Registered number
04720056
The Display Link Limited
Filleted Accounts
30 April 2024
The Display Link Limited
Registered number: 04720056
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 5 503,922 457,764
Current assets
Stocks 19,919 20,053
Debtors 6 57,773 66,946
Cash at bank and in hand 185,100 163,021
262,792 250,020
Creditors: amounts falling due within one year 7 (123,305) (119,616)
Net current assets 139,487 130,404
Total assets less current liabilities 643,409 588,168
Creditors: amounts falling due after more than one year 8 (200,302) (221,189)
Provisions for liabilities (19,276) (7,712)
Net assets 423,831 359,267
Capital and reserves
Called up share capital 2 2
Capital redemption reserve 1 1
Revaluation reserve 10 67,295 67,295
Profit and loss account 356,533 291,969
Shareholders' funds 423,831 359,267
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Morton
Director
Approved by the board on 12.08.24
The Display Link Limited
Notes to the Accounts
for the year ended 30 April 2024
2 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). Covid 19 impact: As a result of the national lockdowns the majority of the companies staff were furloughed from May 2020 to April 2021.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than leasehold land and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and Equipment over 5 years
Leasehold property is included in the balance sheet at the valuation made April 2023. The surplus on revaluation has been taken to the revaluation reserve. Depreciation is not provided on leasehold property. This policy represents a departure from the Companies Act 2006. The directors consider that this policy is necessary in order that the financial statements give a true and fair view, because current values are of prime importance rather than the calculation of systematic annual depreciation.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Grants received
The Company received grants as follows: Job retention scheme grant £0, (2022:£19780), Business interuption grant £0, (2022:£208). (relating to a Bounce back loan taken out in June 2020 for £50,000).
4 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
5 Tangible fixed assets
Land and buildings Plant and equipment Motor vehicles Total
£ £ £ £
Cost / Valuation
At 1 May 2023 513,000 102,934 - 615,934
Additions - 31,272 40,900 72,172
At 30 April 2024 513,000 134,206 40,900 688,106
Depreciation
At 1 May 2023 88,000 70,170 - 158,170
Charge for the year - 18,034 7,980 26,014
At 30 April 2024 88,000 88,204 7,980 184,184
Net book value
At 30 April 2024 425,000 46,002 32,920 503,922
At 30 April 2023 425,000 32,764 - 457,764
Leasehold land and buildings: 2024 2023
£ £
Historical cost 445,705 445,705
Cumulative depreciation based on historical cost 151,400 141,952
294,305 303,753
The land and buildings were professionally valued by CPR 4th April 2023 at a market value of £425,000.
6 Debtors 2024 2023
£ £
Trade debtors 51,411 62,833
Other debtors 6,362 4,113
57,773 66,946
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 38,267 36,132
Trade creditors 15,502 19,718
Corporation tax 34,628 31,930
Other taxes and social security costs 29,278 18,062
Other creditors 5,630 13,774
123,305 119,616
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 200,302 221,189
9 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 82,852 102,823
Secured bank loans 214,192 221,683
In December 2022 the company re-mortgaged, over a term of 15 years at an interest rate of 3.5% over base. The mortgage is secured on the property known as The Display Link, Unit 2 Carrera Court, Church Lane, Dinnington, Sheffield S25 2RG. There is a fixed and floating charge over all property and undertakings of the company.
10 Revaluation reserve 2024 2023
£ £
At 1 May 2023 67,295 23,019
Gain on revaluation of land and buildings - 44,276
At 30 April 2024 67,295 67,295
11 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 20,848 47,497
12 Controlling party
There is no controlling party, Mr S Morton and Mrs L Morton being joint 50% owners.
13 Other information
The Display Link Limited is a private company limited by shares and incorporated in England. Its registered office is:
Display House
Unit 2 Carrera Court
Sheffield
South Yorkshire
S25 2RG
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