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Company No: 09747907 (England and Wales)

DART COMMERCIALS LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

DART COMMERCIALS LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

DART COMMERCIALS LIMITED

BALANCE SHEET

As at 29 February 2024
DART COMMERCIALS LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Restated
Fixed assets
Intangible assets 3 106,250 131,250
Tangible assets 4 1,122,509 1,108,360
1,228,759 1,239,610
Current assets
Stocks 5,500 5,500
Debtors 5 528,557 630,714
Cash at bank and in hand 14,213 14,282
548,270 650,496
Creditors: amounts falling due within one year 6 ( 508,749) ( 527,847)
Net current assets 39,521 122,649
Total assets less current liabilities 1,268,280 1,362,259
Creditors: amounts falling due after more than one year 7 ( 303,972) ( 358,663)
Provision for liabilities 8 ( 272,467) ( 204,387)
Net assets 691,841 799,209
Capital and reserves
Called-up share capital 9 400,100 500,100
Capital redemption reserve 100,000 0
Profit and loss account 191,741 299,109
Total shareholders' funds 691,841 799,209

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Dart Commercials Limited (registered number: 09747907) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

Mr D B Blackborow
Director
DART COMMERCIALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
DART COMMERCIALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Dart Commercials Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom. The principal place of business is Unit 3 Beacon Park Industrial Estate, Dartington, Devon, TQ9 EDX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

A prior year adjustment was made to the financial statements for the year ended 28 February 2023 to provide for deferred tax arising on fixed asset timing differences. As a result, a deferred tax liability of £204,387 was recognised and retained earnings debited by this amount.

Turnover

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 value added tax.

The company recognises revenue when the value of goods and services provided to date can be reliably measured.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
FRS102 requires the provision of deferred tax on timing differences between the tax and accounting treatment of qualifying fixed assets. The directors do not consider that providing for deferred tax in accordance with FRS102 would give an accurate representation of the company's financial position and have not included it within the accounts. In this respect the accounts do not comply with FRS102.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 stocks 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.

Financial instruments

The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Bank Loans: and
• Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 23 22

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2023 250,000 250,000
At 29 February 2024 250,000 250,000
Accumulated amortisation
At 01 March 2023 118,750 118,750
Charge for the financial year 25,000 25,000
At 29 February 2024 143,750 143,750
Net book value
At 29 February 2024 106,250 106,250
At 28 February 2023 131,250 131,250

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 March 2023 32,640 32,668 1,251,884 5,900 12,972 1,336,064
Additions 0 3,000 318,565 0 0 321,565
Disposals 0 0 30,706 0 0 30,706
At 29 February 2024 32,640 35,668 1,601,155 5,900 12,972 1,688,335
Accumulated depreciation
At 01 March 2023 0 23,010 191,125 4,292 9,277 227,704
Charge for the financial year 0 3,166 200,321 405 924 204,816
Disposals 0 0 133,306 0 0 133,306
At 29 February 2024 0 26,176 524,752 4,697 10,201 565,826
Net book value
At 29 February 2024 32,640 9,492 1,076,403 1,203 2,771 1,122,509
At 28 February 2023 32,640 9,658 1,060,759 1,608 3,695 1,108,360

5. Debtors

2024 2023
£ £
Trade debtors 440,897 527,732
Other debtors 87,660 102,982
528,557 630,714

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 45,454 45,454
Trade creditors 137,483 243,011
Corporation tax 21,743 3,277
Other taxation and social security 119,061 80,340
Obligations under finance leases and hire purchase contracts 180,581 151,849
Other creditors 4,427 3,916
508,749 527,847

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 56,819 102,273
Obligations under finance leases and hire purchase contracts (secured) 247,153 256,390
303,972 358,663

Security is given on the company's borrowings and HP liabilities by a charge secured over the company's assets.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 204,387) 0
Charged to the Statement of Income and Retained Earnings ( 68,080) ( 204,387)
At the end of financial year ( 272,467) ( 204,387)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
95 Ordinary shares of £ 1.00 each (2023: 100 shares of £ 1.00 each) 95 100
5 Ordinary A shares of £ 1.00 each (2023: nil shares) 5 0
100 100
400,000 1.00% Preference cumulative redeemable shares of £ 1.00 each (2023: 500,000 shares of £ 1.00 each) 400,000 500,000
400,100 500,100

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by the director. Interest has been charged on the balance at HMRCs official rate, with the total amount of advances and repayments during the year being £99,914 and £108,500 respectively 81,389 89,975