IRIS Accounts Production v24.2.0.383 00491524 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh004915242023-03-31004915242024-03-31004915242023-04-012024-03-31004915242022-03-31004915242022-04-012023-03-31004915242023-03-3100491524ns15:EnglandWales2023-04-012024-03-3100491524ns14:PoundSterling2023-04-012024-03-3100491524ns10:Director12023-04-012024-03-3100491524ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3100491524ns10:SmallEntities2023-04-012024-03-3100491524ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3100491524ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3100491524ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3100491524ns10:AbridgedAccounts2023-04-012024-03-3100491524ns10:Director22023-04-012024-03-3100491524ns10:CompanySecretary12023-04-012024-03-3100491524ns10:RegisteredOffice2023-04-012024-03-3100491524ns5:CurrentFinancialInstruments2024-03-3100491524ns5:CurrentFinancialInstruments2023-03-3100491524ns5:Non-currentFinancialInstruments2024-03-3100491524ns5:Non-currentFinancialInstruments2023-03-3100491524ns5:ShareCapital2024-03-3100491524ns5:ShareCapital2023-03-3100491524ns5:RetainedEarningsAccumulatedLosses2024-03-3100491524ns5:RetainedEarningsAccumulatedLosses2023-03-3100491524ns5:PlantMachinery2023-04-012024-03-3100491524ns5:FurnitureFittings2023-04-012024-03-3100491524ns5:MotorVehicles2023-04-012024-03-3100491524ns5:ComputerEquipment2023-04-012024-03-3100491524ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3100491524ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3100491524ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3100491524ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3100491524ns5:HirePurchaseContracts2024-03-3100491524ns5:HirePurchaseContracts2023-03-3100491524ns5:WithinOneYear2024-03-3100491524ns5:WithinOneYear2023-03-3100491524ns5:BetweenOneFiveYears2024-03-3100491524ns5:BetweenOneFiveYears2023-03-3100491524ns5:MoreThanFiveYears2024-03-3100491524ns5:MoreThanFiveYears2023-03-3100491524ns5:AllPeriods2024-03-3100491524ns5:AllPeriods2023-03-31004915241ns10:Director12023-03-31004915241ns10:Director12022-03-31004915241ns10:Director12023-04-012024-03-31004915241ns10:Director12022-04-012023-03-31004915241ns10:Director12024-03-31004915241ns10:Director12023-03-3100491524ns10:Director222023-03-3100491524ns10:Director222022-03-3100491524ns10:Director222023-04-012024-03-3100491524ns10:Director222022-04-012023-03-3100491524ns10:Director222024-03-3100491524ns10:Director222023-03-31
REGISTERED NUMBER: 00491524 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

DOUGLAS STORRIE LABELS LIMITED

DOUGLAS STORRIE LABELS LIMITED (REGISTERED NUMBER: 00491524)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31ST MARCH 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


DOUGLAS STORRIE LABELS LIMITED

COMPANY INFORMATION
for the Year Ended 31ST MARCH 2024







DIRECTORS: N D Storrie
N Livermore



SECRETARY: P Storrie



REGISTERED OFFICE: Tudor Works
Tudor Road
Lytham St Annes
Lancashire
FY8 2LA



REGISTERED NUMBER: 00491524 (England and Wales)



ACCOUNTANTS: Whitehead & Howarth
327 Clifton Drive South
Lytham St Annes
Lancashire
FY8 1HN



BANKERS: Natwest Bank PLC
24 St Annes Road West
Lytham St Annes
Lancashire
FY8 1HR

DOUGLAS STORRIE LABELS LIMITED (REGISTERED NUMBER: 00491524)

ABRIDGED BALANCE SHEET
31ST MARCH 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 236,816 273,966

CURRENT ASSETS
Stocks 214,417 209,071
Debtors 390,179 383,325
Cash at bank and in hand 169,324 274,172
773,920 866,568
CREDITORS
Amounts falling due within one year 466,585 494,606
NET CURRENT ASSETS 307,335 371,962
TOTAL ASSETS LESS CURRENT
LIABILITIES

