Denniss & Marwood Developments Limited 02305322 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is general building contractors Digita Accounts Production Advanced 6.30.9574.0 true 02305322 2023-05-01 2024-04-30 02305322 2024-04-30 02305322 bus:Director2 1 2024-04-30 02305322 bus:Director3 1 2024-04-30 02305322 bus:OrdinaryShareClass1 2024-04-30 02305322 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-04-30 02305322 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-04-30 02305322 core:CurrentFinancialInstruments 2024-04-30 02305322 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 02305322 core:Non-currentFinancialInstruments 2024-04-30 02305322 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 02305322 core:FurnitureFittingsToolsEquipment 2024-04-30 02305322 core:LandBuildings 2024-04-30 02305322 core:MotorVehicles 2024-04-30 02305322 bus:SmallEntities 2023-05-01 2024-04-30 02305322 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 02305322 bus:FullAccounts 2023-05-01 2024-04-30 02305322 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 02305322 bus:RegisteredOffice 2023-05-01 2024-04-30 02305322 bus:CompanySecretaryDirector2 2023-05-01 2024-04-30 02305322 bus:Director1 2023-05-01 2024-04-30 02305322 bus:Director2 2023-05-01 2024-04-30 02305322 bus:Director2 1 2023-05-01 2024-04-30 02305322 bus:Director3 2023-05-01 2024-04-30 02305322 bus:Director3 1 2023-05-01 2024-04-30 02305322 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 02305322 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02305322 core:FurnitureFittings 2023-05-01 2024-04-30 02305322 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 02305322 core:LandBuildings 2023-05-01 2024-04-30 02305322 core:MotorVehicles 2023-05-01 2024-04-30 02305322 core:PlantMachinery 2023-05-01 2024-04-30 02305322 countries:England 2023-05-01 2024-04-30 02305322 2023-04-30 02305322 bus:Director2 1 2023-04-30 02305322 bus:Director3 1 2023-04-30 02305322 core:FurnitureFittingsToolsEquipment 2023-04-30 02305322 core:LandBuildings 2023-04-30 02305322 core:MotorVehicles 2023-04-30 02305322 2022-05-01 2023-04-30 02305322 2023-04-30 02305322 bus:Director2 1 2023-04-30 02305322 bus:Director3 1 2023-04-30 02305322 bus:OrdinaryShareClass1 2023-04-30 02305322 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-04-30 02305322 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-04-30 02305322 core:CurrentFinancialInstruments 2023-04-30 02305322 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 02305322 core:Non-currentFinancialInstruments 2023-04-30 02305322 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 02305322 core:FurnitureFittingsToolsEquipment 2023-04-30 02305322 core:LandBuildings 2023-04-30 02305322 core:MotorVehicles 2023-04-30 02305322 bus:Director2 1 2022-05-01 2023-04-30 02305322 bus:Director3 1 2022-05-01 2023-04-30 02305322 bus:Director2 1 2022-04-30 02305322 bus:Director3 1 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02305322

Denniss & Marwood Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Denniss & Marwood Developments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Denniss & Marwood Developments Limited

(Registration number: 02305322)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

167,198

173,681

Current assets

 

Stocks

6

47,927

49,450

Debtors

7

372,492

250,349

Cash at bank and in hand

 

244,558

313,944

 

664,977

613,743

Creditors: Amounts falling due within one year

8

(416,330)

(235,206)

Net current assets

 

248,647

378,537

Total assets less current liabilities

 

415,845

552,218

Creditors: Amounts falling due after more than one year

8

(34,030)

(74,516)

Provisions for liabilities

(35,878)

(32,121)

Net assets

 

345,937

445,581

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

345,837

445,481

Shareholders' funds

 

345,937

445,581

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 June 2024 and signed on its behalf by:
 

.........................................
Mr C P Marwood
Director

 

Denniss & Marwood Developments Limited

(Registration number: 02305322)
Balance Sheet as at 30 April 2024

.........................................
Mrs L Marwood
Director

.........................................
Mr P R Marwood
Director

.........................................
Mrs L S V Marwood
Company secretary and director

 

Denniss & Marwood Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1 Premier Court
Richmond Road
Fairfield Industrial Estate
Louth
North East Lincolnshire
LN11 0RZ

These financial statements were authorised for issue by the Board on 19 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements cover Denniss & Marwood Developments Limited as an individual entity, the company not forming part of a group.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognisable as income in the period in which they become receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Denniss & Marwood Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

No depreciation

Plant and machinery

25% per annum on a reducing balance basis

Furniture and fittings

20% per annum on a reducing balance basis

Motor vehicles

25% per annum on a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. They are subsequently measured at cost, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Denniss & Marwood Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company contributes to the personal pension plans of members of staff and directors. Contributions are recognised in the profit and loss accountin the period in which they become payable in accordance with the rules of the scheme.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 15 (2023 - 15).

4

Profit before tax

Arrived at after charging/(crediting)

 

Denniss & Marwood Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Depreciation expense

45,921

38,697

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

20,000

187,133

190,014

397,147

Additions

-

11,394

43,200

54,594

Disposals

-

(3,425)

(26,699)

(30,124)

At 30 April 2024

20,000

195,102

206,515

421,617

Depreciation

At 1 May 2023

-

134,106

89,360

223,466

Charge for the year

-

14,451

31,470

45,921

Eliminated on disposal

-

(3,287)

(11,681)

(14,968)

At 30 April 2024

-

145,270

109,149

254,419

Carrying amount

At 30 April 2024

20,000

49,832

97,366

167,198

At 30 April 2023

20,000

53,027

100,654

173,681

Included within the net book value of land and buildings above is £20,000 (2023 - £20,000) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Raw materials and consumables

3,500

3,500

Work in progress

44,427

45,950

47,927

49,450

7

Debtors

Current

2024
£

2023
£

Trade debtors

330,944

205,473

Prepayments

41,548

38,780

Other debtors

-

6,096

 

372,492

250,349

 

Denniss & Marwood Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

70,100

45,334

Trade creditors

 

193,604

131,718

Taxation and social security

 

110,087

27,881

Accruals and deferred income

 

25,531

27,273

Other creditors

 

17,008

3,000

 

416,330

235,206

Creditors due within one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £60,099 (2023 - £35,334).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

34,030

74,516

Creditors due after more than one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £23,197 (2023 - £53,682).

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,833

20,834

Hire purchase contracts

23,197

53,682

34,030

74,516

 

Denniss & Marwood Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,001

10,000

Bank overdrafts

13,147

-

Hire purchase contracts

46,952

35,334

70,100

45,334

11

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £1,380.65 (2023 - £800.00) per ordinary share

 

138,065

 

80,000

         

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £8,200).

13

Related party transactions

Transactions with Directors

2024

At 1 May 2023
£

Repayments by Director
£

At 30 April 2024
£

Mr P R Marwood

Loan - interest charged at HMRC official rate of interest

151

(151)

-

       
     

Mrs L Marwood

Loan - interest charged at HMRC official rate of interest

151

(151)

-

       
     

 

2023

At 1 May 2022
£

Advances to Director
£

At 30 April 2023
£

Mr P R Marwood

Loan - interest charged at HMRC official rate of interest

-

151

151

       
     

Mrs L Marwood

Loan - interest charged at HMRC official rate of interest

-

151

151