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Company registration number: NI610485
DTL Construction Limited
Unaudited filleted financial statements
31 December 2023
DTL Construction Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
DTL Construction Limited
Directors and other information
Directors Ciara Trolan
Damien Trolan
Company number NI610485
Registered office 12 Disert Road
Magherafelt
BT45 7JN
Business address 12 Disert Rd
Draperstown
Magherafelt
BT45 7JF
Accountants Jones Peters
Chartered Accountants
6 Church Street
Banbridge
BT32 4AA
Bankers Bank of Ireland
Market Street
Magherafelt
BT45 6EE
DTL Construction Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of DTL Construction Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of DTL Construction Limited for the year ended 31 December 2023 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of DTL Construction Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of DTL Construction Limited and state those matters that we have agreed to state to the board of directors of DTL Construction Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DTL Construction Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that DTL Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of DTL Construction Limited. You consider that DTL Construction Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of DTL Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters
Chartered Accountants
6 Church Street
Banbridge
BT32 4AA
15 October 2024
DTL Construction Limited
Balance sheet
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 486,829 386,512
_______ _______
486,829 386,512
Current assets
Stocks 352,127 206,881
Debtors 7 618,354 523,466
Cash at bank and in hand 616,809 708,829
_______ _______
1,587,290 1,439,176
Creditors: amounts falling due
within one year 8 ( 1,294,335) ( 1,610,569)
_______ _______
Net current assets/(liabilities) 292,955 ( 171,393)
_______ _______
Total assets less current liabilities 779,784 215,119
Creditors: amounts falling due
after more than one year 9 ( 400,000) -
Provisions for liabilities ( 95,181) ( 66,431)
_______ _______
Net assets 284,603 148,688
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 284,602 148,687
_______ _______
Shareholders funds 284,603 148,688
_______ _______
For the year ending 31 December 2023 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.
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 Profit and loss account and retained earnings has not been delivered.
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:
Damien Trolan
Director
Company registration number: NI610485
DTL Construction Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 12 Disert Road, Magherafelt, BT45 7JN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or lossThe financial statements are prepared in sterling, which is the functional currency of the entity.The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.The company has taken advantage of the exemption in Section 1A of FRS102 from the requirement to produce a cashflow statement because it is a small company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the revision and future periods where the revision affects both current and future periods.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates by the directors.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 7 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 20,444 29,088
Adjustments in respect of previous periods - 3,743
_______ _______
Deferred tax:
Origination and reversal of timing differences 28,750 6,570
_______ _______
Tax on profit 49,194 39,401
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.52 % (2022: 19.00%).
2023 2022
£ £
Profit before taxation 185,109 196,669
_______ _______
Profit multiplied by rate of tax 43,538 37,367
Adjustments in respect of prior periods - 3,743
Effect of expenses not deductible for tax purposes ( 3,981) ( 10,894)
Effect of capital allowances and depreciation ( 19,113) 2,615
Deferred Tax 28,750 6,570
_______ _______
Tax on profit 49,194 39,401
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 733,349 6,040 164,288 903,677
Additions 138,450 - 89,000 227,450
Disposals ( 55,320) - ( 28,500) ( 83,820)
_______ _______ _______ _______
At 31 December 2023 816,479 6,040 224,788 1,047,307
_______ _______ _______ _______
Depreciation
At 1 January 2023 409,958 5,028 102,179 517,165
Charge for the year 72,911 203 20,788 93,902
Disposals ( 41,485) - ( 9,104) ( 50,589)
_______ _______ _______ _______
At 31 December 2023 441,384 5,231 113,863 560,478
_______ _______ _______ _______
Carrying amount
At 31 December 2023 375,095 809 110,925 486,829
_______ _______ _______ _______
At 31 December 2022 323,391 1,012 62,109 386,512
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 2,112 5,051
Other debtors 616,242 518,415
_______ _______
618,354 523,466
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 472,251 214,485
Amounts owed to group undertakings and undertakings in which the company has a participating interest 608,323 1,283,323
Social security and other taxes 4,051 5,295
Other creditors 209,710 107,466
_______ _______
1,294,335 1,610,569
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 400,000 -
_______ _______
10. Controlling party
By virtue of its shareholding their parent company is deemed to be the controlling party of the company.
11. Related party transactions
DTL Construction Limited is a wholly owned subsidiary. At 31 December 2023 DTL Construction Limited owed their parent company £1,008,323 (2022: £1,283,323).