544,151

645,928

CREDITORS
Amounts falling due after more than one
year

(24,864

)

(50,418

)

PROVISIONS FOR LIABILITIES (13,673 ) (26,530 )
NET ASSETS 505,614 568,980

CAPITAL AND RESERVES
Called up share capital 55,554 55,554
Retained earnings 450,060 513,426
SHAREHOLDERS' FUNDS 505,614 568,980

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

DOUGLAS STORRIE LABELS LIMITED (REGISTERED NUMBER: 00491524)

ABRIDGED BALANCE SHEET - continued
31ST MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10th September 2024 and were signed on its behalf by:





N D Storrie - Director


DOUGLAS STORRIE LABELS LIMITED (REGISTERED NUMBER: 00491524)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31ST MARCH 2024

1. STATUTORY INFORMATION

Douglas Storrie Labels 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
The turnover shown in the profit and loss account represents the value of all goods sold and services provided during the year, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product and service have been transfered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Tangible fixed assets are initially recorded at historic cost and stated in the balance sheet at their net book value, being the amount of capital expenditure less accumulated depreciation.

Stocks
Stocks 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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

DOUGLAS STORRIE LABELS LIMITED (REGISTERED NUMBER: 00491524)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2023 1,136,894
Additions 99,531
Disposals (920 )
At 31st March 2024 1,235,505
DEPRECIATION
At 1st April 2023 862,928
Charge for year 56,864
Eliminated on disposal (655 )
Impairments 79,552
At 31st March 2024 998,689
NET BOOK VALUE
At 31st March 2024 236,816
At 31st March 2023 273,966

An impairment adjustment of £79,552 has been made in the year. This is in respect of a machine which is not currently being used and is to be sold. It's potential resale value was significantly lower than its previous carrying value due to a decline in value that the second hand machines can achieve due to the lack of demand and technological changes.

DOUGLAS STORRIE LABELS LIMITED (REGISTERED NUMBER: 00491524)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31ST MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1st April 2023 457,922
Additions 41,630
At 31st March 2024 499,552
DEPRECIATION
At 1st April 2023 303,584
Charge for year 35,481
Impairments 64,145
At 31st March 2024 403,210
NET BOOK VALUE
At 31st March 2024 96,342
At 31st March 2023 154,338

5. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/3/24 31/3/23
£    £   
Net obligations repayable:
Within one year 54,522 60,185
Between one and five years 24,864 50,418
79,386 110,603

Non-cancellable operating leases
31/3/24 31/3/23
£    £   
Within one year 74,091 12,844
Between one and five years 306,877 18,195
In more than five years 119,354 -
500,322 31,039

DOUGLAS STORRIE LABELS LIMITED (REGISTERED NUMBER: 00491524)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31ST MARCH 2024

6. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
£    £   
Hire purchase contracts 79,386 110,603

Assets on hire purchase contracts are secured on the assets they relate to.

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2024 and 31st March 2023:

31/3/24 31/3/23
£    £   
N D Storrie
Balance outstanding at start of year (10,472 ) (22,140 )
Amounts advanced 33,130 31,640
Amounts repaid (18,000 ) (19,972 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,658 (10,472 )

N Livermore
Balance outstanding at start of year (6,000 ) (10,000 )
Amounts advanced - 10,000
Amounts repaid - (6,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (6,000 ) (6,000 )

Other creditors includes £23,971 due to Mrs P Storrie (2023: £21,451).

8. ULTIMATE CONTROLLING PARTY

The controlling party is N D Storrie.

The company is controlled by the director Mr ND Storrie by virtue of his majority shareholding in Douglas Storrie Holdings Limited which owns 50,000 ordinary shares of Douglas Storrie Labels Limited.