Company registration number 01161686 (England and Wales)
W. DURSTON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
W. DURSTON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
W. DURSTON LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
20,676
17,431
Tangible assets
4
2,640,899
2,431,289
2,661,575
2,448,720
Current assets
Stocks
1,193,681
1,768,208
Debtors
5
393,778
89,344
Cash at bank and in hand
386,224
288,427
1,973,683
2,145,979
Creditors: amounts falling due within one year
6
(747,563)
(1,022,216)
Net current assets
1,226,120
1,123,763
Total assets less current liabilities
3,887,695
3,572,483
Creditors: amounts falling due after more than one year
7
(1,016,687)
(906,798)
Provisions for liabilities
(191,130)
(199,162)
Net assets
2,679,878
2,466,523
Capital and reserves
Called up share capital
8
1,000
1,000
Revaluation reserve
9
55,251
56,479
Profit and loss reserves
2,623,627
2,409,044
Total equity
2,679,878
2,466,523

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

W. DURSTON LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
M Durston
Director
Company registration number 01161686 (England and Wales)
W. DURSTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

W. Durston Limited is a private company limited by shares incorporated in England and Wales. The registered office is Park House Business Centre, Desborough Park Road, High Wycombe, Buckinghamshire, HP12 3DJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

 

Sale of goods

Revenue arises from the sale of sale of rolling mills, forming products and consumable goods for the jewellery industry.

 

Rental income

Operating lease income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. The patent costs capitalised as intangible assets are not yet active, as such no amortisation has yet been charged in respect of these amounts.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

W. DURSTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
2% per annum on cost
Plant and machinery
10% per annum on a reducing balance basis.
Fixtures, fittings & equipment
10% per annum on a reducing balance basis.
Computer equipment
25% per annum on a straight line basis.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

W. DURSTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
12
16
W. DURSTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 1 May 2023
17,431
Additions
3,245
At 30 April 2024
20,676
Amortisation and impairment
At 1 May 2023 and 30 April 2024
-
0
Carrying amount
At 30 April 2024
20,676
At 30 April 2023
17,431
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
1,569,821
2,182,458
3,752,279
Additions
265,862
65,704
331,566
At 30 April 2024
1,835,683
2,248,162
4,083,845
Depreciation and impairment
At 1 May 2023
90,766
1,230,224
1,320,990
Depreciation charged in the year
21,301
100,655
121,956
At 30 April 2024
112,067
1,330,879
1,442,946
Carrying amount
At 30 April 2024
1,723,616
917,283
2,640,899
At 30 April 2023
1,479,055
952,234
2,431,289

Land and buildings with a carrying amount of £502,200 (2023: £507,900) were valued by the directors and reclassified from investment properties. The valuation was based on the market value using recent market transactions on arm's length for similar properties.

W. DURSTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
344,618
24,034
Other debtors
49,160
65,310
393,778
89,344
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
34,357
22,054
Trade creditors
404,201
742,286
Taxation and social security
170,530
82,671
Other creditors
138,475
175,205
747,563
1,022,216

Bank loans and overdrafts totalling £24,357 (2023 - £12,054) are secured by way of legal charges on the company's freehold property and by way of a floating charge of all property, assets and rights of the company present and future not subject to a fixed charge.

 

Included in other creditors are net obligations of £95,705 (2023 - £132,663) which relate to finance leases and hire purchase contracts, they are secured against the assets to which they relate.

7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
1,005,005
798,780
Obligations under finance leases
11,682
108,018
1,016,687
906,798

Bank loans and overdrafts totalling £994,172 (2023 - £777,946) are secured by way of legal charges on the company's freehold property and by way of a floating charge of all property, assets and rights of the company present and future not subject to a fixed charge.

 

The directors have provided a personal guarantee amounting to £75,000 in respect of the bank loans and overdrafts.

 

Net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

Amounts included above which fall due after five years are as follows:
Payable by instalments
875,393
438,264
W. DURSTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
56,479
57,707
Transfer to retained earnings
(1,228)
(1,228)
At the end of the year
55,251
56,479
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
77,882
41,256
Between two and five years
80,696
46,840
158,578
88,096
11
Directors' transactions

At the balance sheet date, the company owed the directors £1,600 (2023: directors owed the company £9,876).

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