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Registration number: NI602326

D&C Furnishings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

D&C Furnishings Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

D&C Furnishings Ltd

Company Information

Directors

Mr Con Mc Parland

Mrs Geraldine McParland

Registered office

2 Corlat Drive
Whitecross
Armagh
Co Armagh
BT60 2SP

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors & Tax Advisors5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

D&C Furnishings Ltd

(Registration number: NI602326)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

30,234

37,792

Current assets

 

Stocks

5

31,874

42,325

Debtors

6

35,958

20,362

Cash at bank and in hand

 

500

500

 

68,332

63,187

Creditors: Amounts falling due within one year

7

(125,882)

(84,838)

Net current liabilities

 

(57,550)

(21,651)

Total assets less current liabilities

 

(27,316)

16,141

Creditors: Amounts falling due after more than one year

7

(27,783)

(34,980)

Provisions for liabilities

-

(2,655)

Net liabilities

 

(55,099)

(21,494)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(55,101)

(21,496)

Shareholders' deficit

 

(55,099)

(21,494)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 

.........................................
Mr Con Mc Parland
Director

.........................................
Mrs Geraldine McParland
Director

 
     
 

D&C Furnishings Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
2 Corlat Drive
Whitecross
Armagh
Co Armagh
BT60 2SP

These financial statements were authorised for issue by the Board on 27 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

D&C Furnishings Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% reducing balance basis

Motor Vehicles

20% reducing balance basis

Office Equipment

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

D&C Furnishings Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

 

D&C Furnishings Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

1,653

35,621

32,205

69,479

At 31 March 2024

1,653

35,621

32,205

69,479

Depreciation

At 1 April 2023

977

16,049

14,661

31,687

Charge for the year

135

3,914

3,509

7,558

At 31 March 2024

1,112

19,963

18,170

39,245

Carrying amount

At 31 March 2024

541

15,658

14,035

30,234

At 31 March 2023

676

19,572

17,544

37,792

5

Stocks

2024
£

2023
£

Work in progress

21,874

32,325

Other inventories

10,000

10,000

31,874

42,325

6

Debtors

Current

2024
£

2023
£

Trade debtors

24,165

10,955

Other debtors

11,793

9,407

 

35,958

20,362

7

Creditors

Creditors: amounts falling due within one year

 

D&C Furnishings Ltd

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

21,050

21,258

Trade creditors

 

35,935

51,678

Taxation and social security

 

12,683

5,000

Accruals and deferred income

 

2,212

2,438

Other creditors

 

54,002

4,464

 

125,882

84,838

 

D&C Furnishings Ltd

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

27,783

34,980

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,723

16,676

Hire purchase contracts

13,060

18,304

27,783

34,980

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,299

10,094

Bank overdrafts

4,900

4,607

Hire purchase contracts

6,851

6,557

21,050

21,258

10

Dividends

11

Related party transactions

 

D&C Furnishings Ltd

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

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Con Mc Parland

Directors loan account

2,117

(15,121)

39,876

26,872

Mrs Geraldine McParland

Directors loan account

2,117

(15,121)

39,876

26,872

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Con Mc Parland

Directors loan account

1,258

(23,369)

24,228

2,117

Mrs Geraldine McParland

Directors loan account

1,258

(23,369)

24,228

2,117

 

D&C Furnishings Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

19,500

19,638

Contributions paid to money purchase schemes

211

215

19,711

19,853

In respect of the highest paid director:

2024
£

2023
£

Remuneration

9,900

9,877

Dividends paid to directors

2024
£

2023
£

Mr Con Mc Parland

Dividend

-

-

 

 

Mrs Geraldine McParland

Dividend

-

-