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Company No: 01166465 (England and Wales)

JOHN DESMOND LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

JOHN DESMOND LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

JOHN DESMOND LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
JOHN DESMOND LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTORS I J Desmond
B J Desmond
R J Welham
SECRETARY B J Desmond
REGISTERED OFFICE 58 Weir Road
Durnsford Industrial Estate
Wimbledon
SW19 8UG
United Kingdom
COMPANY NUMBER 01166465 (England and Wales)
ACCOUNTANT Evelyn Partners LLP
4th Floor Cumberland House
15-17 Cumberland Place
Southampton
Hampshire
SO15 2BG
JOHN DESMOND LIMITED

BALANCE SHEET

As at 31 May 2024
JOHN DESMOND LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,142,265 897,621
1,142,265 897,621
Current assets
Stocks 37,387 182,785
Debtors 4 335,352 528,914
Cash at bank and in hand 100,721 470,347
473,460 1,182,046
Creditors: amounts falling due within one year 5 ( 886,145) ( 822,095)
Net current (liabilities)/assets (412,685) 359,951
Total assets less current liabilities 729,580 1,257,572
Creditors: amounts falling due after more than one year 6 ( 110,050) ( 207,058)
Provision for liabilities ( 6,399) 0
Net assets 613,131 1,050,514
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 447,298 447,298
Capital redemption reserve ( 124,991 ) ( 124,991 )
Profit and loss account 290,724 728,107
Total shareholders' funds 613,131 1,050,514

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of John Desmond Limited (registered number: 01166465) were approved and authorised for issue by the Board of Directors on 26 February 2025. They were signed on its behalf by:

I J Desmond
Director
JOHN DESMOND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
JOHN DESMOND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

John Desmond Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 58 Weir Road, Durnsford Industrial Estate, Wimbledon, SW19 8UG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of John Desmond Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements not depreciated
Plant and machinery 10 % reducing balance
Vehicles 20 % reducing balance
Office equipment 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If the arrangement constitutes a financing transaction, it is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 22

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £ £
Cost
At 01 June 2023 620,000 0 594,020 55,627 168,046 1,437,693
Additions 0 244,135 1,446 23,943 9,831 279,355
At 31 May 2024 620,000 244,135 595,466 79,570 177,877 1,717,048
Accumulated depreciation
At 01 June 2023 0 0 363,763 45,313 130,996 540,072
Charge for the financial year 0 0 23,170 6,852 4,689 34,711
At 31 May 2024 0 0 386,933 52,165 135,685 574,783
Net book value
At 31 May 2024 620,000 244,135 208,533 27,405 42,192 1,142,265
At 31 May 2023 620,000 0 230,257 10,314 37,050 897,621

4. Debtors

2024 2023
£ £
Trade debtors 28,450 82,264
Prepayments 50,146 141,174
Deferred tax asset 0 123,175
VAT recoverable 21,629 19,909
Corporation tax 157,876 79,448
Other debtors 77,251 82,944
335,352 528,914

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 80,000 79,167
Trade creditors 211,970 142,291
Amounts owed to directors 2,894 1,300
Accruals 62,330 90,588
Other taxation and social security 21,949 22,379
Obligations under finance leases and hire purchase contracts 16,175 21,567
Other creditors 490,827 464,803
886,145 822,095

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 110,050 190,883
Obligations under finance leases and hire purchase contracts 0 16,175
110,050 207,058

7. Related party transactions

The Company has entered into a loan arrangement with the directors. At the balance sheet date, the Company owed the directors £2,894 (2023 - £1,300). This loan is interest free, unsecured and repayable on demand.

During the year, the Company has entered into transactions with a connected company, being a company under common control of one of the directors. At the balance sheet date, John Desmond Limited owed the connected company £383,924 (2023 - £361,800), this balance is included within other creditors.