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Registration number: 04875898

Diss Ironworks Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Diss Ironworks Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Diss Ironworks Limited

Company Information

Directors

Mr Matthew Hyde

Mrs Hannah Hyde

Registered office

7 St Nicholas Street
Diss
Norfolk
IP22 4LB

Accountants

Jeremy Clark Accountants Ltd T/A AIMS
The Moat House
Sallow Lane
Wacton
Norwich
Norfolk
NR15 2UL

 

Diss Ironworks Limited

(Registration number: 04875898)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

92,878

75,268

Current assets

 

Stocks

5

183,000

143,000

Debtors

6

240,150

161,003

Cash at bank and in hand

 

184,697

282,482

 

607,847

586,485

Creditors: Amounts falling due within one year

7

(571,416)

(559,278)

Net current assets

 

36,431

27,207

Total assets less current liabilities

 

129,309

102,475

Creditors: Amounts falling due after more than one year

7

(50,889)

(63,336)

Provisions for liabilities

(22,291)

(14,792)

Net assets

 

56,129

24,347

Capital and reserves

 

Called up share capital

8

50

50

Capital redemption reserve

50

50

Retained earnings

56,029

24,247

Shareholders' funds

 

56,129

24,347

 

Diss Ironworks Limited

(Registration number: 04875898)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
Mr Matthew Hyde
Director

 

Diss Ironworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
7 St Nicholas Street
Diss
Norfolk
IP22 4LB

The principal place of business is:
7 St Nicholas Street
Diss
Norfolk
IP22 4LB

These financial statements were authorised for issue by the Board on 31 October 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.

Tax

The tax expense for the period comprises current and 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.

 

Diss Ironworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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

Plant and machinery

15% reducing balance bases

Fixtures and fittings

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Diss Ironworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Diss Ironworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

24,898

106,326

39,645

170,869

Additions

3,428

42,382

-

45,810

Disposals

-

(33,554)

-

(33,554)

At 31 March 2024

28,326

115,154

39,645

183,125

Depreciation

At 1 April 2023

13,495

56,414

25,692

95,601

Charge for the year

2,258

13,411

2,135

17,804

Eliminated on disposal

-

(23,158)

-

(23,158)

At 31 March 2024

15,753

46,667

27,827

90,247

Carrying amount

At 31 March 2024

12,573

68,487

11,818

92,878

At 31 March 2023

11,403

49,912

13,953

75,268

5

Stocks

2024
£

2023
£

Other inventories

183,000

143,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

59,871

7,081

Prepayments

3,578

3,353

Other debtors

176,701

150,569

 

240,150

161,003

 

Diss Ironworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

60,294

53,612

Trade creditors

 

395,626

436,352

Taxation and social security

 

87,208

40,993

Accruals and deferred income

 

1,413

1,413

Other creditors

 

26,875

26,908

 

571,416

559,278

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

50,889

63,336

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

       
 

Diss Ironworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

27,774

44,451

Hire purchase contracts

23,115

18,885

50,889

63,336

Current loans and borrowings

2024
£

2023
£

Bank borrowings

16,667

16,667

Bank overdrafts

17,782

22,794

Hire purchase contracts

23,025

11,331

Other borrowings

2,820

2,820

60,294

53,612

Bank borrowings

Bounce Back loan is denominated in Sterling with a nominal interest rate of 5%, and the final instalment is due on 1 December 2026. The carrying amount at year end is £44,441 (2023 - £61,118).

10

Related party transactions

The company has made an advance by way of a directors loan to the directors, Mr M & Mrs H Hyde. Interest is charged on the loan at a rate equal to the amount determined by HMRC for beneficial loans. In the year to 31 March 2024 interest of £1,301 (2023: £1,006) was charged.

 

Diss Ironworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr Matthew Hyde

Directors loan

50,060

16,846

66,905

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Matthew Hyde

Directors loan

50,061

-

(2)

50,060