PTP Accounts Production v24.3.0.553 02596931 Board of Directors 1.4.23 31.3.24 31.3.24 28.2.25 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh025969312023-03-31025969312024-03-31025969312023-04-012024-03-31025969312022-03-31025969312022-04-012023-03-31025969312023-03-3102596931ns15:EnglandWales2023-04-012024-03-3102596931ns14:PoundSterling2023-04-012024-03-3102596931ns10:Director12023-04-012024-03-3102596931ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3102596931ns10:SmallEntities2023-04-012024-03-3102596931ns10:Audited2023-04-012024-03-3102596931ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3102596931ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102596931ns10:FullAccounts2023-04-012024-03-3102596931ns10:Director22023-04-012024-03-3102596931ns10:RegisteredOffice2023-04-012024-03-3102596931ns5:CurrentFinancialInstruments2024-03-3102596931ns5:CurrentFinancialInstruments2023-03-3102596931ns5:Non-currentFinancialInstruments2024-03-3102596931ns5:Non-currentFinancialInstruments2023-03-3102596931ns5:ShareCapital2024-03-3102596931ns5:ShareCapital2023-03-3102596931ns5:SharePremium2024-03-3102596931ns5:SharePremium2023-03-3102596931ns5:RetainedEarningsAccumulatedLosses2024-03-3102596931ns5:RetainedEarningsAccumulatedLosses2023-03-3102596931ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3102596931ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3102596931ns5:CurrentFinancialInstruments2023-04-012024-03-3102596931ns10:Director222023-03-3102596931ns10:Director222022-03-3102596931ns10:Director222023-04-012024-03-3102596931ns10:Director222022-04-012023-03-3102596931ns10:Director222024-03-3102596931ns10:Director222023-03-31
REGISTERED NUMBER: 02596931 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Duflon Europe Limited

Duflon Europe Limited (Registered number: 02596931)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Duflon Europe Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: B A Fernandes
D S Gandhum



REGISTERED OFFICE: Unit 6 Waterside Drive
Langley
SL3 6EZ



REGISTERED NUMBER: 02596931 (England and Wales)



SENIOR STATUTORY AUDITOR: Kunal Vyas



AUDITORS: Ashford Associates (UK) Ltd
Statutory Auditors
74a High Street
Wanstead
London
E11 2RJ

Duflon Europe Limited (Registered number: 02596931)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
CURRENT ASSETS
Stocks 94,497 217,756
Debtors 4 1,058,987 1,797,348
Cash at bank 425,290 168,920
1,578,774 2,184,024
CREDITORS
Amounts falling due within one year 5 385,717 780,904
NET CURRENT ASSETS 1,193,057 1,403,120
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,193,057

1,403,120

CREDITORS
Amounts falling due after more than one
year

6

13,290

21,413
NET ASSETS 1,179,767 1,381,707

CAPITAL AND RESERVES
Called up share capital 35,340 35,340
Share premium 633,326 633,326
Retained earnings 511,101 713,041
1,179,767 1,381,707

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2025 and were signed on its behalf by:





B A Fernandes - Director


Duflon Europe Limited (Registered number: 02596931)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Duflon Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

2.1 Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

2.2 Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow Company to the and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met bifore revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-the Company has transferred the signiflcant risks and rewards of ownership to the buyer;

- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3 Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to
complete and sell. Cost is based on the cost of purchase on a first in, first out basis

Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is
reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in
profit or loss.

Foreign currency transactions are translated into the functional currency at the exchange rate prevailing at the transaction date. Monetary assets and liabilities, including inventories denominated in foreign currencies, are revalued at the reporting date's exchange rate. Exchange differences arising are recognized in profit or loss.

Consignment stock

In accordance with ACCA Technical Factsheet 185, consignment stock that is considered to be, in substance, an asset of the company is recognized as inventory in the balance sheet. A corresponding liability is recorded to reflect the obligation to the manufacturer. This treatment reflects the principle of substance over form, ensuring the financial statements present a true and fair view of the company’s financial position.


Duflon Europe Limited (Registered number: 02596931)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
2.4 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.

2.5 Foreign currency translation
Functional and presentation currency

The Company's functional and presentational currency is GBP. Amounts recorded in the financial statements are rounded to the nearest whole £1.

Transactions and balances

Foreign Currency Transactions

Transactions in foreign currencies, including both sales and purchases, are translated into the company’s functional currency (GBP) using the exchange rates published monthly by HMRC in the UK Integrated Online Tariff. These rates are applied consistently throughout the month for all foreign currency transactions.

