Company registration number 00386161 (England and Wales)
Denford Limited
Unaudited financial statements
For the year ended 30 September 2023
Denford Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Denford Limited
Statement of financial position
As at 30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
28,386
16,438
Investments
5
45,071
342,144
73,457
358,582
Current assets
Stocks
685,341
697,021
Debtors
6
358,908
393,795
Cash at bank and in hand
1,392,165
1,021,420
2,436,414
2,112,236
Creditors: amounts falling due within one year
7
(683,065)
(471,678)
Net current assets
1,753,349
1,640,558
Net assets
1,826,806
1,999,140
Capital and reserves
Called up share capital
8
887,192
935,165
Capital redemption reserve
378,778
330,805
Profit and loss reserves
560,836
733,170
Total equity
1,826,806
1,999,140
Denford Limited
Statement of financial position (continued)
As at 30 September 2023
- 2 -

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
Ms M Stirk
Director
Company registration number 00386161 (England and Wales)
Denford Limited
Notes to the financial statements
For the year ended 30 September 2023
- 3 -
1
Accounting policies
Company information

Denford Limited is a private company limited by shares incorporated in England and Wales. The registered office is Armytage House, Armytage Road, Brighouse, West Yorkshire, England, HD6 1QF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
50% on cost, 33% on cost and 10% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost.

1.5
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.

 

Denford Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Investments in publicly traded non-convertible preference shares and non-puttable ordinary shares or preference shares are measured at fair value based on market price per share with changes in fair value recognised in profit or loss for the accounting period.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Denford Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
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.

1.10
Leases

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

1.11
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

1.12

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Denford Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
15
13
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022
220,204
Additions
20,619
At 30 September 2023
240,823
Depreciation and impairment
At 1 October 2022
203,766
Depreciation charged in the year
8,671
At 30 September 2023
212,437
Carrying amount
At 30 September 2023
28,386
At 30 September 2022
16,438
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,000
1,000
Other investments other than loans
44,071
341,144
45,071
342,144
Denford Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2022
1,000
341,144
342,144
Additions
-
20,333
20,333
Fair value adjustment
-
1,804
1,804
Disposals
-
(319,210)
(319,210)
At 30 September 2023
1,000
44,071
45,071
Carrying amount
At 30 September 2023
1,000
44,071
45,071
At 30 September 2022
1,000
341,144
342,144

The historic cost of other investments is £45,695 (2022 - £357,224).

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
190,556
264,933
Corporation tax recoverable
2,098
-
0
Prepayments and accrued income
162,854
128,862
355,508
393,795
Deferred tax asset
3,400
-
0
358,908
393,795
7
Creditors: amounts falling due within one year
2023
2022
£
£
Payments received on account
73,786
60,319
Trade creditors
116,766
129,169
Amounts owed to group undertakings
1,246
1,246
Corporation tax
87,231
73,419
Other taxation and social security
108,393
41,253
Other creditors
235,005
78,714
Accruals and deferred income
60,638
87,558
683,065
471,678
Denford Limited
Notes to the financial statements (continued)
For the year ended 30 September 2023
- 8 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
887,187
935,160
887,187
935,160
Ordinary 'A' share of £1 each
1
1
1
1
Ordinary 'B' share of £1 each
1
1
1
1
Ordinary 'C' share of £1 each
1
1
1
1
Ordinary 'D' share of £1 each
1
1
1
1
Ordinary 'E' share of £1 each
1
1
1
1
887,192
935,165
887,192
935,165

The company entered into an agreement on 1 August 2019 to purchase 161,973 Ordinary shares of £1 each from a director for a total consideration of £200,000. The agreement was over 3 tranches with the final tranche to take place 4 January 2021. Tranche 1 for the purchase of 57,000 shares for £75,000 took place during the year to 30 September 2019.

 

The company agreed to vary the original agreement by way of a deed of variation signed on 26 April 2022. In accordance with this, tranche 2 for the purchase of a further 57,000 shares took place on 29 April 2022 for £75,000. Tranche 3 in respect of a final 47,973 shares took place in October 2022 for £50,000.

9
Related Party Disclosures

At the balance sheet date, there was a balance due to the directors of £229,868 (2022 - £54,895).

10
Contingent Liabilities

The company has entered into a guarantee to the value of £40,000 (2022 - £40,000) at the balance sheet date. The company does not expect to be called upon to honour this guarantee.

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
793,470
883,087
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