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Registered number: 05174008









DMC CONTRACTS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
DMC CONTRACTS LIMITED
 
 
COMPANY INFORMATION


Directors
D A McCartney 
L Bird 
E C McCann 
R J Steele (resigned 3 January 2025)
D W Wickins (appointed 1 March 2025)




Registered number
05174008



Registered office
Unit 6 The Capstan Centre
Thurrock Park Way

Tilbury

Essex

RM18 7HH




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
DMC CONTRACTS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 4
Directors' Report
 
5
Directors' Responsibilities Statement
 
6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Balance Sheet
 
12 - 13
Statement of Changes in Equity
 
14
Statement of Cash Flows
 
15
Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 29


 
DMC CONTRACTS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
In today’s rapidly evolving Construction environment, it is essential for our company to remain agile and proactive in responding to emerging market trends, customer needs, and competitive dynamics. This strategic report outlines our objectives, and the key initiatives designed to ensure sustainable growth and profitability over the next year. By focusing on innovation, operational efficiency, and market expansion, we aim to strengthen our position as a leader in the industry. Our strategy will influence existing strengths while adapting to shifts in the marketplace, fostering long-term value creation for all stakeholders. We are committed to driving excellence, building strategic partnerships, and continuously improving our delivery and services to meet the growing demands of our customers.
In the financial year 2023-2024, DMC has successfully maintained and strengthened its position in key construction sectors, including Aviation, Rail, and Infrastructure. The company has secured a number of prestigious projects with high-profile clients, some of which are highlighted below:
• Clapham Junction – Client: Octavius
• London Bridge Toilets – Client - B&M McHugh Ltd
• Fredericks Place – Client - Knight Harwood
• NR 4 London Bridge – Client - Fuse Rail
• Winslow Station – Client -Volker Fitzpatrick
• Whitehall – Client: Tilbury Douglas
• Belfast Hub – Client: Farrans
• Stratford Station Urban Realm – Client - JV VCUK Ltd and BAM Nuttall Ltd
• Silvertown Tunnel Project – Client: Ferrovial Construction (UK) Ltd and BAM Nuttall Ltd Joint Venture
• Singapore Airlines Heathrow – Client - 8 Build
• Bletchley Station – Client: MSK Rail
Our Board's key objectives for the year were to continue nurturing and expanding relationships with our valued clients, leading to further work opportunities, and to secure new projects with new clients. A key achievement was securing preferred subcontractor status with Morgan Sindall on their Framework.
As part of our ongoing business development efforts, we are actively marketing additional opportunities, including tenders for works such as screeding, soft flooring, resin flooring (including solid wood flooring), and hard landscape packages.

Page 1

 
DMC CONTRACTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Business review
 
Following the successful completion of the projects outlined above, we are excited to announce that we have secured several new projects for the next financial year. 
84 Moorgate – Client – Osbornes 
Eastbrook Studios – Client - Volkers Fitzpatrick
Belfast International Airport – Client – Piperhill Construction Ltd
Ilford Flooring Replacement – Client - Network Rail Infrastructure Ltd
Stoneleigh Station – Client – McNealy Brown 
The majority of these projects are a result of repeat business, thanks to the successful delivery of previous schemes for these valued clients. This demonstrates the strong relationships we've built, and the trust clients have in our ability to deliver high-quality outcomes
We have been working closely with Tier 1 Contractors to provide early-stage, solid design and construction advice on major rail infrastructure projects such as Old Oak Common, Curzon Street, and Camphill Stations. These large-scale schemes are set to begin in the next financial year, and we are confident in securing them due to the extensive upfront work completed on these projects.
DMC is also actively engaged in tender discussions for several aviation projects, including Manchester, Gatwick, and Heathrow Airports.
Additionally, we have successfully secured the “Our Town Hall” project in Manchester. While this project is currently delayed due to unforeseen circumstances, which has pushed our site start date further, we are excited to deliver this prestigious project once it commences.
As demonstrated, we are expanding our presence nationwide, actively targeting projects in major cities across the country to grow our portfolio and strengthen our position as a leading business in the industry
The ISO accreditations are maintained with no issues identified, demonstrating the company's commitment to maintaining robust policies and procedures. We remain certified with ISO 9001, ISO 14001, and ISO 18001.
Additionally, we are proud members of the Constructing Better Health Scheme and improved status from Silver to Gold membership with Constructionline.
Our company also holds accreditations with Achilles RISQS, Achilles Building Confidence, CIRAS, the National Federation of Terrazzo Marble and Mosaics, The Tiling Association, CQMS Safety Scheme, and Alcumus Safe Contractor

