DAF JOINERY LTD NI648890 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is the construction of commerical buildings. Digita Accounts Production Advanced 6.30.9574.0 true true NI648890 2022-11-01 2023-10-31 NI648890 2023-10-31 NI648890 bus:OrdinaryShareClass1 2023-10-31 NI648890 core:CurrentFinancialInstruments 2023-10-31 NI648890 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 NI648890 core:Non-currentFinancialInstruments 2023-10-31 NI648890 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 NI648890 core:Goodwill 2023-10-31 NI648890 core:FurnitureFittingsToolsEquipment 2023-10-31 NI648890 core:MotorVehicles 2023-10-31 NI648890 core:OtherPropertyPlantEquipment 2023-10-31 NI648890 bus:SmallEntities 2022-11-01 2023-10-31 NI648890 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 NI648890 bus:FilletedAccounts 2022-11-01 2023-10-31 NI648890 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 NI648890 bus:RegisteredOffice 2022-11-01 2023-10-31 NI648890 bus:Director1 2022-11-01 2023-10-31 NI648890 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 NI648890 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI648890 core:Goodwill 2022-11-01 2023-10-31 NI648890 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 NI648890 core:MotorCars 2022-11-01 2023-10-31 NI648890 core:MotorVehicles 2022-11-01 2023-10-31 NI648890 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 NI648890 core:PlantMachinery 2022-11-01 2023-10-31 NI648890 countries:NorthernIreland 2022-11-01 2023-10-31 NI648890 2022-10-31 NI648890 core:Goodwill 2022-10-31 NI648890 core:FurnitureFittingsToolsEquipment 2022-10-31 NI648890 core:MotorVehicles 2022-10-31 NI648890 core:OtherPropertyPlantEquipment 2022-10-31 NI648890 2021-11-01 2022-10-31 NI648890 2022-10-31 NI648890 bus:OrdinaryShareClass1 2022-10-31 NI648890 core:CurrentFinancialInstruments 2022-10-31 NI648890 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 NI648890 core:Non-currentFinancialInstruments 2022-10-31 NI648890 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 NI648890 core:Goodwill 2022-10-31 NI648890 core:FurnitureFittingsToolsEquipment 2022-10-31 NI648890 core:MotorVehicles 2022-10-31 NI648890 core:OtherPropertyPlantEquipment 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI648890

DAF JOINERY LTD

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

DAF JOINERY LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

DAF JOINERY LTD

Company Information

Director

Mr Dean Alexander Ferguson

Registered office

34 Coolshinney Heights
Magherafelt
Co Londonderry
BT45 5JH

Accountants

Anne Douglas Ltd
2 Killyman Street
Moy
Co Tyrone
BT71 7SJ

 

DAF JOINERY LTD

(Registration number: NI648890)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

3,181

Tangible assets

5

39,670

34,393

 

39,670

37,574

Current assets

 

Stocks

6

50,823

83,362

Debtors

7

20,587

11,348

 

71,410

94,710

Creditors: Amounts falling due within one year

8

(80,466)

(85,200)

Net current (liabilities)/assets

 

(9,056)

9,510

Total assets less current liabilities

 

30,614

47,084

Creditors: Amounts falling due after more than one year

8

(33,578)

(38,958)

Provisions for liabilities

(7,262)

(6,199)

Net (liabilities)/assets

 

(10,226)

1,927

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(10,326)

1,827

Shareholders' (deficit)/funds

 

(10,226)

1,927

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

DAF JOINERY LTD

(Registration number: NI648890)
Balance Sheet as at 31 October 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 June 2024
 

.........................................
Mr Dean Alexander Ferguson
Director

 

DAF JOINERY LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
34 Coolshinney Heights
Magherafelt
Co Londonderry
BT45 5JH

These financial statements were authorised for issue by the director on 26 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

DAF JOINERY LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Plant and machinery

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight Line

 

DAF JOINERY LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

DAF JOINERY LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 4).

 

DAF JOINERY LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

19,087

19,087

At 31 October 2023

19,087

19,087

Amortisation

At 1 November 2022

15,906

15,906

Amortisation charge

3,181

3,181

At 31 October 2023

19,087

19,087

Carrying amount

At 31 October 2023

-

-

At 31 October 2022

3,181

3,181

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

1,472

44,040

42,084

87,596

Additions

-

18,500

-

18,500

At 31 October 2023

1,472

62,540

42,084

106,096

Depreciation

At 1 November 2022

955

26,667

25,581

53,203

Charge for the year

129

8,968

4,126

13,223

At 31 October 2023

1,084

35,635

29,707

66,426

Carrying amount

At 31 October 2023

388

26,905

12,377

39,670

At 31 October 2022

517

17,373

16,503

34,393

 

DAF JOINERY LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Stocks

2023
£

2022
£

Work in progress

-

5,000

Other inventories

50,823

78,362

50,823

83,362

7

Debtors

Current

2023
£

2022
£

Trade debtors

5,000

-

Prepayments

1,991

2,500

Other debtors

13,596

8,848

 

20,587

11,348

 

DAF JOINERY LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,176

9,833

Trade creditors

 

2,945

2,014

Taxation and social security

 

-

6,156

Accruals and deferred income

 

950

1,900

Other creditors

 

66,395

65,297

 

80,466

85,200

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

33,578

38,958

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

DAF JOINERY LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

33,578

38,958

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,680

6,680

Bank overdrafts

3,496

3,153

10,176

9,833

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,408

8,907