Silverfin false false 31/03/2024 01/04/2023 31/03/2024 B Lyus 28/05/2019 D Lyus 23/05/2024 12/11/2014 M Lyus 23/05/2024 12/11/2014 S Lyus 23/05/2024 12/11/2014 S L Watt 23/05/2024 12 September 2024 The principal activity of the Company during the financial year was refurbishment and construction. 09307373 2024-03-31 09307373 bus:Director1 2024-03-31 09307373 bus:Director2 2024-03-31 09307373 bus:Director3 2024-03-31 09307373 bus:Director4 2024-03-31 09307373 bus:Director5 2024-03-31 09307373 2023-03-31 09307373 core:CurrentFinancialInstruments 2024-03-31 09307373 core:CurrentFinancialInstruments 2023-03-31 09307373 core:ShareCapital 2024-03-31 09307373 core:ShareCapital 2023-03-31 09307373 core:RetainedEarningsAccumulatedLosses 2024-03-31 09307373 core:RetainedEarningsAccumulatedLosses 2023-03-31 09307373 core:PlantMachinery 2023-03-31 09307373 core:Vehicles 2023-03-31 09307373 core:OfficeEquipment 2023-03-31 09307373 core:PlantMachinery 2024-03-31 09307373 core:Vehicles 2024-03-31 09307373 core:OfficeEquipment 2024-03-31 09307373 core:WithinOneYear 2024-03-31 09307373 core:WithinOneYear 2023-03-31 09307373 core:BetweenOneFiveYears 2024-03-31 09307373 core:BetweenOneFiveYears 2023-03-31 09307373 2023-04-01 2024-03-31 09307373 bus:FilletedAccounts 2023-04-01 2024-03-31 09307373 bus:SmallEntities 2023-04-01 2024-03-31 09307373 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09307373 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09307373 bus:Director1 2023-04-01 2024-03-31 09307373 bus:Director2 2023-04-01 2024-03-31 09307373 bus:Director3 2023-04-01 2024-03-31 09307373 bus:Director4 2023-04-01 2024-03-31 09307373 bus:Director5 2023-04-01 2024-03-31 09307373 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 09307373 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 09307373 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 09307373 2022-04-01 2023-03-31 09307373 core:PlantMachinery 2023-04-01 2024-03-31 09307373 core:Vehicles 2023-04-01 2024-03-31 09307373 core:OfficeEquipment 2023-04-01 2024-03-31 09307373 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 09307373 1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 09307373 (England and Wales)

D L COMPLETE REFURBISHMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

D L COMPLETE REFURBISHMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

D L COMPLETE REFURBISHMENTS LIMITED

BALANCE SHEET

As at 31 March 2024
D L COMPLETE REFURBISHMENTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 26,736 35,869
26,736 35,869
Current assets
Stocks 4 54,566 57,670
Debtors 5 1,390,925 947,543
Cash at bank and in hand 130,516 444,746
1,576,007 1,449,959
Creditors: amounts falling due within one year 6 ( 1,234,120) ( 1,000,841)
Net current assets 341,887 449,118
Total assets less current liabilities 368,623 484,987
Provision for liabilities 7 ( 5,883) ( 8,094)
Net assets 362,740 476,893
Capital and reserves
Called-up share capital 3 3
Profit and loss account 362,737 476,890
Total shareholder's funds 362,740 476,893

For the financial 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.

Directors' responsibilities:

The financial statements of D L Complete Refurbishments Limited (registered number: 09307373) were approved and authorised for issue by the Board of Directors on 12 September 2024. They were signed on its behalf by:

B Lyus
Director
D L COMPLETE REFURBISHMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
D L COMPLETE REFURBISHMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

D L Complete Refurbishments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is D L Group Building, George Smith Way, Yeovil, BA22 8QR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

Where contract income is received in advance of the work completed at the Balance Sheet date, this income is included as deferred income within other creditors on the Balance Sheet.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 5 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 33 30

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2023 26,681 987 30,210 57,878
Additions 0 0 3,055 3,055
At 31 March 2024 26,681 987 33,265 60,933
Accumulated depreciation
At 01 April 2023 2,755 987 18,267 22,009
Charge for the financial year 6,670 0 5,518 12,188
At 31 March 2024 9,425 987 23,785 34,197
Net book value
At 31 March 2024 17,256 0 9,480 26,736
At 31 March 2023 23,926 0 11,943 35,869

4. Stocks

2024 2023
£ £
Stocks 6,563 6,697
Work in progress 48,003 50,973
54,566 57,670

5. Debtors

2024 2023
£ £
Trade debtors 467,661 537,655
Amounts owed by Group undertakings 900,000 389,731
Other debtors 23,264 20,157
1,390,925 947,543

Amounts owed by Group undertakings are repayable on demand and do not bear interest.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 185,918 278,908
Amounts owed to Group undertakings 8,766 36,306
Taxation and social security 165,273 214,849
Other creditors 874,163 470,778
1,234,120 1,000,841

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 5,883 8,094

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 49,533 63,694
between one and five years 61,412 92,880
110,945 156,574

The commitment shown above is in relation to non-cancellable operating leases over business vehicles.

9. Related party transactions

Transactions with owners holding a participating interest in the entity

The company has taken advantage of the exemptions provided from disclosing transactions with its parent and other wholly owned group companies on the grounds that it is a wholly owned subsidiary.

10. Ultimate controlling party

The company's immediate parent is Lybrook Holdings Limited, incorporated in England and Wales. Its registered office address is:

D L Group Building
George Smith Way
Yeovil
Somerset
BA22 8QR

These financial statements are available upon request from Companies House, Cardiff.