Page 2

 
DMC CONTRACTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
One of the principal risks facing the business is the potential impact of economic uncertainty and market volatility. Changes in global economic conditions and fluctuating interest rates, inflation could disrupt market demand, affect supply chains, and increase operational costs. Such volatility may reduce consumer spending, delay customer projects, and result in unforeseen financial pressures.
To mitigate this risk, the business maintains a diversified portfolio of clients and markets, closely monitors economic indicators, and adapts its strategy to address shifting market conditions. Additionally, the company continuously reviews its cost-control measures and maintains flexibility in its operations to navigate unforeseen economic challenges.
 
People
In 2023-2024, DMC continued to prioritise face-to-face feedback sessions with our staff. These sessions included presentations on our business performance, an overview of our business plan for the upcoming financial year, and the introduction of new opportunities to manage our growing workload effectively.
As a business, we are committed to ensuring that all training expectations are met, empowering our staff to excel in their roles and deliver at their highest potential.
Additionally, our monthly Board Meetings serve as a vital platform for addressing business issues. More importantly, they allow us to recognize and celebrate the contributions of our staff, which we believe is a key motivator in fostering a positive and productive work environment
Growth
The continued growth of our business is a direct result of our expanded service offerings across various sectors, which reinforce our strong and positive relationships with clients. DMC’s ability to consistently deliver the highest standards while maintaining a personal touch sets us apart in the market. From providing expert advice early on, through preconstruction, to offering design-conscious alternatives that add value without compromising quality, our approach is recognized by clients at every stage of the process.
Our commitment to exceptional service and performance extends to the delivery phase, where our teams consistently exceed expectations on-site. This combination of professionalism, personalized service, and high-quality delivery continues to enhance our market position and paves the way for future growth opportunities.

Financial key performance indicators
 
The directors of the company prioritize key performance indicators (KPIs) that reflect the overall financial health and strength of the business. These KPIs include turnover, gross margin, and operating profit, as they provide a clear picture of financial performance.
Equally important to our business is the focus on capturing lessons learned from completed projects. By identifying areas for improvement, we ensure continuous development and apply valuable insights to future projects

Other key performance indicators
 
The directors also consider the following key performance indicators (KPIs) to be crucial for the company. Accident and Incident Reporting, Non-Conformance/Defect Reporting, and Site Progress/Outputs. These KPIs are essential for monitoring safety, quality control, and project efficiency, helping to ensure the business operates smoothly and meets its operational goals.

Page 3

 
DMC CONTRACTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


This report was approved by the board on 28 March 2025 and signed on its behalf.





................................................
D A McCartney
Director

Page 4

 
DMC CONTRACTS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Principal activity

The principal activity of the company continued to be that of the provision and installation of specialist floor tiling.

Directors

The directors who served during the year were:

D A McCartney 
L Bird 
E C McCann 
R J Steele (resigned 3 January 2025)

Results and dividends

The profit for the year, after taxation, amounted to £582,640 (2023 - £1,162,433).

Dividends paid in the year amounts to £Nil (2022: £Nil) 

Future developments

DMC Contracts Limited has seen continued growth in turnover, with conservative projections for future turnover, primarily based on secured work.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Haslers will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 28 March 2025 and signed on its behalf.
 





................................................
D A McCartney
Director

Page 5

 
DMC CONTRACTS LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Page 6

 
DMC CONTRACTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DMC CONTRACTS LIMITED
 

Opinion


We have audited the financial statements of DMC Contracts Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 7

 
DMC CONTRACTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DMC CONTRACTS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
DMC CONTRACTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DMC CONTRACTS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, Employment and Health & Safety legislation and tax legislation. 
 
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations. 
We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud  are in the following areas, and our specific procedures performed to address these are described below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates. 
Procedures performed to address these were as follows: 
• Identifying and assessing the design effectiveness of controls management has in place to prevent and     detect fraud    ,
• Understanding how those charged with governance considered and addressed the potential for override    of controls or other inappropriate influence over the financial reporting process,
• Challenging assumptions and judgements made by management in its significant accounting estimates:    and, 
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-   end and journal entries posted by infrequent system users. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 9

 
DMC CONTRACTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DMC CONTRACTS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Matthew Wells ACA (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

28 March 2025
Page 10

 
DMC CONTRACTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,390,155
12,322,827

Cost of sales
  
(9,701,253)
(9,257,312)

Gross profit
  
2,688,902
3,065,515

Administrative expenses
  
(2,050,114)
(1,626,132)

Operating profit
  
638,788
1,439,383

Interest receivable and similar income
 8 
34,500
10,067

Profit before tax
  
673,288
1,449,450

Tax on profit
 9 
(90,648)
(287,017)

Profit for the financial year
  
582,640
1,162,433

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 17 to 29 form part of these financial statements.

