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Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Dencon Accessories Limited

Dencon Accessories Limited (Registered number: 00834335)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Dencon Accessories Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: R Sullam
R B Milliken
Mrs P Milliken
D Sullam





SECRETARY: Mrs P Milliken





REGISTERED OFFICE: Lyden House,
South Road
Templefields Industrial Estate
Harlow
Essex
CM20 2BS





REGISTERED NUMBER: 00834335 (England and Wales)





ACCOUNTANTS: K E Jay & Co
52 Fielding Way
Hutton
Brentwood
Essex
CM13 1JN

Dencon Accessories Limited (Registered number: 00834335)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,826,531 2,997,095
Investments 6 1,300 1,300
4,827,831 2,998,395

CURRENT ASSETS
Stocks 1,391,150 2,686,793
Debtors 7 314,102 471,435
Cash in hand 12,041 16,550
1,717,293 3,174,778
CREDITORS
Amounts falling due within one year 8 1,510,387 1,711,362
NET CURRENT ASSETS 206,906 1,463,416
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,034,737

4,461,811

CREDITORS
Amounts falling due after more than one
year

9

407,081

433,021
NET ASSETS 4,627,656 4,028,790

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Revaluation reserve 11 3,122,460 1,305,460
Retained earnings 1,405,196 2,623,330
SHAREHOLDERS' FUNDS 4,627,656 4,028,790

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Dencon Accessories Limited (Registered number: 00834335)

Balance Sheet - continued
30 June 2024


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 13 January 2025 and were signed on its behalf by:




R Sullam - Director



Mrs P Milliken - Director


Dencon Accessories Limited (Registered number: 00834335)

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

1. STATUTORY INFORMATION

Dencon Accessories 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill relates to the amount paid in connection with the acquisition of a business in 1993 and has been fully amortised at the year end.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Foreign currencies
The financial statements are presented in Sterling, which is also the functional currency of the Company. Transactions in currencies, other than functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Dencon Accessories Limited (Registered number: 00834335)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The Company operates a stakeholder pension scheme for auto enrolment purposes with NEST. This is a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to the profit and loss account in the period to which they relate.

Consolidation
The Company has claimed exemption under section 402 of the Companies Act 2006 from the preparation of group financial statements on the grounds that all subsidiaries have ceased trade and have no material effect on the total assets, shareholders funds or profit of the group.

The financial statements present information about Dencon Accessories Limited as an individual undertaking and not its group.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 38 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 387,368
AMORTISATION
At 1 July 2023
and 30 June 2024 387,368
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

Dencon Accessories Limited (Registered number: 00834335)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2023 3,000,000 469,365 562,920 4,032,285
Additions - - 32,945 32,945
Revaluations 1,765,000 - - 1,765,000
At 30 June 2024 4,765,000 469,365 595,865 5,830,230
DEPRECIATION
At 1 July 2023 52,000 455,376 527,814 1,035,190
Charge for year - 3,497 17,012 20,509
Revaluation adjustments (52,000 ) - - (52,000 )
At 30 June 2024 - 458,873 544,826 1,003,699
NET BOOK VALUE
At 30 June 2024 4,765,000 10,492 51,039 4,826,531
At 30 June 2023 2,948,000 13,989 35,106 2,997,095

Included in cost or valuation of land and buildings is freehold land of £ 800,000 (2023 - £ 800,000 ) which is not depreciated.

Cost or valuation at 30 June 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2007 372,127 - 372,127
Valuation in 2011 100,000 - 100,000
Valuation in 2015 (400,000 ) - (400,000 )
Valuation in 2021 900,000 - 900,000
Valuation in 2024 1,765,000 - 1,765,000
Cost 2,027,873 1,065,230 3,093,103
4,765,000 1,065,230 5,830,230

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,027,873 2,027,873
Aggregate depreciation 957,741 957,741

Value of land in freehold land and buildings 800,000 800,000

Freehold land and buildings were valued on an open market basis on 17 May 2024 by D Butcher BSc of Kemsley LLP .

Dencon Accessories Limited (Registered number: 00834335)

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

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2023
and 30 June 2024 1,300
NET BOOK VALUE
At 30 June 2024 1,300
At 30 June 2023 1,300

During the year ended 30 June 2019 the company acquired 10 ordinary £1 shares in National Merchant Buying Society Limited for a value of £1,300.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 256,260 385,209
Other debtors - 4,943
Prepayments and accrued income 57,842 81,283
314,102 471,435

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 436,444 450,203
Import loans 573,020 559,486
Trade creditors 223,028 384,370
Social security and other taxes 52,761 72,792
Other creditors 1,380 1,595
Directors' current accounts 176,101 197,381
Accrued expenses 47,653 45,535
1,510,387 1,711,362

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 230,544 205,716
Bank loans more 5 yr by instal 176,537 227,305
407,081 433,021

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 176,537 227,305

Dencon Accessories Limited (Registered number: 00834335)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 378,808 398,774
Bank loans 464,717 484,450
Import loans 573,020 559,486
1,416,545 1,442,710

The above debts are secured by a charge over the freehold property owned by the Company.

11. RESERVES
Revaluation
reserve
£   
At 1 July 2023 1,305,460
Revaluation in year 1,817,000

At 30 June 2024 3,122,460

12. CONTINGENT LIABILITIES

H M Customs & Excise hold a bond for £20,000 (2023 £20,000) in respect of deferred duty VAT payments.

13. FORWARD CURRENCY CONTRACTS

The Company uses forward foreign currency contracts to reduce exposure to foreign exchange rates. Derivatives are initially recognised at fair value on the date a derivative contact is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit or loss on exchange as appropriate. The Company does not apply hedge accounting for foreign exchange derivatives.