2022

16,130

118,420

45,596

180,146

Loss for the year

-

-

(33,173)

(33,173)

Dividends

-

-

(118,444)

(118,444)

At 30 June 2023

16,130

118,420

(106,021)

28,529

 

Douglas Metal Finishing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 27 Mulberry Court
Bourne Road Industrial Est Bourne Road
Crayford
Dartford
DA1 4BF
England

These financial statements were authorised for issue by the Board on 3 September 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

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods or on completion of the designated services;
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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Douglas Metal Finishing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over the period of 5 years

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.

 

Douglas Metal Finishing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

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

Stock is valued at the lower of cost and net realisable value.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Douglas Metal Finishing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 17).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,914

9,315

 

Douglas Metal Finishing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

5

Intangible assets

Total
£

Cost or valuation

At 1 July 2023

225

At 30 June 2024

225

Amortisation

At 1 July 2023

224

At 30 June 2024

224

Carrying amount

At 30 June 2024

1

At 30 June 2023

1

6

Tangible Assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

396,030

396,030

Additions

6,641

6,641

At 30 June 2024

402,671

402,671

Depreciation

At 1 July 2023

343,248

343,248

Charge for the year

8,914

8,914

At 30 June 2024

352,162

352,162

Carrying amount

At 30 June 2024

50,509

50,509

At 30 June 2023

52,782

52,782

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

125,803

124,855

 

Douglas Metal Finishing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

8

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

ordinary shares of £1 each

30

30

30

30

ordinary B shares of £1 each

16,000

16,000

16,000

16,000

ordinary C shares of £1 each

100

100

100

100

16,130

16,130

16,130

16,130

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £10.00 per each ordinary shares

300

300

Interim dividend of £5.86 (2023 - £7.38) per each ordinary B shares

93,712

118,144

94,012

118,444

 

Douglas Metal Finishing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

19,968

19,968

Dividends paid to directors

2024
£

2023
£

S C Paton

Dividend

47,006

59,222

 

 

12

Parent and ultimate parent undertaking

The ultimate controlling party is the directors.

 

Douglas Metal Finishing Limited

Detailed Profit and Loss Account for the Year Ended 30 June 2024

2024
£

2023
£

Turnover (analysed below)

1,029,080

1,166,973

Cost of sales (analysed below)

(579,142)

(774,787)

Gross profit

449,938

392,186

Gross profit (%)

43.72%

33.61%

Administrative expenses

General administrative expenses (analysed below)

(362,524)

(409,439)

Operating profit/(loss)

87,414

(17,253)

Interest payable and similar expenses (analysed below)

(29,558)

(15,713)

Profit/(loss) before tax

57,856

(32,966)

 

Douglas Metal Finishing Limited

Detailed Profit and Loss Account for the Year Ended 30 June 2024

2024
£

2023
£

   

Turnover

Sale of goods, UK

1,029,080

1,166,973

   

Cost of sales

Opening finished goods

124,855

174,189

Purchases

128,814

203,745

Direct costs

44,425

39,136

Closing finished goods

(125,803)

(124,855)

Wages and salaries (excluding directors)

343,203

372,709

Staff NIC (Employers)

26,663

30,396

Subcontract labour

15,730

27,761

Light, heat and power

21,255

51,706

579,142

774,787

   

General administrative expenses

Wages and salaries (excluding directors)

46,498

46,498

Staff NIC (Employers)

14,182

14,808

Directors remuneration

19,968

19,968

Staff training

-

480

Rent and rates

109,822

98,054

Insurance

26,629

30,557

Repairs and renewals

46,080

88,147

Telephone and fax

5,151

8,776

Computer software and maintenance costs

8,321

6,843

Printing, postage and stationery

1,537

1,570

Charitable donations

100

323

Cleaning

7,225

5,069

Motor expenses

5,469

8,427

Travel and subsistence

2,675

5,669

Advertising

1,060

1,487

Customer entertaining (disallowable for tax)

276

120

Accountancy fees

5,625

5,550

Consultancy fees

25,412

20,128

Legal and professional fees

16,132

28,455

Bad debts written off

2,622

-

Bank charges

2,309

2,222

Factoring charges

6,517

6,973

Depreciation of plant and machinery (owned)

8,914

9,315

362,524

409,439

 

Douglas Metal Finishing Limited

Detailed Profit and Loss Account for the Year Ended 30 June 2024

2024
£

2023
£

   

Interest payable and similar expenses

Bank loan interest payable

6,003

15,713

Other loan interest

23,555

-

29,558

15,713