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Registered number: 04795412
Durham Foods Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04795412
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 250,494 263,808
250,494 263,808
CURRENT ASSETS
Stocks 5 102,553 113,704
Debtors 6 252,737 276,853
Investments 7 140,956 126,286
Cash at bank and in hand 148,766 104,212
645,012 621,055
Creditors: Amounts Falling Due Within One Year 8 (191,412 ) (181,404 )
NET CURRENT ASSETS (LIABILITIES) 453,600 439,651
TOTAL ASSETS LESS CURRENT LIABILITIES 704,094 703,459
PROVISIONS FOR LIABILITIES
Deferred Taxation (40,163 ) (33,582 )
NET ASSETS 663,931 669,877
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 663,831 669,777
SHAREHOLDERS' FUNDS 663,931 669,877
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alan Hamilton Junior
Director
17/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Durham Foods Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04795412 . The registered office is Rennys Lane Industrial Estate, Gilesgate, Durham, DH1 2RB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 30% straight line
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 20)
20 20
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 August 2023 68,779 355,259 220,538 231
Additions 8,831 16,553 - -
As at 31 July 2024 77,610 371,812 220,538 231
Depreciation
As at 1 August 2023 12,860 241,474 127,861 128
Provided during the period 2,513 19,552 23,169 16
As at 31 July 2024 15,373 261,026 151,030 144
Net Book Value
As at 31 July 2024 62,237 110,786 69,508 87
As at 1 August 2023 55,919 113,785 92,677 103
Computer Equipment Total
£ £
Cost
As at 1 August 2023 2,804 647,611
Additions 9,240 34,624
As at 31 July 2024 12,044 682,235
Depreciation
As at 1 August 2023 1,480 383,803
Provided during the period 2,688 47,938
As at 31 July 2024 4,168 431,741
Net Book Value
As at 31 July 2024 7,876 250,494
As at 1 August 2023 1,324 263,808
5. Stocks
2024 2023
£ £
Materials 102,553 113,704
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 207,072 209,501
Prepayments and accrued income 16,263 17,226
VAT recoverable 29,402 50,126
252,737 276,853
7. Current Asset Investments
2024 2023
£ £
Listed investments 140,956 126,286
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 154,148 147,898
Other taxes and social security 7,555 8,892
Net wages 173 5,377
Other creditors 332 285
Pension deductions 1,063 2,914
Accruals and deferred income 19,391 7,287
Directors' loan accounts 8,750 8,751
191,412 181,404
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5