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Registration number: 2831519

Diteco Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Diteco Limited

(Registration number: 2831519)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

5

 

18,354

 

20,563

Current assets

   

 

Stocks

6

122,727

 

111,583

 

Debtors

7

94,222

 

104,079

 

Cash at bank and in hand

 

189,386

 

170,900

 

 

406,335

 

386,562

 

Creditors: Amounts falling due within one year

8

(230,493)

 

(310,972)

 

Net current assets

   

175,842

 

75,590

Total assets less current liabilities

   

194,196

 

96,153

Provisions for liabilities

 

(3,411)

 

-

Net assets

   

190,785

 

96,153

Capital and reserves

   

 

Called up share capital

9

33

 

33

 

Retained earnings

190,752

 

96,120

 

Shareholders' funds

   

190,785

 

96,153

For the financial 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.

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.

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 19 November 2024
 

.........................................
Mr D T Farrow
Director

 

Diteco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Unit 1, 418 Limpsfield Road
Warlingham
Surrey
CR6 9LA
England

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

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 where 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 and is shown net of value added tax, returns, rebates and discounts where applicable.
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 appropriate stages of completion have been reached on each of the company's contracts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

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.

 

Diteco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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

Short leasehold

Straight line over six years

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% 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 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

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.

Dividends on equity securities are recognised in income when receivable.

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. They are recognised initially at the transaction price less provision for impairment. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms.

 

Diteco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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 the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are measured at the transaction price. 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 such a right, they are presented as non-current liabilities.

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 them.

Defined contribution pension obligation

A defined contribution plan is a 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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Diteco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

32,502

32,502

At 30 June 2024

32,502

32,502

Amortisation

At 1 July 2023

32,502

32,502

At 30 June 2024

32,502

32,502

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

6,919

28,084

39,131

11,125

85,259

Additions

-

125

5,438

-

5,563

Disposals

-

-

(13,500)

(11,125)

(24,625)

At 30 June 2024

6,919

28,209

31,069

-

66,197

Depreciation

At 1 July 2023

6,919

20,354

26,446

10,977

64,696

Charge for the year

-

1,967

2,203

-

4,170

Eliminated on disposal

-

-

(10,046)

(10,977)

(21,023)

At 30 June 2024

6,919

22,321

18,603

-

47,843

Carrying amount

At 30 June 2024

-

5,888

12,466

-

18,354

At 30 June 2023

-

7,730

12,685

148

20,563

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

Diteco Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

107,285

93,766

Work in progress

15,442

17,817

122,727

111,583

7

Debtors

2024
£

2023
£

Trade debtors

78,179

88,561

Prepayments

10,981

11,300

Other debtors

5,062

4,218

94,222

104,079

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

44,471

55,152

Taxation and social security

50,000

28,644

Accruals and deferred income

3,648

5,077

Other creditors

132,374

222,099

230,493

310,972

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

33

33

33

33

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £78,746 (2023 - £4,468). The commitments relate to the rent payable on the company's trading premises.