Company registration number 504191 (England and Wales)
D.J.STYLES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
D.J.STYLES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
D.J.STYLES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,109,097
1,101,179
Investments
4
70,245
70,629
1,179,342
1,171,808
Current assets
Stocks
39,395
33,430
Debtors
5
35,233
35,546
Cash at bank and in hand
19,991
22,816
94,619
91,792
Creditors: amounts falling due within one year
6
(344,203)
(349,859)
Net current liabilities
(249,584)
(258,067)
Total assets less current liabilities
929,758
913,741
Provisions for liabilities
(170,000)
(170,000)
Net assets
759,758
743,741
Capital and reserves
Called up share capital
9
4,050
4,050
Revaluation reserve
10
935,052
935,052
Profit and loss reserves
(179,344)
(195,361)
Total equity
759,758
743,741
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
D.J.STYLES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
Mr D W Styles
Mrs J Styles
Director
Director
Company Registration No. 504191
D.J.STYLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
D.J.Styles Limited is a private company limited by shares incorporated in England and Wales. The registered office is Broach Cottage, Broadheath, Tenbury Wells, Worcestershire, WR15 8QW.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and fixed asset unlisted investments.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land
Not depreciated
Freehold buildings
0% p.a. straight line basis
Machinery and implements
12.5% p.a. reducing balance basis
Motor and farm vehicles
20% p.a. straight line basis
Freehold land is carried at the September 2017 valuation on an open market basis. A revaluation will be carried out at least every five years and in intervening years if it is likely that there has been a material change in the value of the land.
Freehold buildings are depreciated to write down the cost less estimated residual value over their remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation, no depreciation is charged as it is not material.
D.J.STYLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
D.J.STYLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
D.J.STYLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
D.J.STYLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Freehold land
Machinery and implements
Motor and farm vehicles
Total
£
£
£
£
Cost or valuation
At 1 April 2023
1,100,000
3,897
20,050
1,123,947
Additions
8,150
8,150
At 31 March 2024
1,100,000
12,047
20,050
1,132,097
Depreciation and impairment
At 1 April 2023
2,718
20,050
22,768
Depreciation charged in the year
232
232
At 31 March 2024
2,950
20,050
23,000
Carrying amount
At 31 March 2024
1,100,000
9,097
1,109,097
At 31 March 2023
1,100,000
1,179
1,101,179
Land and buildings with a carrying amount of £1,100,000 were revalued at 31 March 2024 by the Directors at a market value. They do not believe there has been a material change to this valuation.
The revaluation surplus is disclosed in note 10.
D.J.STYLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Tangible fixed assets
(Continued)
- 8 -
2024
2023
£
£
Cost
56,005
56,005
Accumulated depreciation
-
-
Carrying value
56,005
56,005
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
Other investments other than loans
70,145
70,529
70,245
70,629
D.J.STYLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Fixed asset investments
(Continued)
- 9 -
Fixed asset investments revalued
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
100
70,529
70,629
Valuation changes
-
(384)
(384)
At 31 March 2024
100
70,145
70,245
Carrying amount
At 31 March 2024
100
70,145
70,245
At 31 March 2023
100
70,529
70,629
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,000
16,999
Amounts owed by group undertakings
5,520
6,020
Other debtors
7,405
7,299
Prepayments and accrued income
5,308
5,228
35,233
35,546
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,725
33,760
Other creditors
299,732
311,953
Accruals and deferred income
4,746
4,146
344,203
349,859
D.J.STYLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
8
Related party transactions
Related business
The following business is a related party of D.J.Styles Limited:
Name of business
Nature of relationship
Green Farm Business Units
D W Styles is the proprietor of Green Farm Business Units
and the following transactions took place during the year:
Name of business
Nature of transaction
Amount
Balance due from other party
Green Farm Business Units
Net expenses recharged
8,000
-
Related individuals
The following transactions took place with individual related parties during the year:
Director's current and loan accounts
Creditors include the following amounts due to the directors at 31 March 2024:
2024
2023
£
£
D W Styles - current account
299,732
311,953
These balances arise as a result of loans to the company less amounts drawn.
All related party transactions
There are no provisions against any of the amounts owing at the year end and no amounts have been written off in respect of these transactions during the year.
D.J.STYLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
170,000
170,000
There were no deferred tax movements in the year.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
5,000
5,000
5,000
5,000
Issued and fully paid
Ordinary shares of £1 each
4,050
4,050
4,050
4,050
10
Revaluation reserve
2024
2023
£
£
At beginning of year
935,052
651,052
Revaluation surplus arising in the year
400,000
Other movements
-
(116,000)
At end of year
935,052
935,052
2024-03-312023-04-01false05 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr D W StylesMrs J StylesMrs J Stylesfalsefalse5041912023-04-012024-03-315041912024-03-315041912023-03-31504191core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-31504191core:PlantMachinery2024-03-31504191core:MotorVehicles2024-03-31504191core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-31504191core:PlantMachinery2023-03-31504191core:MotorVehicles2023-03-31504191core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31504191core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31504191core:CurrentFinancialInstruments2024-03-31504191core:CurrentFinancialInstruments2023-03-31504191core:ShareCapital2024-03-31504191core:ShareCapital2023-03-31504191core:RevaluationReserve2024-03-31504191core:RevaluationReserve2023-03-31504191core:RetainedEarningsAccumulatedLosses2024-03-31504191core:RetainedEarningsAccumulatedLosses2023-03-31504191core:RevaluationReserve2023-03-31504191bus:Director12023-04-012024-03-31504191bus:CompanySecretaryDirector12023-04-012024-03-31504191core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-31504191core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-31504191core:PlantMachinery2023-04-012024-03-31504191core:MotorVehicles2023-04-012024-03-315041912022-04-012023-03-31504191core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-31504191core:PlantMachinery2023-03-31504191core:MotorVehicles2023-03-315041912023-03-31504191core:Non-currentFinancialInstruments2024-03-31504191core:Non-currentFinancialInstruments2023-03-31504191core:RevaluationReserve2023-04-012024-03-31504191bus:PrivateLimitedCompanyLtd2023-04-012024-03-31504191bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31504191bus:FRS1022023-04-012024-03-31504191bus:AuditExemptWithAccountantsReport2023-04-012024-03-31504191bus:Director22023-04-012024-03-31504191bus:CompanySecretary12023-04-012024-03-31504191bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP