REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
D.C.G. PANEL PRODUCTS LTD. |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
D.C.G. PANEL PRODUCTS LTD. |
D.C.G. PANEL PRODUCTS LTD. (REGISTERED NUMBER: 03432080) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
D.C.G. PANEL PRODUCTS LTD. |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Waterhouse Business Centre |
Unit 53 |
2 Cromar Way |
Chelmsford |
Essex |
CM1 2QE |
D.C.G. PANEL PRODUCTS LTD. (REGISTERED NUMBER: 03432080) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
D.C.G. PANEL PRODUCTS LTD. (REGISTERED NUMBER: 03432080) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
D.C.G. Panel Products Ltd. is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts. |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods and services supplied, net of returns, discounts and value added taxes. |
Revenue is recognised when the significant risks and rewards of the goods have passed to the customer, which on deliveries is typically the point where goods are delivered to and accepted by the customer. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold buildings | 1% on cost |
Fixtures and fittings | 20% on cost |
Computer equipment | 33 .33% on cost |
Stocks |
Stocks are valued at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
D.C.G. PANEL PRODUCTS LTD. (REGISTERED NUMBER: 03432080) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land and | and | Computer |
buildings | fittings | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Cost or valuation at 31 January 2024 is represented by: |
Freehold | Fixtures |
land and | and | Computer |
buildings | fittings | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2004 | 71,794 | - | - | 71,794 |
Valuation in 2008 | 50,000 | - | - | 50,000 |
Valuation in 2016 | 50,000 | - | - | 50,000 |
Cost | 78,206 | 4,236 | 524 | 82,966 |
250,000 | 4,236 | 524 | 254,760 |
Freehold land and buildings were valued on an open market value basis on 31 January 2024 by the directors . |
Included in valuation of land and buildings is the freehold land at £83,400 (2023: £83,400) which has not been depreciated. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Payments on account |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 1,272 | 3,977 |
Other creditors |
Directors' current accounts | 93,271 | 92,335 |
Accrued expenses |
D.C.G. PANEL PRODUCTS LTD. (REGISTERED NUMBER: 03432080) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 February 2023 |
Profit and loss account depreciation transfer | (1,666 | ) |
At 31 January 2024 |
8. | RELATED PARTY DISCLOSURES |
The directors' loans to the company totalling £93,271 (2023: £92,335) are interest free and repayable on demand. |