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REGISTERED NUMBER: 04869855 (England and Wales)















Financial Statements for the Year Ended 29th February 2024

for

DAC Contracting Limited

DAC Contracting Limited (Registered number: 04869855)






Contents of the Financial Statements
for the Year Ended 29th February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


DAC Contracting Limited

Company Information
for the Year Ended 29th February 2024







DIRECTORS: Mr C Peterson BSc
Mr K Lord BSc
Mr L B Polding
Mr G E Randell





SECRETARY: Mr C Peterson BSc





REGISTERED OFFICE: Ground Floor
Southway House
29 Southway
Colchester
Essex
CO2 7BA





REGISTERED NUMBER: 04869855 (England and Wales)

DAC Contracting Limited (Registered number: 04869855)

Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 719,695 810,652

CURRENT ASSETS
Debtors 5 1,518,367 2,146,279
Cash at bank 1,843,113 1,283,814
3,361,480 3,430,093
CREDITORS
Amounts falling due within one year 6 2,145,409 2,220,635
NET CURRENT ASSETS 1,216,071 1,209,458
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,935,766

2,020,110

CREDITORS
Amounts falling due after more than one
year

7

(79,869

)

(178,111

)

PROVISIONS FOR LIABILITIES (171,054 ) (180,583 )
NET ASSETS 1,684,843 1,661,416

CAPITAL AND RESERVES
Called up share capital 9 100 100
Share premium 43,952 43,952
Retained earnings 1,640,791 1,617,364
SHAREHOLDERS' FUNDS 1,684,843 1,661,416

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26th November 2024 and were signed on its behalf by:




Mr C Peterson BSc - Director



Mr K Lord BSc - Director


DAC Contracting Limited (Registered number: 04869855)

Notes to the Financial Statements
for the Year Ended 29th February 2024

1. STATUTORY INFORMATION

DAC Contracting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise indicated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover consists of income derived from short term contracts. Income is recognised at the time of the delivery of the service, by reference to the value of measured work at agreed cubic metre rates and other associated costs. Invoices raised are net of discounts and value added tax.

Tangible fixed assets
Assets are recorded at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 25% on reducing balance

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


DAC Contracting Limited (Registered number: 04869855)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable on contracts
Amounts recoverable on contracts are valued on the sales value of uncertified work as at the balance sheet date.

Retentions
Retentions are recognised as turnover and a provision is made for those that do not have a reasonable expectation of being recovered (without incurring further costs).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2023 - 41 ) .

DAC Contracting Limited (Registered number: 04869855)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1st March 2023 1,252,978
Additions 125,220
At 29th February 2024 1,378,198
DEPRECIATION
At 1st March 2023 442,326
Charge for year 216,177
At 29th February 2024 658,503
NET BOOK VALUE
At 29th February 2024 719,695
At 28th February 2023 810,652

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1st March 2023 677,902
Additions 62,610
Transfer to ownership (184,728 )
At 29th February 2024 555,784
DEPRECIATION
At 1st March 2023 234,267
Charge for year 117,666
Transfer to ownership (118,096 )
At 29th February 2024 233,837
NET BOOK VALUE
At 29th February 2024 321,947
At 28th February 2023 443,635

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,343,325 1,909,836
Other debtors 175,042 236,443
1,518,367 2,146,279

DAC Contracting Limited (Registered number: 04869855)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 139,529 164,446
Trade creditors 1,066,584 1,355,209
Amounts owed to group undertakings 593,362 459,440
Taxation and social security 292,306 175,515
Other creditors 53,628 66,025
2,145,409 2,220,635

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 79,869 178,111

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 219,398 342,557

Secured on fixed assets concerned.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
26 Ordinary A £1 26 26
26 Ordinary B £1 26 26
24 Ordinary C £1 24 24
24 Ordinary D £1 24 24
100 100

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jacqueline Frost ACA (Senior Statutory Auditor)
for and on behalf of TC Group

11. FINANCIAL GUARANTEES

The company has provided a guarantee as security for the parent company's bank borrowings. The guarantee is limited to £373,458.

DAC Contracting Limited (Registered number: 04869855)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

12. RELATED PARTY DISCLOSURES

During the year the company invoiced other companies in the group £1,952,091 (2023: £1,319,444) and was invoiced £41,646 (2023: £80,471). During the year the company was also charged rent of £40,000 (2023: £40,000); management charges of £135,000 (2023: £135,000) and plant hire of £10,500 (2023: £60,056) by companies in the group. At the balance sheet date the company owed other group companies £593,362 (2023: £459,440).


13. ULTIMATE CONTROLLING PARTY

The company is a 52% subsidiary of DAC Group Limited, a company incorporated in England and Wales and controlled by the directors of DAC Group Limited.