Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
Dencon Accessories Limited |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 |
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 |
Additions |
Revaluations |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Revaluation adjustments | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Import loans | 573,020 | 559,486 |
Trade creditors |
Social security and other taxes |
Other creditors |
Directors' current accounts | 176,101 | 197,381 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
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 |
Bank loans |
Import loans | 573,020 | 559,486 |
The above debts are secured by a charge over the freehold property owned by the Company. |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2023 |
Revaluation in year | 1,817,000 |
At 30 June 2024 |
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. |