1 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 02119783 2023-04-01 2024-03-31 02119783 2024-03-31 02119783 2023-03-31 02119783 2022-04-01 2023-03-31 02119783 2023-03-31 02119783 2022-03-31 02119783 core:PlantMachinery 2023-04-01 2024-03-31 02119783 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 02119783 core:MotorVehicles 2023-04-01 2024-03-31 02119783 bus:RegisteredOffice 2023-04-01 2024-03-31 02119783 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 02119783 bus:Director1 2023-04-01 2024-03-31 02119783 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02119783 core:PlantMachinery 2023-03-31 02119783 core:FurnitureFittingsToolsEquipment 2023-03-31 02119783 core:MotorVehicles 2023-03-31 02119783 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 02119783 core:PlantMachinery 2024-03-31 02119783 core:FurnitureFittingsToolsEquipment 2024-03-31 02119783 core:MotorVehicles 2024-03-31 02119783 core:WithinOneYear 2024-03-31 02119783 core:WithinOneYear 2023-03-31 02119783 core:AfterOneYear 2024-03-31 02119783 core:AfterOneYear 2023-03-31 02119783 core:ShareCapital 2024-03-31 02119783 core:ShareCapital 2023-03-31 02119783 core:RetainedEarningsAccumulatedLosses 2024-03-31 02119783 core:RetainedEarningsAccumulatedLosses 2023-03-31 02119783 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02119783 core:PlantMachinery 2023-03-31 02119783 core:FurnitureFittingsToolsEquipment 2023-03-31 02119783 core:MotorVehicles 2023-03-31 02119783 bus:Director1 2023-03-31 02119783 bus:Director1 2024-03-31 02119783 bus:Director1 2022-03-31 02119783 bus:Director1 2023-03-31 02119783 bus:Director1 2022-04-01 2023-03-31 02119783 bus:SmallEntities 2023-04-01 2024-03-31 02119783 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02119783 bus:FullAccounts 2023-04-01 2024-03-31 02119783 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02119783 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31
Company registration number: 02119783
Derrick Priestley Contracts Limited
Unaudited filleted financial statements
31 March 2024
Derrick Priestley Contracts Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Derrick Priestley Contracts Limited
Directors and other information
Director Mr Steven Russell Yeadon
Company number 02119783
Registered office 30 Avenue Road
Chesterfield
Derbyshire
S41 8TA
Accountants Dey & Co.
Brookdale
41 Clarence Road
Chesterfield
Derbyshire
S40 1LH
Bankers Santander
Derrick Priestley Contracts Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 587,097 595,582
_______ _______
587,097 595,582
Current assets
Debtors 6 44,710 20,531
Cash at bank and in hand 45,908 22,546
_______ _______
90,618 43,077
Creditors: amounts falling due
within one year 7 ( 186,709) ( 160,321)
_______ _______
Net current liabilities ( 96,091) ( 117,244)
_______ _______
Total assets less current liabilities 491,006 478,338
Creditors: amounts falling due
after more than one year 8 ( 9,645) ( 16,453)
Provisions for liabilities ( 6,266) ( 8,373)
_______ _______
Net assets 475,095 453,512
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 474,995 453,412
_______ _______
Shareholders funds 475,095 453,512
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 May 2024 , and are signed on behalf of the board by:
Mr Steven Russell Yeadon
Director
Company registration number: 02119783
Derrick Priestley Contracts Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 30 Avenue Road, Chesterfield, Derbyshire, S41 8TA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 30 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 562,088 19,868 6,811 32,240 621,007
Additions - - 165 - 165
_______ _______ _______ _______ _______
At 31 March 2024 562,088 19,868 6,976 32,240 621,172
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 - 14,205 5,849 5,373 25,427
Charge for the year - 1,132 799 6,717 8,648
_______ _______ _______ _______ _______
At 31 March 2024 - 15,337 6,648 12,090 34,075
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 562,088 4,531 328 20,150 587,097
_______ _______ _______ _______ _______
At 31 March 2023 562,088 5,663 962 26,867 595,580
_______ _______ _______ _______ _______
Investment property
Investments properties are revalued annually by the director of the company, who does not have any formal qualifications in respect of the valuation of property. The director has based his valuation on his knowledge of the market. The director is satisfied that the value is not less than the aggregate amount at which they are stated in the accounts.
6. Debtors
2024 2023
£ £
Trade debtors 42,846 18,666
Other debtors 1,864 1,865
_______ _______
44,710 20,531
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 40,579 49,667
Trade creditors 285 1,968
Corporation tax 18,319 1,814
Social security and other taxes 6,420 2,986
Other creditors 121,106 103,886
_______ _______
186,709 160,321
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 9,645 16,453
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Steven Russell Yeadon ( 95,075) ( 15,689) ( 110,764)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Steven Russell Yeadon ( 108,996) 13,921 ( 95,075)
_______ _______ _______
10. Controlling party
The company is controlled by Mr Steven Russell Yeadon , the director.