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Registration number: 03703027

Denflow Limited

Report of the Directors and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Denflow Limited

Contents of The Financial Statements
for the Year Ended 31 December 2023

 

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 14

 

Denflow Limited

Company Information
for the Year Ended 31 December 2023

Directors

Mr D Morton

Mrs L Morton

Mr SD Morton

Company secretary

Mrs L Morton

Registered office

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

Accountants

Insight Strategic Associates
Chartered Certified Accountants
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Denflow Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Denflow Limited for the year ended 31 December 2023 as set out on pages 3 to 14 from the company's accounting records and from information and explanations you have given us.
 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
 

This report is made solely to the Board of Directors of Denflow Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Denflow Limited and state those matters that we have agreed to state to the Board of Directors of Denflow Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Denflow Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Denflow Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Denflow Limited. You consider that Denflow Limited is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of Denflow Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Insight Strategic Associates
Chartered Certified Accountants

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

23 September 2024

 

Denflow Limited

(Registration number: 03703027 )
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

128,218

54,953

Current assets

 

Stocks

6

50,126

62,852

Debtors

7

997,382

1,163,883

Cash at bank and in hand

 

635,755

600,661

 

1,683,263

1,827,396

Creditors: Amounts falling due within one year

8

(753,331)

(861,325)

Net current assets

 

929,932

966,071

Total assets less current liabilities

 

1,058,150

1,021,024

Creditors: Amounts falling due after more than one year

8

(266,146)

(256,090)

Provisions for liabilities

(32,055)

(10,441)

Net assets

 

759,949

754,493

Capital and reserves

 

Called up share capital

103

103

Retained earnings

759,846

754,390

Shareholders' funds

 

759,949

754,493

For the financial year ending 31 December 2023 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.

 

Denflow Limited

(Registration number: 03703027 )
Balance Sheet as at 31 December 2023

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 23 September 2024 and signed on its behalf by:
 

.........................................
Mr D Morton
Director

 

Denflow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE
England

These financial statements were authorised for issue by the Board on 23 September 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Denflow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% on reducing balance

 

Denflow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Fixtures and fittings

20% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% on reducing balance

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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. Cost is determined using the first-in, first-out (FIFO) method.

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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Denflow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

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.

 

Denflow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

Denflow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

13,699

18,362

 

Denflow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

59,998

107,280

167,278

Additions

13,557

99,912

113,469

Disposals

-

(40,390)

(40,390)

At 31 December 2023

73,555

166,802

240,357

Depreciation

At 1 January 2023

53,888

58,437

112,325

Charge for the year

6,032

7,666

13,698

Eliminated on disposal

-

(13,884)

(13,884)

At 31 December 2023

59,920

52,219

112,139

Carrying amount

At 31 December 2023

13,635

114,583

128,218

At 31 December 2022

6,110

48,843

54,953

6

Stocks

2023
£

2022
£

Work in progress

50,126

62,852

7

Debtors

 

Denflow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors (continued)

Current

2023
£

2022
£

Trade debtors

634,065

848,819

Prepayments

252,482

280,619

Other debtors

110,835

34,445

 

997,382

1,163,883

 

Denflow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

70,545

67,620

Trade creditors

 

431,959

548,536

Taxation and social security

 

111,663

78,265

Accruals and deferred income

 

5,731

5,412

Other creditors

 

133,433

161,492

 

753,331

861,325

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

266,146

256,090

2023
£

2022
£

Due after more than five years

After more than five years by instalments

-

3,939

-

-

 

Denflow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

160,757

218,030

Hire purchase contracts

105,389

38,060

266,146

256,090

Current loans and borrowings

2023
£

2022
£

Bank borrowings

57,272

57,273

Hire purchase contracts

13,273

10,347

70,545

67,620