The company has opted to use HMRC UK Integrated Online Tariff exchange rates for translating sales and purchases in foreign currencies to ensure:

i) Consistency: All transactions within a given month are translated at the same rate, simplifying the accounting process.

ii) Alignment with Tax and Customs Reporting: HMRC exchange rates align with those used for customs declarations and VAT, ensuring consistency between financial reporting and tax compliance.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary
items measured at historical cost are translated using the exchange rate at the date of the
transaction and non-monetary items measured at fair value are measured using the exchange rate
when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the
translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in profit or loss except when deferred in other comprehensive income as
qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are
presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange
gains and losses are presented in profit or loss within 'other operating income'.

Duflon Europe Limited (Registered number: 02596931)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

2.6 Going concern
The directors have a reasonable expectation that the company has adequate resources to continue
in operational existence for the foreseeable future and thus they continue to adopt the going concern
basis of accounting in preparing the annual financial statements.

2.7 Interest income

lnterest income is recognised in profit or loss using the effective interest method.

2.8 Debtors

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

2.9 Creditors

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

2.10 Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.11 Borrowing costs

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


2.12 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

Duflon Europe Limited (Registered number: 02596931)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 157,089 988,501
Amounts owed by group undertakings 864,917 792,136
Other debtors 36,981 16,711
1,058,987 1,797,348

Trade Debtors

Trade debtors - £306,139
Provision for doubtful debts - (£149,050)
Trade debtors balance -£157,089

The trade debtors balance of £157,089 is stated after deducting a provision for doubtful debts amounting to £149,050.

Movements in the provision for doubtful debts during the period were as follows:

Balance brought forward: £184,944
Amounts recovered during the period: (£40,831)
Additional provision made during the period: £4,937

The provision represents management’s best estimate of amounts unlikely to be recovered, determined through a detailed review of specific receivables and historical recovery patterns. This approach ensures that the trade debtor balance reflects a realistic expectation of amounts recoverable.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,648 9,952
Trade creditors 13,277 138,273
Amounts owed to group undertakings 98,602 316,117
Taxation and social security 12,872 80,584
Other creditors 250,318 235,978
385,717 780,904

The Emphasis of matter on the financial statements arises from our inability to obtain sufficient and appropriate evidence to conclusively confirm some of the Intercompany creditor balances included in Amounts owed to group undertakings.

Consequently, we were unable to determine whether any adjustments to these amounts were necessary.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 13,290 21,413

Duflon Europe Limited (Registered number: 02596931)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


We draw attention to Note 4 of the financial statements, which describes the inclusion of net foreign exchange gains/losses within purchases in the Profit and Loss Account. Due to limitations in obtaining sufficient and appropriate audit evidence, we were unable to conclusively verify the accuracy of these gain/losses.

Our opinion is not modified in respect of this matter.

We draw attention to Note 6 of the financial statements, which describes our inability to obtain sufficient and appropriate evidence to conclusively confirm the Intercompany trade creditor balances.

Our opinion is not modified in respect of this matter.

Kunal Vyas (Senior Statutory Auditor)
for and on behalf of Ashford Associates (UK) Ltd

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
D S Gandhum
Balance outstanding at start of year - -
Amounts advanced 6,034 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,034 -

At the balance sheet date, the director Mr Daljit Singh Gandhum owed £6,034 (2023: £nil) to the company. This has been repaid back within 9 months and 1 day. Hence, no S455 tax applicable.

Duflon Europe Limited (Registered number: 02596931)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. RELATED PARTY DISCLOSURES

Duflon Americas LLC

A company in which Mr J S Gandhum has a 95% holding.
During the year £103,527 (2023: £85,409) of sales were made to DuFlon Americas LLC and this is shown
under other income. At the balance sheet date the company is owed £292,341 (2023: £269,485) by the
DuFlon Americas LLC.

E-Careers Limited

Mr. D S Gandhum and Mr. J Gandhum are directors and shareholders.
The cash received during the year was £11,000 (2023: £25,000). At the balance sheet date the company is owed £311,439 (2023: £322,439) by E-Careers Limited.

Duflon Europe KFT

At the balance sheet date Duflon Europe KFTowed £261,137 (2023: £199,852) to the company.During the year £103,176 of management fees was charged by DuFlon Europe KFT.

Duflon Industries Pvt Ltd

At the balance sheet date Duflon Industries Pvt Ltd is owed £98,602 (2023: £316,117 Cr) by the company.

Miltech Limited

Mr. D S Gandhum and Mr. J Gandhum are directors and shareholders.
Management fees charged by Miltech Ltd during the year totaled £27,000 (2023: £54,036). At the balance sheet date the company owed £nil (2023: £4,617) to Miltech limited.

10. ULTIMATE CONTROLLING PARTY

The Company is controlled by Duflon lndustries PVT Limited which directly controls 95% of the ordinary
issued share capital. The ultimate controlling party is Shailesh H Mehta by way of his 86% shareholding in
Duflon lndustries PVT Limited.

Duflon lndustries PVT Limited is the largest and smallest group for which consolidated financial
statements are drawn up.