Company registration number 12400561 (England and Wales)
DUKE DISTRIBUTION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
DUKE DISTRIBUTION LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
DUKE DISTRIBUTION LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,101,017
2,267,977
Current assets
Debtors
4
393,746
397,956
Cash at bank and in hand
28,621
50,348
422,367
448,304
Creditors: amounts falling due within one year
5
(1,702,914)
(1,275,543)
Net current liabilities
(1,280,547)
(827,239)
Total assets less current liabilities
820,470
1,440,738
Creditors: amounts falling due after more than one year
6
(1,160,840)
(1,468,778)
Net liabilities
(340,370)
(28,040)
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
(340,570)
(28,240)
Total equity
(340,370)
(28,040)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 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 year 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.
The financial statements were approved by the board of directors and authorised for issue on 14 October 2024 and are signed on its behalf by:
J J Robinson
Director
Company registration number 12400561 (England and Wales)
DUKE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Duke Distribution Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Claylands Avenue, Worksop, S81 7BQ.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company incurred a loss after tax for the year of £312,330 (2023: £65,576) and has net liabilities of £340,370 (2023: £28,040). The directors have made additional loans to the company during the year of £660,252 (2023: £434,695), and remain fully committed to continuing to support the business. At the time of approving the financial statements, the company has returned a positive profit before tax in the 7 month period to 31st August 2024. The directors have a reasonable expectation that the company will return a profit for the full year, and has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Plant and equipment
15%-20% reducing balance
Computers
33.33% straight line
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.
DUKE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed 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).
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.7
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors 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 creditors 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
DUKE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
28
22
DUKE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 February 2023
56,331
2,496,080
16,076
2,568,487
Additions
23,312
204,000
1,057
228,369
Disposals
(30,000)
(30,000)
At 31 January 2024
79,643
2,670,080
17,133
2,766,856
Depreciation and impairment
At 1 February 2023
9,878
285,002
5,630
300,510
Depreciation charged in the year
14,607
346,317
5,530
366,454
Eliminated in respect of disposals
(1,125)
(1,125)
At 31 January 2024
24,485
630,194
11,160
665,839
Carrying amount
At 31 January 2024
55,158
2,039,886
5,973
2,101,017
At 31 January 2023
46,453
2,211,078
10,446
2,267,977
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
366,463
206,492
Other debtors
27,283
191,464
393,746
397,956
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
120,869
84,007
Taxation and social security
107,302
23,539
Other creditors
1,464,743
1,157,997
1,702,914
1,275,543
DUKE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
5
Creditors: amounts falling due within one year
(Continued)
- 6 -
Included within other creditors are amounts of £438,033 (2023: £551,885) due in relation to hire purchase obligations which are secured against the assets to which they relate.
Included within other creditors are amounts of £263,347 (2023: £119,267) due in relation to an invoice discounting facility which is secured by a fixed and floating charge over the assets of the company.
Included within other creditors are amounts of £660,252 (2023: £434,695) due to a director. The loan is interest-free and repayable on demand.
Included within bank loans are amounts of £10,000 (2023: £10,000) secured by the UK government.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
13,333
23,334
Other creditors
1,147,507
1,445,444
1,160,840
1,468,778
Included within other creditors are amounts of £1,147,507 (2023: £1,445,444) due in relation to hire purchase obligations. These are secured against the assets to which they relate.
Included within bank loans are amounts of £13,333 (2023: £23,334) secured by the UK government.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
200 Ordinary share of each of £1 each
200
200
200
200
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
246,750
113,083
DUKE DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
9
Directors' transactions
Interest free loans which are repayable on demand have been granted by the company to a director as follows:
Description
Opening balance
Amounts repaid
Closing balance
£
£
£
Director -
4,992
(4,579)
413
4,992
(4,579)
413