38 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 648,000 648,000 1,764,556 50,916 1,815,472 1,226,174 144,798 1,370,972 444,500 538,382 xbrli:pure xbrli:shares iso4217:GBP 00556002 2023-10-01 2024-09-30 00556002 2024-09-30 00556002 2023-09-30 00556002 2022-10-01 2023-09-30 00556002 2023-09-30 00556002 2022-09-30 00556002 core:NetGoodwill 2023-10-01 2024-09-30 00556002 bus:Director3 2023-10-01 2024-09-30 00556002 bus:Director6 2023-10-01 2024-09-30 00556002 core:NetGoodwill 2024-09-30 00556002 core:PlantMachinery 2023-09-30 00556002 core:PlantMachinery 2024-09-30 00556002 core:PlantMachinery 2023-10-01 2024-09-30 00556002 core:WithinOneYear 2024-09-30 00556002 core:WithinOneYear 2023-09-30 00556002 core:ShareCapital 2024-09-30 00556002 core:ShareCapital 2023-09-30 00556002 core:RetainedEarningsAccumulatedLosses 2024-09-30 00556002 core:RetainedEarningsAccumulatedLosses 2023-09-30 00556002 core:BetweenOneFiveYears 2024-09-30 00556002 core:BetweenOneFiveYears 2023-09-30 00556002 core:PlantMachinery 2023-09-30 00556002 bus:Director1 2023-10-01 2024-09-30 00556002 bus:Director2 2023-10-01 2024-09-30 00556002 bus:SmallEntities 2023-10-01 2024-09-30 00556002 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 00556002 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 00556002 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 00556002 bus:FullAccounts 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: 00556002
Dufaylite Developments Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2024
Dufaylite Developments Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
444,500
538,382
Current assets
Stocks
222,813
298,343
Debtors
7
1,799,180
1,926,317
Cash at bank and in hand
9,666
92,668
------------
------------
2,031,659
2,317,328
Creditors: amounts falling due within one year
8
1,010,095
573,584
------------
------------
Net current assets
1,021,564
1,743,744
------------
------------
Total assets less current liabilities
1,466,064
2,282,126
Provisions
Taxation including deferred tax
100,008
121,373
------------
------------
Net assets
1,366,056
2,160,753
------------
------------
Dufaylite Developments Limited
Statement of Financial Position (continued)
30 September 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
50,350
35,245
Profit and loss account
1,315,706
2,125,508
------------
------------
Shareholder funds
1,366,056
2,160,753
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 January 2025 , and are signed on behalf of the board by:
A Moscrop
A J Moscrop
Director
Director
Company registration number: 00556002
Dufaylite Developments Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cromwell Road, St Neots, Hunts, Cambridgeshire, PE19 1QW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in GBP, which is the functional currency of the entity.
Going concern
The directors have prepared the financial statements on a going concern basis. As part of their review, the directors have considered the liabilities of the company and the level of group and ultimate investor support received and the period the support covers. The directors are confident that the company, with the support of the group and ultimate investors, will have sufficient funds to continue to meet its liabilities as they fall due for a period of at least 12 months from the date of signing and approving the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the accounting policies and notes to the financial statements. Accounting estimates and assumption are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as disclosed in the accounting policies and notes to the financial statements. 1. Depreciation charge and amortisation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Research and development tax credits are recognised in the period they relate to and is included in the tax charge or tax credit. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research and development expenditure is written off in the year in which it is incurred. Research and development tax credits are recognised in the period they relate to.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
3 - 10 years straight line
Stocks
Raw materials, consumables and goods for resale are valued at the lower of cost and net realisable value, on a first in first out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price and on a first in first out basis.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2023: 44 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
648,000
---------
Amortisation
At 1 October 2023 and 30 September 2024
648,000
---------
Carrying amount
At 30 September 2024
---------
At 30 September 2023
---------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 October 2023
1,764,556
1,764,556
Additions
50,916
50,916
------------
------------
At 30 September 2024
1,815,472
1,815,472
------------
------------
Depreciation
At 1 October 2023
1,226,174
1,226,174
Charge for the year
144,798
144,798
------------
------------
At 30 September 2024
1,370,972
1,370,972
------------
------------
Carrying amount
At 30 September 2024
444,500
444,500
------------
------------
At 30 September 2023
538,382
538,382
------------
------------
7. Debtors
2024
2023
£
£
Trade debtors
672,485
580,159
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,031,443
1,277,803
Other debtors
95,252
68,355
------------
------------
1,799,180
1,926,317
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
321,110
Trade creditors
475,728
336,738
Social security and other taxes
105,783
126,041
Other creditors
107,474
110,805
------------
---------
1,010,095
573,584
------------
---------
Other bank loans are secured against the assets of the company and parent company.
There is a cross guarantee and debenture between the company and its parent company.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
395,000
395,000
Later than 1 year and not later than 5 years
1,052,675
1,447,675
------------
------------
1,447,675
1,842,675
------------
------------
10. Controlling party
The company is a subsidiary undertaking of Dufaylite Group Limited with the ultimate controlling party being A Moscrop .