DMDL LIMITED
Company registration number 05033852 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DMDL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DMDL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
647,761
606,083
Current assets
Stocks
300,916
335,294
Debtors
4
747,703
1,129,916
Cash at bank and in hand
468,701
429,331
1,517,320
1,894,541
Creditors: amounts falling due within one year
5
(797,596)
(1,020,725)
Net current assets
719,724
873,816
Total assets less current liabilities
1,367,485
1,479,899
Creditors: amounts falling due after more than one year
6
(57,594)
(256,599)
Provisions for liabilities
(87,698)
(73,470)
Net assets
1,222,193
1,149,830
Capital and reserves
Called up share capital
7
248
264
Capital redemption reserve
52
36
Profit and loss reserves
1,221,893
1,149,530
Total equity
1,222,193
1,149,830
DMDL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
Mr J D Bruneau
Director
Company registration number 05033852 (England and Wales)
DMDL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
DMDL Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 300, Queensway Business Park, Hadley Park, Telford, Shropshire, TF1 7UL.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line
Plant and machinery
30% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
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.
1.4
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
DMDL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
DMDL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.14
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
29
27
DMDL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
329,528
554,196
883,724
Additions
152,834
152,834
Disposals
(39,776)
(39,776)
At 31 March 2024
329,528
667,254
996,782
Depreciation and impairment
At 1 April 2023
41,870
235,771
277,641
Depreciation charged in the year
6,591
85,792
92,383
Eliminated in respect of disposals
(21,003)
(21,003)
At 31 March 2024
48,461
300,560
349,021
Carrying amount
At 31 March 2024
281,067
366,694
647,761
At 31 March 2023
287,658
318,425
606,083
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
735,770
1,100,008
Other debtors
11,933
29,908
747,703
1,129,916
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
66,342
Trade creditors
218,150
379,526
Taxation and social security
386,009
402,066
Other creditors
193,437
172,791
797,596
1,020,725
DMDL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Creditors: amounts falling due within one year
(Continued)
- 7 -
The bank loans are secured by fixed and floating charges over the assets of the company.
An amount of £Nil (2023 - £54,545) included in creditors due within one year is subject to a UK Government guarantee.
The facility is provided through the Coronavirus Business Interruption Loan Scheme (CBILS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The CBILS guarantee is provided to the lender.
Included in other creditors, are amounts owed in relation to hire purchase assets of £36,217 (2023 - £19,214) secured on assets they relate to.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
211,979
Other creditors
57,594
44,620
57,594
256,599
The bank loans are secured by fixed and floating charges over the assets of the company.
An amount of £Nil (2023 - £118,181) included in creditors due after more than one year is subject to a UK Government guarantee.
The facility is provided through the Coronavirus Business Interruption Loan Scheme (CBILS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The CBILS guarantee is provided to the lender.
Included in other creditors, are amounts owed in relation to hire purchase assets of £40,594 (2023 - £27,220) secured on assets they relate to.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary LA Shares of 1p each
6,400
8,000
64
80
Ordinary A Shares of 1p each
3,675
3,675
37
37
Ordinary B Shares of 1p each
3,700
3,700
37
37
Ordinary C Shares of 1p each
3,700
3,700
37
37
Ordinary D Shares of 1p each
3,700
3,700
37
37
Ordinary E Shares of 1p each
3,600
3,600
36
36
24,775
26,375
248
264
DMDL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Called up share capital
(Continued)
- 8 -
The Ordinary A, B, C, D and E share classes have attached to them full voting and capital distribution (including on winding up) rights; they shall have the right to a dividend as declared from time to time for that share class of shares but so that all classes of ordinary shares shall not rank pari passu for dividend entitlement purposes. The shares are not redeemable.
The Ordinary LA share class have attached to them no right to attend or vote at general meetings. The property of the company available to distribution shall be applied as the directors determine in respect of each class of share and the directors shall be entitled to each class of share differently. No entitlement to receive any portion of any capital distribution (including on winding up) or otherwise. There are no terms and conditions attached to the shares in relation to redemption.
During the year, 16 LA Ordinary shares were purchased by way of a purchase of own shares.
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
£
£
25,745
40,369
9
Off balance sheet arrangements
On the 9th August 2022, the company entered into an agreement to complete a company purchase of own shares. At 31 March 2024, there are 3 additional tranches of shares to be acquired annually on the anniversary of the deal.