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COMPANY REGISTRATION NUMBER: 05837775
DC Engineering & Manufacturing Ltd
Filleted Unaudited Financial Statements
For the year ending
31 July 2024
DC Engineering & Manufacturing Ltd
Financial Statements
Year ended 31 July 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
DC Engineering & Manufacturing Ltd
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
66,410
81,066
Current assets
Stocks
60,747
75,711
Debtors
7
37,751
50,192
--------
---------
98,498
125,903
Creditors: amounts falling due within one year
8
101,359
131,691
---------
---------
Net current liabilities
2,861
5,788
--------
--------
Total assets less current liabilities
63,549
75,278
Creditors: amounts falling due after more than one year
9
12,069
22,205
Provisions
Deferred taxation
12,618
15,402
--------
--------
Net assets
38,862
37,671
--------
--------
Capital and reserves
Called up share capital
1,030
1,030
Revaluation reserve
37,672
46,279
Profit and loss account
160
( 9,638)
--------
--------
Shareholders funds
38,862
37,671
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DC Engineering & Manufacturing Ltd
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 26 April 2025 , and are signed on behalf of the board by:
M C King
Director
Company registration number: 05837775
DC Engineering & Manufacturing Ltd
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private limited company limited by shares, registered in England and Wales. The address of the registered office is Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The principal place of business is 4-6 Steel Close, Eaton Socon, St Neots, England, PE19 8TT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis as modified by the revaluation of certain fixed assets measured at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have rationalised costs and with the support of the company's bank, expect to be able to continue trading and meet the company's obligations as they fall due. Accordingly the financial statements have been prepared on a going concern basis.
Revenue recognition
The turnover shown in the statement of income and retained earnings represents goods and services provided during the year, exclusive of value added tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset.
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost or valuation less any accumulated depreciation and impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line per annum
Fixtures and fittings
-
20% straight line per annum
Motor vehicles
-
25% straight line per annum
Office equipment
-
20% straight line per annum
Stocks
Stocks of raw materials and finished goods are valued at the lower of cost and net realisable value after making allowance for obsolete and slow moving items.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
55,714
--------
Amortisation
At 1 August 2023 and 31 July 2024
55,714
--------
Carrying amount
At 31 July 2024
--------
At 31 July 2023
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost or valuation
At 1 August 2023 and 31 July 2024
92,939
4,106
2,500
8,845
108,390
--------
-------
-------
-------
---------
Depreciation
At 1 August 2023
14,105
4,106
625
8,488
27,324
Charge for the year
13,912
625
119
14,656
--------
-------
-------
-------
---------
At 31 July 2024
28,017
4,106
1,250
8,607
41,980
--------
-------
-------
-------
---------
Carrying amount
At 31 July 2024
64,922
1,250
238
66,410
--------
-------
-------
-------
---------
At 31 July 2023
78,834
1,875
357
81,066
--------
-------
-------
-------
---------
Plant and machinery and motor vehicles have been valued by the directors at open market value at 31 July 2024.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 July 2024
Aggregate cost
161,153
3,500
164,653
Aggregate depreciation
(140,865)
(3,500)
(144,365)
---------
-------
---------
Carrying value
20,288
20,288
---------
-------
---------
At 31 July 2023
Aggregate cost
161,153
3,500
164,653
Aggregate depreciation
(137,287)
(3,500)
(140,787)
---------
-------
---------
Carrying value
23,866
23,866
---------
-------
---------
7. Debtors
2024
2023
£
£
Trade debtors
23,062
25,978
Other debtors
14,689
24,214
--------
--------
37,751
50,192
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
66,024
87,883
Trade creditors
17,286
24,559
Social security and other taxes
12,943
15,943
Other creditors
5,106
3,306
---------
---------
101,359
131,691
---------
---------
Included in bank loans and overdrafts are amounts totalling £55,752 (2023 £43,112) secured against the assets of the company and £10,275 (2023 £44,771) on loans secured under government loan schemes.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,069
22,205
--------
--------
The loans above are secured under government loan schemes.
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
12,618
15,402
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
3,782
4,547
Revaluation of tangible assets
8,836
10,855
--------
--------
12,618
15,402
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
28,788
28,788
--------
--------
12. Directors' advances, credits and guarantees
The directors maintain a loan account with the company. At the beginning of the year the directors owed the company £10,371 (2023 £175). During the year there were advances to the directors of £28,196 (2023 £36,670) and repayments of £38,289 (2023 £26,474). At the reporting date the directors owed the company £278. During the year no interest was charged (2023 £Nil) and no amounts were written off (2023 £Nil).