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COMPANY REGISTRATION NUMBER: 13572189
DPJ Sprinklers Limited
Filleted Unaudited Financial Statements
For the year ended
29 February 2024
DPJ Sprinklers Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
149,807
90,109
Current assets
Stocks
12,623
6,562
Debtors
6
402,378
413,174
Cash at bank and in hand
408,248
63,413
---------
---------
823,249
483,149
Creditors: amounts falling due within one year
7
534,907
323,265
---------
---------
Net current assets
288,342
159,884
---------
---------
Total assets less current liabilities
438,149
249,993
Creditors: amounts falling due after more than one year
8
7,331
11,730
Provisions
35,976
20,979
---------
---------
Net assets
394,842
217,284
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
394,840
217,282
---------
---------
Shareholders funds
394,842
217,284
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DPJ Sprinklers Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mr D P Judge
Mr S Hynes
Director
Director
Company registration number: 13572189
DPJ Sprinklers Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 19 Tabrums Farm, Tabrums Lane, Battlesbridge, Essex, SS11 7QX, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 5 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
2,305
6,385
92,500
5,477
106,667
Additions
5,251
6,057
74,926
4,217
90,451
Disposals
( 4,000)
( 4,000)
-------
--------
---------
-------
---------
At 29 February 2024
7,556
12,442
163,426
9,694
193,118
-------
--------
---------
-------
---------
Depreciation
At 1 March 2023
144
1,006
14,309
1,099
16,558
Charge for the year
1,092
1,938
23,480
1,727
28,237
Disposals
( 1,484)
( 1,484)
-------
--------
---------
-------
---------
At 29 February 2024
1,236
2,944
36,305
2,826
43,311
-------
--------
---------
-------
---------
Carrying amount
At 29 February 2024
6,320
9,498
127,121
6,868
149,807
-------
--------
---------
-------
---------
At 28 February 2023
2,161
5,379
78,191
4,378
90,109
-------
--------
---------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 29 February 2024
24,145
--------
At 28 February 2023
32,193
--------
6. Debtors
2024
2023
£
£
Trade debtors
315,336
358,158
Other debtors
87,042
55,016
---------
---------
402,378
413,174
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
264,418
158,478
Social security and other taxes
130,526
45,895
Other creditors
139,963
118,892
---------
---------
534,907
323,265
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
7,331
11,730
-------
--------
9. Directors' advances, credits and guarantees
During the previous year the company extended credit and made advances to a director. These amounts are repayable on demand and interest has been charged on any outstanding balances where applicable, on a daily basis, calculated at the HMRC official beneficial loan rate. Details of the advances and amounts repaid are: Director
2024 2023
£ £
Amounts advanced 1
Amounts repaid 1
10. Related party transactions
At the balance sheet date a balance of £54,957(2023: £69,490) was owed by the business to DPJ Electrical Services Limited by way of an interest-free loan. This is a company with a director in common.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases is £31,546 (2023: £16,800).