Company registration number 0530683 (England and Wales)
DRYER & HOFFMAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
DRYER & HOFFMAN LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
DRYER & HOFFMAN LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
31 July 2024
- 1 -
31 July 2024
31 January 2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
-
0
1,444,628
Current assets
Inventories
-
0
198,690
Trade and other receivables
4
107,141
141,886
Cash and cash equivalents
1,556,522
396
1,663,663
340,972
Current liabilities
5
(360,041)
(585,682)
Net current assets/(liabilities)
1,303,622
(244,710)
Total assets less current liabilities
1,303,622
1,199,918
Non-current liabilities
6
-
0
(23,333)
Provisions for liabilities
-
0
(189,000)
Net assets
1,303,622
987,585
Equity
Called up share capital
7
3,000
3,000
Revaluation reserve
-
0
956,334
Retained earnings
1,300,622
28,251
Total equity
1,303,622
987,585

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

For the financial period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

DRYER & HOFFMAN LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
M Hoffman
Director
Company registration number 0530683 (England and Wales)
DRYER & HOFFMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Dryer & Hoffman Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.

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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the period end, the directors made the decision to cease the trade of the company. Accordingly, the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements and they have therefore been prepared on a basis other than going concern. This basis includes, where applicable, writing the company's assets down to their recoverable amount.

1.3
Revenue

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold buildings
2%   (straight line basis)
Fixtures, fittings, plant and equipment
20% (reducing balance basis)
Motor vehicles
20% (straight line basis)/25% (reducing balance basis)

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 the income statement.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

DRYER & HOFFMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Inventories

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

1.7
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 in current liabilities.

1.8
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 trade receivables 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.

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 trade payables, other payables and bank loans 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

DRYER & HOFFMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the period. 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.

 

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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

DRYER & HOFFMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
11
11
3
Property, plant and equipment
Freehold buildings
Fixtures, fittings, plant and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 February 2023
1,500,000
128,352
99,038
1,727,390
Disposals
(1,500,000)
(128,352)
(99,038)
(1,727,390)
At 31 July 2024
-
0
-
0
-
0
-
0
Depreciation and impairment
At 1 February 2023
60,000
123,981
98,781
282,762
Depreciation charged in the period
28,333
4,371
94
32,798
Eliminated in respect of disposals
(88,333)
(128,352)
(98,875)
(315,560)
At 31 July 2024
-
0
-
0
-
0
-
0
Carrying amount
At 31 July 2024
-
0
-
0
-
0
-
0
At 31 January 2023
1,440,000
4,371
257
1,444,628

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

31.07.2024
31.01.2023
£
£
Cost
-
470,289
Accumulated depreciation
-
(175,623)
Carrying value
-
294,666
DRYER & HOFFMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 7 -
4
Trade and other receivables
31.07.2024
31.01.2023
£
£
Amounts falling due within one year:
Trade receivables
78,097
97,930
Other receivables
29,044
43,956
107,141
141,886
5
Current liabilities
31.07.2024
31.01.2023
£
£
Bank loan (see non-current liabilities note)
-
0
10,000
Bank overdraft
-
0
177,350
Amount due to factor
-
0
58,382
Trade payables
5,094
52,383
Corporation tax
303,071
3,400
Other taxation and social security
34,494
10,688
Other payables
17,382
273,479
360,041
585,682

The bank overdraft and factoring facility are secured by way of both fixed and floating charges over the assets of the company.

6
Non-current liabilities
31.07.2024
31.01.2023
£
£
Bank loan
-
0
23,333

The bank loan was a bounce back loan fully underwritten by the government. The loan bore interest at 2.5% per annum and has been fully repaid.

7
Called up share capital
31.07.2024
31.01.2023
31.07.2024
31.01.2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,000
3,000
3,000
3,000
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