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Registration number: 2830557

Doccombe European Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Doccombe European Ltd.

(Registration number: 2830557)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,678,823

1,805,748

Current assets

 

Stocks

6

8,500

7,200

Debtors

7

1,137,864

1,014,344

Investments

8

36,285

36,285

Cash at bank and in hand

 

297,417

377,861

 

1,480,066

1,435,690

Creditors: Amounts falling due within one year

9

(1,327,647)

(1,382,383)

Net current assets

 

152,419

53,307

Total assets less current liabilities

 

1,831,242

1,859,055

Creditors: Amounts falling due after more than one year

9

(498,851)

(454,059)

Provisions for liabilities

(387,028)

(414,335)

Net assets

 

945,363

990,661

Capital and reserves

 

Called up share capital

10

203

203

Retained earnings

945,160

990,458

Shareholders' funds

 

945,363

990,661

For the financial year ending 31 July 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 10 October 2024 and signed on its behalf by:
 

.........................................
J Underhill
Company secretary and director

 

Doccombe European Ltd.

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

1

General information

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

The address of its registered office is:
1 Batten Road
Downton Industrial Estate
Salisbury
Wiltshire
SP5 3HU

These financial statements were authorised for issue by the Board on 10 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Doccombe European Ltd.

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

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.

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

Land and buildings

10% straight line

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

18-22% 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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Doccombe European Ltd.

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

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.

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.

 

Doccombe European Ltd.

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2023 - 40).

 

Doccombe European Ltd.

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

15,000

15,000

At 31 July 2024

15,000

15,000

Amortisation

At 1 August 2023

15,000

15,000

At 31 July 2024

15,000

15,000

Carrying amount

At 31 July 2024

-

-

At 31 July 2023

-

-

 

Doccombe European Ltd.

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

264,476

154,208

2,603,441

190,775

3,212,900

Additions

-

1,338

438,647

-

439,985

Disposals

-

-

(569,286)

-

(569,286)

At 31 July 2024

264,476

155,546

2,472,802

190,775

3,083,599

Depreciation

At 1 August 2023

103,103

108,151

1,012,833

183,063

1,407,150

Charge for the year

19,610

13,417

313,096

2,767

348,890

Eliminated on disposal

-

-

(351,264)

-

(351,264)

At 31 July 2024

122,713

121,568

974,665

185,830

1,404,776

Carrying amount

At 31 July 2024

141,763

33,978

1,498,137

4,945

1,678,823

At 31 July 2023

161,373

46,057

1,590,606

7,712

1,805,748

Included within the net book value of land and buildings above is £141,762 (2023 - £161,373) in respect of long leasehold land and buildings.
 

 

Doccombe European Ltd.

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

6

Stocks

2024
£

2023
£

Other inventories

8,500

7,200

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,098,649

970,260

Prepayments

38,915

43,584

Other debtors

300

500

 

1,137,864

1,014,344

8

Current asset investments

2024
£

2023
£

Other investments

36,285

36,285

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

378,364

547,816

Trade creditors

 

665,568

519,313

Taxation and social security

 

164,892

161,831

Accruals and deferred income

 

10,688

57,652

Other creditors

 

108,135

95,771

 

1,327,647

1,382,383


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £334,313 (2023 - £485,705).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

498,851

454,059


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £498,851 (2023 - £454,059).

 

Doccombe European Ltd.

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

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100.00

100

100.00

Ordinary B shares of £0.25 each

410

102.50

410

102.50

 

510

202.50

510

202.50

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

498,851

454,059

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

46,733

Hire purchase contracts

334,313

438,972

Other borrowings

44,051

62,111

378,364

547,816

12

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

31,687

12,832

Later than one year and not later than five years

126,750

2,144

Later than five years

21,125

-

179,562

14,976

The amount of non-cancellable operating lease payments recognised as an expense during the year was £53,084 (2023 - £29,082).

 

Doccombe European Ltd.

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

13

Related party transactions

Summary of transactions with other related parties

During the year the company paid rent to a partnership (of which certain directors are partners) of £117,600 (2023: £115,368). At the year end a loan was due to this partnership of £44,051 (2023:£62,111).