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Company Registration No. 03991741 (England and Wales)
Dragon Thermals Limited Unaudited accounts for the year ended 30 June 2024
Dragon Thermals Limited Unaudited accounts Contents
Page
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Dragon Thermals Limited Company Information for the year ended 30 June 2024
Director
Michael Rounds
Company Number
03991741 (England and Wales)
Registered Office
Venta House 9a Port Road Newport NP20 2NS
Accountants
Evans Entwistle Venta House Maes-glas Newport NP20 2NS
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Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Dragon Thermals Limited for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dragon Thermals Limited for the year ended 30 June 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Evans Entwistle Member in Practice Venta House Maes-glas Newport NP20 2NS 24 October 2024
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Dragon Thermals Limited Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
441 
10,812 
Current assets
Inventories
- 
2,000 
Debtors
13,806 
48,704 
Cash at bank and in hand
33,635 
16,211 
47,441 
66,915 
Creditors: amounts falling due within one year
(9,788)
(24,642)
Net current assets
37,653 
42,273 
Total assets less current liabilities
38,094 
53,085 
Creditors: amounts falling due after more than one year
(24,845)
(21,691)
Provisions for liabilities
Deferred tax
(84)
(182)
Net assets
13,165 
31,212 
Capital and reserves
Called up share capital
4 
4 
Profit and loss account
13,161 
31,208 
Shareholders' funds
13,165 
31,212 
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 October 2024 and were signed on its behalf by
Michael Rounds Director Company Registration No. 03991741
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Dragon Thermals Limited Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Dragon Thermals Limited is a private company, limited by shares, registered in England and Wales, registration number 03991741. The registered office is Venta House, 9a Port Road, Newport, NP20 2NS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has previously been provided on a declining balance basis. Depreciation has now been provided using straight line basis, with some adjustments made to previous years depreciation. In order to write off the assets over their estimated useful lives the following length of time have been used:
Plant & machinery
4 years straight line
Motor vehicles
4 years straight line
Fixtures & fittings
5 years straight line
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Dragon Thermals Limited Notes to the Accounts for the year ended 30 June 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 July 2023
2,892 
15,639 
1,103 
19,634 
Disposals
- 
(15,639)
- 
(15,639)
At 30 June 2024
2,892 
- 
1,103 
3,995 
Depreciation
At 1 July 2023
2,892 
5,489 
441 
8,822 
Charge for the year
- 
- 
221 
221 
On disposals
- 
(5,489)
- 
(5,489)
At 30 June 2024
2,892 
- 
662 
3,554 
Net book value
At 30 June 2024
- 
- 
441 
441 
At 30 June 2023
- 
10,150 
662 
10,812 
5
Inventories
2024 
2023 
£ 
£ 
Finished goods
- 
2,000 
- 
2,000 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
123 
- 
Trade debtors
13,683 
44,681 
Other debtors
- 
3,195 
13,806 
47,876 
Amounts falling due after more than one year
Other debtors
- 
828 
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Dragon Thermals Limited Notes to the Accounts for the year ended 30 June 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
- 
2,021 
Trade creditors
6,114 
8,000 
Taxes and social security
3,674 
10,597 
Deferred income
- 
4,024 
9,788 
24,642 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Loans from directors
24,845 
21,691 
9
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
84 
182 
2024 
2023 
£ 
£ 
Provision at start of year
182 
- 
Charged to the profit and loss account
- 
182 
Credited to other comprehensive income
(98)
- 
Provision at end of year
84 
182 
10
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
4 Ordinary shares of £1 each
4 
4 
11
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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