REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DALE (MANSFIELD) LIMITED |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DALE (MANSFIELD) LIMITED |
DALE (MANSFIELD) LIMITED (REGISTERED NUMBER: 02858338) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
DALE (MANSFIELD) LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
70-72 Nottingham Road |
Mansfield |
Nottinghamshire |
NG18 1BN |
DALE (MANSFIELD) LIMITED (REGISTERED NUMBER: 02858338) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of a complete engineering service incorporating the design and manufacture of hydraulic cylinders and other products for steel processing, defence, mining and marine industries. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
DALE (MANSFIELD) LIMITED (REGISTERED NUMBER: 02858338) |
BALANCE SHEET |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DALE (MANSFIELD) LIMITED (REGISTERED NUMBER: 02858338) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Dale (Mansfield) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company's working capital requirements are financed by an invoice discounting facility from Lloyds bank and a bounce back loan from Bank Of Scotland. |
The directors consider that it is reasonable to rely on the continued financial support from these sources and additional support from the shareholders. |
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 |
Land and buildings | - |
Plant and machinery etc | - |
Land is not depreciated. |
From transition to FRS102 the company has discontinued the policy of periodic revaluation of its freehold properly, the valuation at transition being treated as deemed cost. |
Stocks |
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
Stocks are valued on the FIFO basis. |
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. |
DALE (MANSFIELD) LIMITED (REGISTERED NUMBER: 02858338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
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. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included in cost of land and buildings is freehold land of £ 400,000 (2022 - £ 400,000 ) which is not depreciated. |
The company has previously had a policy of revaluing its freehold land and property. On transition to FRS102 on 1st January 2014 this policy was discontinued and the property's fair value at that time treated as its deemed cost. |
The historic cost of this property was £366,287 which included land amounting to £122,096. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
DALE (MANSFIELD) LIMITED (REGISTERED NUMBER: 02858338) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
The company has taken out a Business Bounce Back Loan of £50,000. There is no security held against the company under the loan. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank overdrafts |
The facility is secured by a legal charge over the company's property and a fixed and floating charge over it's assets. |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2023 |
Transfer to profit and loss | (17,748 | ) |
At 31 December 2023 |
Called up share capital represents the nominal value of shares that have been issued. |
Profit and loss account includes all current and prior period retained profits and losses. |
11. | OTHER FINANCIAL COMMITMENTS |
The company has given security in the form of a debenture over it's assets in respect of the bank borrowings of it's parent company, Regent Formations Limited. |
12. | ULTIMATE CONTROLLING PARTY |
There is no overall ultimate controlling party. |