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REGISTERED NUMBER: 00972614 (England and Wales)












DOUGHTY ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






DOUGHTY ENGINEERING LIMITED (REGISTERED NUMBER: 00972614)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DOUGHTY ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: M B T Lister
J Chiverton
S C Wright
D Phillips
D Chorley





SECRETARY: M B T Lister





REGISTERED OFFICE: Crow Arch Lane
Ringwood
Hampshire
BH24 1NZ





REGISTERED NUMBER: 00972614 (England and Wales)

DOUGHTY ENGINEERING LIMITED (REGISTERED NUMBER: 00972614)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 4 1,576,431 1,615,618
Investments 5 - 3,200
Investment property 6 637,658 -
2,214,089 1,618,818

CURRENT ASSETS
Stocks 2,248,584 1,582,760
Debtors 7 730,776 1,030,552
Investments 8 150,000 -
Cash at bank and in hand 242,062 464,854
3,371,422 3,078,166
CREDITORS
Amounts falling due within one year 9 (1,422,709 ) (1,124,180 )
NET CURRENT ASSETS 1,948,713 1,953,986
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,162,802

3,572,804

CREDITORS
Amounts falling due after more than one
year

10

(405,136

)

-

PROVISIONS FOR LIABILITIES (130,788 ) (130,683 )
NET ASSETS 3,626,878 3,442,121

CAPITAL AND RESERVES
Called up share capital 80 80
Capital redemption reserve 20 20
Other reserves 68,573 70,513
Retained earnings 3,558,205 3,371,508
3,626,878 3,442,121

DOUGHTY ENGINEERING LIMITED (REGISTERED NUMBER: 00972614)

BALANCE SHEET - continued
31 JANUARY 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:





M B T Lister - Director


DOUGHTY ENGINEERING LIMITED (REGISTERED NUMBER: 00972614)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Doughty Engineering 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 FRS102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
The turnover shown in the profit and loss account represents the value of all goods sold during the year, less returns received, at selling price exclusive of Value Added Tax, for the supply of theatrical lighting equipment. Turnover is recognised at the point that the goods are delivered to the customer.

Rental income
Rental income on assets leased under operating leases is recognised on a straight-line basis over the lease term and is presented within other operating income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 50 years
Plant and machinery - 5 - 10 years Straight Line
Fixtures and fittings - 3-7 years straight line
Motor vehicles - Straight line over 5 years

Fixed asset investments
Interests in associates are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

DOUGHTY ENGINEERING LIMITED (REGISTERED NUMBER: 00972614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Work in progress is valued on the basis of direct material and labour costs based on a normal level of activity. Foreseeable losses are provided for in full at the point at which the loss is anticipated.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

DOUGHTY ENGINEERING LIMITED (REGISTERED NUMBER: 00972614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Employee benefits
The costs of employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any material unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

DOUGHTY ENGINEERING LIMITED (REGISTERED NUMBER: 00972614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 57 (2023 - 48 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 February 2023 1,677,033 2,797,873 611,959 112,339 5,199,204
Additions - 74,908 3,431 19,500 97,839
Disposals - (112,894 ) - (19,830 ) (132,724 )
At 31 January 2024 1,677,033 2,759,887 615,390 112,009 5,164,319
DEPRECIATION
At 1 February 2023 541,002 2,376,351 573,306 92,927 3,583,586
Charge for year 28,852 91,814 10,871 5,305 136,842
Eliminated on disposal - (112,710 ) - (19,830 ) (132,540 )
At 31 January 2024 569,854 2,355,455 584,177 78,402 3,587,888
NET BOOK VALUE
At 31 January 2024 1,107,179 404,432 31,213 33,607 1,576,431
At 31 January 2023 1,136,031 421,522 38,653 19,412 1,615,618

The freehold land and buildings were valued on an open market basis by a firm of independent Chartered Surveyors in 2004. On transition to FRS102 this valuation was adopted as deemed cost.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

20242023
£   £   
Cost1,443,7991,443,799
Accumulated depreciation(495,835)(471,205)
Carrying value947,964972,594

DOUGHTY ENGINEERING LIMITED (REGISTERED NUMBER: 00972614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. FIXED ASSET INVESTMENTS
Interest in
other
participating
interests
£
COST
At 1 February 2023 3,200
Impairments (3,200 )
At 31 January 2024 -
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 3,200

6. INVESTMENT PROPERTY
Total
£
FAIR VALUE
Additions 637,658
At 31 January 2024 637,658
NET BOOK VALUE
At 31 January 2024 637,658

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 683,467 753,081
Amounts owed by participating interests - 187,908
Other debtors 47,309 89,563
730,776 1,030,552

8. CURRENT ASSET INVESTMENTS
2024 2023
£ £
Bank reserve account 150,000 -

DOUGHTY ENGINEERING LIMITED (REGISTERED NUMBER: 00972614)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 31,085 -
Trade creditors 346,687 210,163
Taxation and social security 741,206 613,266
Other creditors 303,731 300,751
1,422,709 1,124,180

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 405,136 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments 251,360 -
251,360 -

The effective interest rate applied on the loan is 8.35% (2023: N/A).

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 15,080 2,876
Between one and five years 17,286 431
32,366 3,307

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 436,221 -

The bank loan relates to a mortgage taken out in the year for an investment property held by the company. The loan is secured against the same property.