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Registration number: 05616093

Doel & Rowlands Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 29 February 2024

 

Doel & Rowlands Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Doel & Rowlands Limited

Company Information

Directors

Mr Stuart Doel

Mr John Arwel Rowlands

Company secretary

Mrs Margaret Martha Wendy Doel

Registered office

Wernellyn
Llangadog
Carmarthenshire
SA19 9DE

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Doel & Rowlands Limited

(Registration number: 05616093)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

267,623

298,879

Current assets

 

Stocks

5

2,650

5,987

Debtors

79,605

72,399

Cash at bank and in hand

 

2,234

20,854

 

84,489

99,240

Prepayments and accrued income

 

9,569

4,622

Creditors: Amounts falling due within one year

8.1

(311,471)

(229,579)

Net current liabilities

 

(217,413)

(125,717)

Total assets less current liabilities

 

50,210

173,162

Creditors: Amounts falling due after more than one year

8.2

(15,136)

(50,286)

Provisions for liabilities

(30,018)

(30,833)

Accruals and deferred income

 

(4,600)

(39,450)

Net assets

 

456

52,593

Capital and reserves

 

Called up share capital

6

101

101

Retained earnings

355

52,492

Shareholders' funds

 

456

52,593

 

Doel & Rowlands Limited

(Registration number: 05616093)
Abridged Balance Sheet as at 29 February 2024

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 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 28 November 2024 and signed on its behalf by:
 

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

Mr Stuart Doel
Director

 

Doel & Rowlands Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Wernellyn
Llangadog
Carmarthenshire
SA19 9DE

These financial statements were authorised for issue by the Board on 28 November 2024.

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 abridged 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 abridged 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.

Key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period the revision and future periods where the revisions affects both current and future periods.

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 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.

 

Doel & Rowlands Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

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.

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

Freehold Property

2% Straight Line

Plant and Machinery

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Furniture, Fittings and Equipment

25% Reducing Balance

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.

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.

 

Doel & Rowlands Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 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 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Doel & Rowlands Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

 

Doel & Rowlands Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

200,000

9,635

166,140

279,604

655,379

Additions

-

10,294

-

-

10,294

At 29 February 2024

200,000

19,929

166,140

279,604

665,673

Depreciation

At 1 March 2023

49,850

8,941

109,717

187,991

356,499

Charge for the year

4,000

543

14,105

22,903

41,551

At 29 February 2024

53,850

9,484

123,822

210,894

398,050

Carrying amount

At 29 February 2024

146,150

10,445

42,318

68,710

267,623

At 28 February 2023

150,150

694

56,423

91,612

298,879

Included within the net book value of land and buildings above is £146,150 (2023 - £150,150) in respect of freehold land and buildings.
 

 

Doel & Rowlands Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

5

Stocks

2024
£

2023
£

Work in progress

2,650

5,987

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary B of £1 each

1

1

1

1

101

101

101

101

7

Related party transactions

Other transactions with directors

During the year the directors made unsecured, repayable on demand, interest free loans to the company. At the balance sheet date the company owed the directors £114,618 (2023: £81,078).

8

Creditors

Creditors: amounts falling due within one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £26,845 (2023- £12,947).

Creditors: amounts falling due after more than one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £7,580).