Page 11

 
DMC CONTRACTS LIMITED
REGISTERED NUMBER: 05174008

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
190,004
222,612

Investments
 11 
1
1

  
190,005
222,613

Current assets
  

Stocks
 12 
25,897
14,592

Debtors: amounts falling due within one year
 13 
5,022,428
3,344,598

Cash at bank and in hand
 14 
238,067
1,952,059

  
5,286,392
5,311,249

Creditors: amounts falling due within one year
 15 
(2,291,952)
(2,521,517)

Net current assets
  
 
 
2,994,440
 
 
2,789,732

Total assets less current liabilities
  
3,184,445
3,012,345

Creditors: amounts falling due after more than one year
 16 
(933,552)
(689,315)

Provisions for liabilities
  

Deferred tax
 18 
(830)
(5,607)

  
 
 
(830)
 
 
(5,607)

Net assets
  
2,250,063
2,317,423


Capital and reserves
  

Called up share capital 
 19 
6
6

Capital redemption reserve
 20 
4
4

Profit and loss account
 20 
2,250,053
2,317,413

  
2,250,063
2,317,423


Page 12

 
DMC CONTRACTS LIMITED
REGISTERED NUMBER: 05174008
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2025.




................................................
D A McCartney
Director

The notes on pages 17 to 29 form part of these financial statements.

Page 13
 

 
DMC CONTRACTS LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Capital redemption reserve
Profit and loss account
Total equity


£
£
£
£



At 1 April 2022
6
4
2,254,980
2,254,990



Comprehensive income for the year


Profit for the year
-
-
1,162,433
1,162,433



Contributions by and distributions to owners


Capital contribution
-
-
(1,100,000)
(1,100,000)





At 1 April 2023
6
4
2,317,413
2,317,423



Comprehensive income for the year


Profit for the year
-
-
582,640
582,640



Contributions by and distributions to owners


Capital contribution
-
-
(650,000)
(650,000)



At 31 March 2024
6
4
2,250,053
2,250,063



The notes on pages 17 to 29 form part of these financial statements.

Page 14
 
DMC CONTRACTS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
582,640
1,162,433

Adjustments for:

Depreciation of tangible assets
32,608
32,847

Interest received
(34,500)
(10,067)

Taxation charge
90,649
287,017

(Increase)/decrease in stocks
(11,305)
34,293

(Increase)/decrease in debtors
(1,677,833)
1,195,658

Increase in creditors
202,328
96,463

Corporation tax (paid)
(283,079)
(391,587)

Net cash generated from operating activities

(1,098,492)
2,407,057


Cash flows from investing activities

Purchase of tangible fixed assets
-
(2,350)

Interest received
34,500
10,067

Net cash from investing activities

34,500
7,717

Cash flows from financing activities

Capital Contribution
(650,000)
(1,100,000)

Net cash used in financing activities
(650,000)
(1,100,000)

Net (decrease)/increase in cash and cash equivalents
(1,713,992)
1,314,774

Cash and cash equivalents at beginning of year
1,952,059
637,285

Cash and cash equivalents at the end of year
238,067
1,952,059


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
238,067
1,952,059


The notes on pages 17 to 29 form part of these financial statements.

Page 15

 
DMC CONTRACTS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,952,059

(1,713,992)

238,067


1,952,059
(1,713,992)
238,067

The notes on pages 17 to 29 form part of these financial statements.

Page 16

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

DMC Contracts Limited is a private company, limited by shares, domiciled in England and Wales, registration number 05174008. The registered office is Unit 6 The Capstan Centre, Thurrock Park Way, Tilbury, Essex, RM18 7HH. 
The principal activity of the company continued to be that of the provision and installation of specialist floor tiling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The Company's functional and presentational currency is GBP and the financial statements are rounded to the nearest Pound.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

For contracts in progress at the year end, the value of the work carried out is based on amounts certified by third parties relevant to the state of completion of each contract.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 17

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both straight-line method & reducing balance method.

Depreciation is provided on the following basis:

Improvements to property
-
10%
Straight line
Plant and machinery
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

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.

 
2.10

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.

