D & E Corbett Ltd. SC197421 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of jewellers. Digita Accounts Production Advanced 6.30.9574.0 true SC197421 2023-04-01 2024-03-31 SC197421 2024-03-31 SC197421 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC197421 core:ShareCapital 2024-03-31 SC197421 core:CurrentFinancialInstruments 2024-03-31 SC197421 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC197421 core:Goodwill 2024-03-31 SC197421 core:FurnitureFittings 2024-03-31 SC197421 core:MotorVehicles 2024-03-31 SC197421 core:OfficeEquipment 2024-03-31 SC197421 core:PlantMachinery 2024-03-31 SC197421 bus:SmallEntities 2023-04-01 2024-03-31 SC197421 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC197421 bus:FilletedAccounts 2023-04-01 2024-03-31 SC197421 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC197421 bus:RegisteredOffice 2023-04-01 2024-03-31 SC197421 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 SC197421 bus:Director1 2023-04-01 2024-03-31 SC197421 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC197421 bus:Agent1 2023-04-01 2024-03-31 SC197421 core:ComputerEquipment 2023-04-01 2024-03-31 SC197421 core:FurnitureFittings 2023-04-01 2024-03-31 SC197421 core:MotorVehicles 2023-04-01 2024-03-31 SC197421 core:OfficeEquipment 2023-04-01 2024-03-31 SC197421 core:PlantMachinery 2023-04-01 2024-03-31 SC197421 countries:Scotland 2023-04-01 2024-03-31 SC197421 2023-03-31 SC197421 core:Goodwill 2023-03-31 SC197421 core:FurnitureFittings 2023-03-31 SC197421 core:MotorVehicles 2023-03-31 SC197421 core:OfficeEquipment 2023-03-31 SC197421 core:PlantMachinery 2023-03-31 SC197421 2022-04-01 2023-03-31 SC197421 2023-03-31 SC197421 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC197421 core:ShareCapital 2023-03-31 SC197421 core:CurrentFinancialInstruments 2023-03-31 SC197421 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC197421 core:FurnitureFittings 2023-03-31 SC197421 core:MotorVehicles 2023-03-31 SC197421 core:OfficeEquipment 2023-03-31 SC197421 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: SC197421

D & E Corbett Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

D & E Corbett Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

D & E Corbett Ltd.

Company Information

Directors

Mr Donald Murray Corbett

Mrs Laura Wilkie

Company secretary

Mrs Laura Wilkie

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
Stirlingshire
FK3 8WX

Accountants

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

D & E Corbett Ltd.

(Registration number: SC197421)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

29,212

39,313

Current assets

 

Stocks

6

237,880

221,369

Debtors

7

5,184

7,323

Cash at bank and in hand

 

187,593

272,279

 

430,657

500,971

Creditors: Amounts falling due within one year

8

(57,882)

(106,631)

Net current assets

 

372,775

394,340

Total assets less current liabilities

 

401,987

433,653

Provisions for liabilities

(6,427)

(7,470)

Net assets

 

395,560

426,183

Capital and reserves

 

Called up share capital

100

100

Retained earnings

395,460

426,083

Shareholders' funds

 

395,560

426,183

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 10 October 2024 and signed on its behalf by:
 

.........................................
Mr Donald Murray Corbett
Director

 

D & E Corbett Ltd.

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 Scotland.

2

Accounting policies

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.

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.

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.

 

D & E Corbett Ltd.

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

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 and fittings

20% on cost

Plant and machinery

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% straight line

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

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

 

D & E Corbett Ltd.

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

105,000

105,000

At 31 March 2024

105,000

105,000

Amortisation

At 1 April 2023

105,000

105,000

At 31 March 2024

105,000

105,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

24,577

765

791

87,608

At 31 March 2024

24,577

765

791

87,608

Depreciation

At 1 April 2023

24,577

574

264

49,013

Charge for the year

-

191

261

9,649

At 31 March 2024

24,577

765

525

58,662

Carrying amount

At 31 March 2024

-

-

266

28,946

At 31 March 2023

-

191

527

38,595

 

D & E Corbett Ltd.

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

Total
£

Cost or valuation

At 1 April 2023

113,741

At 31 March 2024

113,741

Depreciation

At 1 April 2023

74,428

Charge for the year

10,101

At 31 March 2024

84,529

Carrying amount

At 31 March 2024

29,212

At 31 March 2023

39,313

 

D & E Corbett Ltd.

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

6

Stocks

2024
£

2023
£

Other inventories

237,880

221,369

7

Debtors

Current

2024
£

2023
£

Prepayments

5,184

5,166

Other debtors

-

2,157

 

5,184

7,323

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

13,065

55,710

Taxation and social security

44,432

49,871

Other creditors

385

1,050

57,882

106,631

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Donald M Corbett

26

723

Laura Wilkie

77

327

 

103

1,050

The maximum balance outstanding during the year amounted to £1,050.

The directors current accounts are repayable on demand.

The company was under the control of Donald M Corbett and Laura Wilkie throughout the whole of the current and previous years.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
D & E Corbett Ltd.
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of D & E Corbett Ltd. for the year ended 31 March 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of D & E Corbett Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of D & E Corbett Ltd. and state those matters that we have agreed to state to the Board of Directors of D & E Corbett Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D & E Corbett Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that D & E Corbett Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of D & E Corbett Ltd.. You consider that D & E Corbett Ltd. 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 accounts of D & E Corbett Ltd.. 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 accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

10 October 2024