Registered number
02700743
D.F.C. Midlands Limited
Filleted Accounts
31 August 2024
D.F.C. Midlands Limited
Registered number: 02700743
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 848,447 843,697
Current assets
Stocks 280,618 260,130
Cash at bank and in hand 228,351 242,369
508,969 502,499
Creditors: amounts falling due within one year 4 (147,090) (190,881)
Net current assets 361,879 311,618
Net assets 1,210,326 1,155,315
Capital and reserves
Called up share capital 50 50
Fair value reserve 5 314,323 320,838
Profit and loss account 895,953 834,427
Shareholder's funds 1,210,326 1,155,315
Continued…
Continued…
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C P Davis
Director
Approved by the board on 25 February 2025
D.F.C. Midlands Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Freehold land Not depreciated
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 940,000 75,472 14,000 1,029,472
Additions - - 21,500 21,500
Disposals - - (8,300) (8,300)
At 31 August 2024 940,000 75,472 27,200 1,042,672
Depreciation
At 1 September 2023 97,209 75,353 13,213 185,775
Charge for the year 10,801 27 5,455 16,283
On disposals - - (7,833) (7,833)
At 31 August 2024 108,010 75,380 10,835 194,225
Net book value
At 31 August 2024 831,990 92 16,365 848,447
At 31 August 2023 842,791 119 787 843,697
Freehold land and buildings: 2024 2023
£ £
Historical cost 614,263 614,263
Cumulative depreciation based on historical cost 42,860 38,574
571,403 575,689
Land and buildings were revalued in the period ending 31 August 2015. Amounts arising upon revaluation were taken to the fair value reserve. Depreciation of buildings is based on the revalued amount. An amount equivalent to the depreciation on the revalued element is transferred from the fair value reserve to the profit and loss account.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 16,752 32,802
Taxation and social security costs 39,952 55,148
Other creditors 90,386 102,931
147,090 190,881
5 Fair value reserve 2024 2023
£ £
At 1 September 2023 320,838 327,353
Release deprecation on revalued assets to profit and loss account (6,515) (6,515)
At 31 August 2024 314,323 320,838
6 Other information
D.F.C. Midlands Limited is a private company limited by shares and incorporated in England. Its registered office is:
Castle Works
New Road
Kidderminster
Worcestershire
DY10 1HG
D.F.C. Midlands Limited 02700743 false 2023-09-01 2024-08-31 2024-08-31 VT Final Accounts April 2024 C P Davis No description of principal activity 02700743 2022-09-01 2023-08-31 02700743 core:WithinOneYear 2023-08-31 02700743 core:ShareCapital 2023-08-31 02700743 core:OtherReservesSubtotal 2023-08-31 02700743 core:RetainedEarningsAccumulatedLosses 2023-08-31 02700743 core:RevaluationReserve 2022-08-31 02700743 2023-09-01 2024-08-31 02700743 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 02700743 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 02700743 bus:Director40 2023-09-01 2024-08-31 02700743 1 2023-09-01 2024-08-31 02700743 2 2023-09-01 2024-08-31 02700743 core:LandBuildings 2023-09-01 2024-08-31 02700743 core:PlantMachinery 2023-09-01 2024-08-31 02700743 core:Vehicles 2023-09-01 2024-08-31 02700743 countries:England 2023-09-01 2024-08-31 02700743 bus:FRS102 2023-09-01 2024-08-31 02700743 bus:FilletedAccounts 2023-09-01 2024-08-31 02700743 2024-08-31 02700743 core:WithinOneYear 2024-08-31 02700743 core:ShareCapital 2024-08-31 02700743 core:OtherReservesSubtotal 2024-08-31 02700743 core:RetainedEarningsAccumulatedLosses 2024-08-31 02700743 core:LandBuildings 2024-08-31 02700743 core:PlantMachinery 2024-08-31 02700743 core:Vehicles 2024-08-31 02700743 core:RevaluationReserve 2024-08-31 02700743 2023-08-31 02700743 core:LandBuildings 2023-08-31 02700743 core:PlantMachinery 2023-08-31 02700743 core:Vehicles 2023-08-31 02700743 core:RevaluationReserve 2023-08-31 iso4217:GBP xbrli:pure