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Company No: 08779673 (England and Wales)

LUKE AND DINGLE LIMITED

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

LUKE AND DINGLE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

LUKE AND DINGLE LIMITED

BALANCE SHEET

As at 31 December 2024
LUKE AND DINGLE LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 609,209 363,013
609,209 363,013
Current assets
Stocks 51,000 28,100
Debtors 4 924,416 665,961
Cash at bank and in hand 62,153 181,092
1,037,569 875,153
Creditors: amounts falling due within one year 5 ( 495,551) ( 400,674)
Net current assets 542,018 474,479
Total assets less current liabilities 1,151,227 837,492
Creditors: amounts falling due after more than one year 6 ( 334,552) ( 213,142)
Provision for liabilities ( 200,000) ( 242,000)
Net assets 616,675 382,350
Capital and reserves
Called-up share capital 7 23 23
Capital redemption reserve 77 77
Profit and loss account 616,575 382,250
Total shareholders' funds 616,675 382,350

For the financial year ending 31 December 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 Luke and Dingle Limited (registered number: 08779673) were approved and authorised for issue by the Board of Directors on 26 March 2025. They were signed on its behalf by:

Mr J M Richards
Director
LUKE AND DINGLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
LUKE AND DINGLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Luke and Dingle 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 The Linhay Trevanger, St Minver, Wadebridge, PL27 6QS, United Kingdom.

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

There have been no significant departures from FRS102.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 11 years straight line
Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance
Office equipment 25 % reducing balance
Other property, plant and equipment 10 years straight line

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.

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. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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.

Government grants

Government grants are recognised on the accrual model and are measured at the fair value of the asset received or receivable. The company received a Government secured Bounce Back Loan in 2020 for which the company has not provided any security.

During the year, the company received £2,000 (2023: £1,000) in apprenticeship grants, and grants of £5,000 (2023: £16,585) from the CITB Construction Skills Fund.

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.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 20

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 January 2024 50,486 309,086 53,436 5,537 33,785 452,330
Additions 0 251,036 144,853 2,322 0 398,211
Disposals 0 ( 102,003) 0 0 0 ( 102,003)
At 31 December 2024 50,486 458,119 198,289 7,859 33,785 748,538
Accumulated depreciation
At 01 January 2024 21,959 48,482 15,384 2,577 915 89,317
Charge for the financial year 4,544 47,633 15,065 1,177 3,379 71,798
Disposals 0 ( 21,786) 0 0 0 ( 21,786)
At 31 December 2024 26,503 74,329 30,449 3,754 4,294 139,329
Net book value
At 31 December 2024 23,983 383,790 167,840 4,105 29,491 609,209
At 31 December 2023 28,527 260,604 38,052 2,960 32,870 363,013

At 31 December 2024, the value of land and buildings held under leasehold were £23,983 (2023: £28,527).

4. Debtors

2024 2023
£ £
Trade debtors 690,422 518,642
Amounts owed by directors 0 5,771
Prepayments 16,935 19,727
Other debtors 217,059 121,821
924,416 665,961

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 12,002) 22,002 20,268
Trade creditors 171,388 143,089
Amounts owed to directors 23,177 0
Accruals 40,825 29,736
Taxation and social security 111,117 127,429
Obligations under finance leases and hire purchase contracts (secured) 105,199 55,600
Other creditors 21,843 24,552
495,551 400,674

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

2024 2023
£ £
Bank loans (secured £ 47,382) 51,549 72,528
Obligations under finance leases and hire purchase contracts 283,003 140,614
334,552 213,142

Assets held under hire purchase contracts are secured against the asset they relate to.

Bank loans include a Bounce Back Loan of £14,167, (2023: £24,167) which is guaranteed by the Government. Interest is payable on the 5 year bank loan at a rate of 2.5% on the principal amount,.

Bank loans also include other bank loans of £59,384, (2023: £68,629) which are secured on the assets of the company. Interest is payable on the 10 year bank loan at a rate of 3.95% on the principal amount.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 0 2,879

Interest is added to the loan balance due after more than 5 years at a variable rate (base rate plus 3.20% per annum).

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
141 C ordinary shares of £ 0.10 each 14 14
93 D ordinary shares of £ 0.10 each 9 9
23 23

Each type of ordinary share carries the same rights and privileges. They rank pari passu in all respects except on the distribution of dividends. The directors shall be entitled to declare dividends on any share class they they in their absolute discretion see fit.

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Mr J M Richards 0 5,771

At 31 December 2024, the company did not have an outstanding directors loan balance. Interest is charged on the loan at a rate of 2.25%. The loan is repayable on demand.