 
2.11

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 19

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 20

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The directors do not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.
The key assumptions concerning the future, and other key 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 discussed below.
The company uses the percentage of completion method to recognise revenue for long term contracts. This method requires the directors to estimate the level of services performed at each reporting date as a proportion of the total services to be performed to complete the contract. Variations to estimates could result in the over or under recognition of revenue.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
12,390,155
12,322,827


All turnover arose within the United Kingdom.

Page 21

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,750
14,950


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,207,363
1,280,700

Social security costs
138,617
150,293

Cost of defined contribution scheme
23,523
20,267

1,369,503
1,451,260


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales and administration
16
17



Directors
4
4

20
21

Page 22

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
388,416
392,805

Company contributions to defined contribution pension schemes
4,153
7,298

392,569
400,103


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £144,710 (2023 - £138,500).

The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £1,320 (2023 - £2,894).


8.


Interest receivable

2024
2023
£
£


Other interest receivable
34,500
10,067


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
180,011
282,531

Adjustments in respect of previous periods
(84,586)
-


Total current tax
95,425
282,531

Deferred tax


Origination and reversal of timing differences
(4,777)
4,486


Tax on profit
90,648
287,017
Page 23

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
673,288
1,449,450


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
168,322
274,607

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,657
1,431

Capital allowances for year in excess of depreciation
8,032
5,640

Adjustments to tax charge in respect of prior periods
(84,586)
-

Other timing differences leading to an increase (decrease) in taxation
-
853

Deferred taxation
(4,777)
4,486

Total tax charge for the year
90,648
287,017


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost 


At 1 April 2023
327,410
13,225
23,410
57,400
421,445



At 31 March 2024

327,410
13,225
23,410
57,400
421,445



Depreciation


At 1 April 2023
109,420
10,788
23,131
55,494
198,833


Charge for the year on owned assets
31,306
756
69
477
32,608



At 31 March 2024

140,726
11,544
23,200
55,971
231,441



Net book value



At 31 March 2024
186,684
1,681
210
1,429
190,004



At 31 March 2023
217,990
2,437
279
1,906
222,612


11.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 April 2023
1



At 31 March 2024
1




Page 25

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Kengate Terrazo Limited
Unit 6 The Capstan Centre, Thurrock Park Way, Tilbury, RM18 7HH
Ordinary
50%


12.


Stocks

2024
2023
£
£

Raw materials and consumables
25,897
14,592

25,897
14,592



13.


Debtors

2024
2023
£
£


Trade debtors
1,573,330
910,034

Other debtors
2,084,991
1,093,515

Prepayments and accrued income
228,979
61,744

Amounts recoverable on long-term contracts
1,135,128
1,279,305

5,022,428
3,344,598



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
238,067
1,952,059


Page 26

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,176,593
722,277

Corporation tax
180,011
367,666

Other taxation and social security
103,207
81,691

Other creditors
470,596
1,311,711

Accruals and deferred income
361,545
38,172

2,291,952
2,521,517


There is an unlimited related company cross guarantee in place in respect of DMC Flooring Specialists Limited (formerly DMC TIling Limited) and DMC Rail Limited with Natwest bank.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
933,552
689,315



17.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
238,067
1,952,059

Financial assets that are debt instruments measured at amortised cost
3,782,261
2,003,549

4,020,328
3,955,608


Financial liabilities


Financial liabilities measured at amortised cost
(1,878,032)
(2,072,160)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.

Page 27

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Deferred taxation




2024


£






At beginning of year
(5,607)


Charged to profit or loss
4,777



At end of year
(830)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(830)
(5,607)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



59 (2023 - 59) Ordinary Shares shares of £0.10 each
6
6



20.


Reserves

Capital redemption reserve

The capital redemption reserve represents the cumulative par value of shares which have been cancelled by the company.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


21.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £19,688 (2023: £20,267). At 31 March 2023, the balance owing to the pension scheme was £Nil (2023: £Nil).

Page 28

 
DMC CONTRACTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
122,930
122,930

Later than 1 year and not later than 5 years
143,418
20,488

266,348
143,418


23.


Related party transactions

During the year transactions with the following related parties occured: 
The total remuneration paid to key management personnel is £392,569 (2023 - £400,983).
Interest has been charged on the loans that were overdrawn in the period. 
Balances at the year end have been shown below. 


2024
2023
£
£

Key management personnel
948,857
(416,220)
Entities under common control
295,233
124,596
1,244,090
(291,624)


24.


Controlling party

The ultimate controlling party is DMC Contracts Trustees Employee Ownership Trust ("the Trust").

 
Page 29