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REGISTERED NUMBER: 03281720 (England and Wales)












Unaudited Financial Statements

For The Year Ended 31st March 2024

for

A.E. Duffield & Sons Limited

A.E. Duffield & Sons Limited (Registered number: 03281720)






Contents of the Financial Statements
For The Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


A.E. Duffield & Sons Limited

Company Information
For The Year Ended 31st March 2024







DIRECTORS: B Duffield
P Duffield
M A Brett
S Condon





SECRETARY: B Duffield





REGISTERED OFFICE: 1 Ure Bank Maltings
Ure Bank Top
Ripon
North Yorkshire
HG4 1AE





REGISTERED NUMBER: 03281720 (England and Wales)





ACCOUNTANTS: F E Metcalfe & Co Limited
Chartered Accountants
4 Old Market Place
Ripon
North Yorkshire
HG4 1EQ

A.E. Duffield & Sons Limited (Registered number: 03281720)

Balance Sheet
31st March 2024

31.3.24 31.3.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 5 316,035 306,588

CURRENT ASSETS
Stocks 73,289 24,656
Debtors 6 363,477 543,697
Cash at bank and in hand 698,857 715,556
1,135,623 1,283,909
CREDITORS
Amounts falling due within one year 7 339,658 410,758
NET CURRENT ASSETS 795,965 873,151
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,112,000

1,179,739

PROVISIONS FOR LIABILITIES 10 77,000 74,000
NET ASSETS 1,035,000 1,105,739

CAPITAL AND RESERVES
Called up share capital 11 43,625 43,625
Retained earnings 991,375 1,062,114
SHAREHOLDERS' FUNDS 1,035,000 1,105,739

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

A.E. Duffield & Sons Limited (Registered number: 03281720)

Balance Sheet - continued
31st March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th September 2024 and were signed on its behalf by:





B Duffield - Director


A.E. Duffield & Sons Limited (Registered number: 03281720)

Notes to the Financial Statements
For The Year Ended 31st March 2024

1. STATUTORY INFORMATION

A.E. Duffield & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 (Section 1A) The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102 (Section 1A) and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

Turnover
Turnover represents net invoiced sales of goods and services including work in progress opening and closing provisions.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - 15% on reducing balance
Plant, machinery & commercial vehicles - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Stocks and work in progress
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.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Contract work in progress is valued at cost plus attributable profit. Attributable profit is that part of the total profit on the contract which fairly reflects the work performed at the balance sheet date and which can be assessed with reasonable certainty.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


A.E. Duffield & Sons Limited (Registered number: 03281720)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account, unless the asset is carried at a revalued amount and the impairment loss is a decrease to a previous revaluation.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Interest receivable
Interest income is recognised using the effective interest method.

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. If an arrangement constitutes a finance transaction it is measured at present value.

A basic financial liability that is a loan from a person who is a director and a shareholder is recorded at the initial transaction price and is not measured at fair value.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

A.E. Duffield & Sons Limited (Registered number: 03281720)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 23 ) .

5. TANGIBLE FIXED ASSETS
Plant,
machinery & Fixtures
Leasehold commercial and
property vehicles fittings Totals
£ £ £ £
COST
At 1st April 2023 13,237 1,002,131 24,814 1,040,182
Additions - 109,975 926 110,901
Disposals - (63,631 ) - (63,631 )
At 31st March 2024 13,237 1,048,475 25,740 1,087,452
DEPRECIATION
At 1st April 2023 12,072 698,435 23,087 733,594
Charge for year 174 83,945 488 84,607
Eliminated on disposal - (46,784 ) - (46,784 )
At 31st March 2024 12,246 735,596 23,575 771,417
NET BOOK VALUE
At 31st March 2024 991 312,879 2,165 316,035
At 31st March 2023 1,165 303,696 1,727 306,588

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Trade debtors 323,130 503,066
Other debtors 369 826
Directors' current accounts 4,000 1,800
Prepayments 35,978 38,005
363,477 543,697

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Hire purchase contracts (see note 8) - 24,327
Payments on account 7,000 -
Trade creditors 237,275 273,837
Corporation tax 39,157 56,883
Social security and other taxes 32,306 31,390
Directors' current accounts 2,272 2,272
Accruals and deferred income 21,648 22,049
339,658 410,758

A.E. Duffield & Sons Limited (Registered number: 03281720)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£ £
Net obligations repayable:
Within one year - 24,327

Non-cancellable
operating leases
31.3.24 31.3.23
£ £
Within one year 10,233 10,233
Between one and five years 5,216 15,448
15,449 25,681

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£ £

The Company has bank facilities that are secured by a Debenture dated 1st July 1997.
The debenture has a fixed and floating charge over the assets of the company including a fixed charge on book debts.

10. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£ £
Deferred tax 77,000 74,000

Deferred tax
£
Balance at 1st April 2023 74,000
Increase in the provision due
to an increase in accelerated
capital allowances 3,000
Balance at 31st March 2024 77,000

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £ £
43,625 Ordinary £1 43,625 43,625

A.E. Duffield & Sons Limited (Registered number: 03281720)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

12. CAPITAL COMMITMENTS
31.3.24 31.3.23
£ £
Contracted but not provided for in the
financial statements - 58,535

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2024 and 31st March 2023:

31.3.24 31.3.23
£ £
M A Brett
Balance outstanding at start of year 1,800 -
Amounts advanced - 3,000
Amounts repaid (1,800 ) (1,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 1,800

S Condon
Balance outstanding at start of year - -
Amounts advanced 4,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,000 -

No interest has been charged on the loan advances. The loan to S Condon was unsecured and repaid in full 16th September 2024.

14. ULTIMATE CONTROLLING PARTY

The Company is under the control of the directors.