REGISTERED NUMBER: |
DP BUILDING SYSTEMS LTD |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
DP BUILDING SYSTEMS LTD |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
DP BUILDING SYSTEMS LTD (REGISTERED NUMBER: 03535069) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 6 |
DP BUILDING SYSTEMS LTD |
Company Information |
for the year ended 31 March 2024 |
Directors: |
Registered office: |
Registered number: |
Bankers: |
25 Gresham Street |
London |
EC2V 7HN |
DP BUILDING SYSTEMS LTD (REGISTERED NUMBER: 03535069) |
Balance Sheet |
31 March 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 | ( |
) | ( |
) |
Creditors |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DP BUILDING SYSTEMS LTD (REGISTERED NUMBER: 03535069) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | Statutory information |
DP Building Systems Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
As at 31 March 2024 the company has net liabilities. However, the company has been generating profits over the last few years and the directors have expressed their willingness to support the company for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Turnover from the sale of goods is recognised when all of the following conditions are satisfied: |
- the company has transferred the significant risks and rewards of ownership to the buyer; |
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- the amount of turnover can be measured reliably; |
- it is probable that the company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Plant and machinery | - | 25% on cost |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Income Statement during the period in which they are incurred. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. |
Stocks |
Stocks are valued at replacement cost. |
At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. |
DP BUILDING SYSTEMS LTD (REGISTERED NUMBER: 03535069) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | Accounting policies - continued |
Current and deferred taxation |
Tax is recognised in the Income Statement except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
- Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. |
Finance costs |
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Pension costs and other post-retirement benefits |
Defined contribution pension plan |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds. |
Invoice financing |
The company has entered into an arrangement to factor some of its trade debtors. The risks and rewards of ownership remain with the company and therefore any amounts advanced by the factor are treated as a loan included within creditors due within one year. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans with related parties and investments in ordinary shares. |
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
3. | Employees and directors |
The average number of employees during the year was |
DP BUILDING SYSTEMS LTD (REGISTERED NUMBER: 03535069) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
4. | Tangible fixed assets |
Plant and |
machinery |
£ |
Cost |
At 1 April 2023 |
Disposals | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 5,305 | 5,305 |
VAT |
Prepayments |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | - | 31,878 |
Other creditors |
Accruals and deferred income |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
DP BUILDING SYSTEMS LTD (REGISTERED NUMBER: 03535069) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
8. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Invoice financing | 456,625 | 482,939 |
A fixed and floating charge covers all the property or undertakings of the company. |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
35,500 | Ordinary | £1 | 35,500 | 35,500 |
10 | Ordinary A redeemable | £1 | 10 | 10 |
10 | Ordinary B redeemable | £1 | 10 | 10 |
10 | Ordinary C redeemable | £1 | 10 | 10 |
10 | Ordinary D redeemable | £1 | 10 | 10 |
10 | Ordinary E redeemable | £1 | 10 | 10 |
10 | Ordinary F redeemable | £1 | 10 | 10 |
35,560 | 35,560 |
10. | Related party disclosures |
Included in debtors is a director's loan account balance of £5,305 (2023: £5,305) owed by R White. |
Included in creditors is an amount owed to DPN Holdings Ltd of £3,806 (2023: £3,906). |
11. | Ultimate controlling party |
DPN Holdings Ltd, which is incorporated in England and Wales, is the immediate and ultimate parent undertaking of the company. The ultimate control is held equally by P White. |