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REGISTERED NUMBER: 00439915 (England and Wales)















DON VALLEY ENGINEERING COMPANY LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2024






DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


DON VALLEY ENGINEERING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: L A Ashurst
R E Baker
S F Doleman
A J Priestley
I D Trotter





REGISTERED OFFICE: Sandall Stones Road
Kirk Sandall
Doncaster
South Yorkshire
DN3 1QR





REGISTERED NUMBER: 00439915 (England and Wales)





INDEPENDENT AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024


The directors present their strategic report for the year ended 31st July 2024

Principal Activity
The principal activity of the company is that of mechanical engineering, particularly that of the handling & processing of bulk materials and malting process plant. Within these sectors the company provides design consultancy, supply and manufacture of equipment, spares provision, repair and maintenance and asset management.

REVIEW OF BUSINESS
In the financial year covered by these accounts, the directors can report another successful year despite uncertain economic conditions both in our sectors and the wider economy.

With more settled inflation, more stable interest rates and having absorbed the global supply chain adjustment made pending the Ukraine/Russia war, the cost and availability of raw material and services has stabilised.

However, the low UK growth rates and the government's first budget has led to continued uncertainty and the company has noticed less urgency from customers to go ahead with projects.

In some specific markets, the concerns around the effects of US tariffs have led to a further delay in a number of well-advanced projects which we now expect to convert later in 2025 or early 2026.

Despite these head winds, with current workloads, a pipeline of enquiries and current resource levels the directors expect to weather the present uncertainties and deliver another profitable year of operation.

KEY PERFORMANCE INDICATORS
The directors consider the following relevant to the company:

2024 2023
% Gross Profit 11.9% 18.1%
Overheads / Turnover Ratio 9.6% 10.6%
Stock / Cost of Sales Ratio 4.6% 6.6%
Operating Profit / Turnover Ratio 2.3% 7.5%
Staff Costs / Turnover Ratio 8.9% 11.3%
Liquidity Ratio 119.5% 144.5%

The directors consider the KPIs reflect the company's performance for the year.

ON BEHALF OF THE BOARD:





L A Ashurst - Director


25 April 2025

DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


The directors present their report with the financial statements of the company for the year ended 31 July 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2024 will be £1,150,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

L A Ashurst
R E Baker
S F Doleman
A J Priestley
I D Trotter

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




L A Ashurst - Director


25 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DON VALLEY ENGINEERING COMPANY LIMITED


Opinion
We have audited the financial statements of Don Valley Engineering Company Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 July 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 UK, including the FRC'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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DON VALLEY ENGINEERING COMPANY LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DON VALLEY ENGINEERING COMPANY LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations related to corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements.

As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact of the preparation of the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procedures performed by the engagement team include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances of
non-compliance with laws and regulations and fraud;
- Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and
regulations;
- Evaluation of management's controls designed to prevent and detect irregularities;
- Review of board meeting minutes and meetings of those charged with governance;
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations;
- Assessing and evaluating the business rationale of significant transactions outside the normal course of business;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DON VALLEY ENGINEERING COMPANY LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Mr Kelvin Fitton BA FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

29 April 2025

DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £    £   

TURNOVER 17,607,980 13,292,596

Cost of sales 15,504,625 10,885,023
GROSS PROFIT 2,103,355 2,407,573

Administrative expenses 1,696,247 1,407,185
OPERATING PROFIT 4 407,108 1,000,388

Interest receivable and similar income 235 2
407,343 1,000,390

Interest payable and similar expenses 5 13,231 13,978
PROFIT BEFORE TAXATION 394,112 986,412

Tax on profit 6 98,347 37,366
PROFIT FOR THE FINANCIAL YEAR 295,765 949,046

DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 295,765 949,046


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

295,765

949,046

DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 111,268 140,746
111,268 140,746

CURRENT ASSETS
Stocks 10 713,952 719,460
Debtors 11 4,878,375 5,488,924
Cash at bank and in hand 4,475,697 2,037,895
10,068,024 8,246,279
CREDITORS
Amounts falling due within one year 12 8,425,740 5,706,353
NET CURRENT ASSETS 1,642,284 2,539,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,753,552

2,680,672

CREDITORS
Amounts falling due after more than one year 13 (48,550 ) (115,473 )

PROVISIONS FOR LIABILITIES 16 (15,331 ) (21,293 )
NET ASSETS 1,689,671 2,543,906

CAPITAL AND RESERVES
Called up share capital 17 180,500 180,500
Retained earnings 18 1,509,171 2,363,406
SHAREHOLDERS' FUNDS 1,689,671 2,543,906

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:




L A Ashurst - Director



A J Priestley - Director


DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 180,500 1,414,360 1,594,860

Changes in equity
Total comprehensive income - 949,046 949,046
Balance at 31 July 2023 180,500 2,363,406 2,543,906

Changes in equity
Dividends - (1,150,000 ) (1,150,000 )
Total comprehensive income - 295,765 295,765
Balance at 31 July 2024 180,500 1,509,171 1,689,671

DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Don Valley Engineering Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Intangible assets are initially measured at cost then at cost less accumulated amortisation and any accumulated impairment losses.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost, 10% on cost and Straight line over 3 years
Motor vehicles - Straight line over 3 years

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,364,741 1,306,570
Social security costs 145,089 137,915
Other pension costs 65,652 56,500
1,575,482 1,500,985

The average number of employees during the year was as follows:
2024 2023

Production staff 11 10
Administration staff 27 26
38 36

DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


3. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 33,550 25,126
Other operating leases 140 3,383
Depreciation - owned assets 66,883 57,254
Profit on disposal of fixed assets (73 ) (2,020 )
Auditors' remuneration 15,128 7,080
Foreign exchange differences (644 ) -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 13,231 13,978

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 104,309 16,073

Deferred tax (5,962 ) 21,293
Tax on profit 98,347 37,366

DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 394,112 986,412
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 21%)

98,528

207,147

Effects of:
Capital allowances in excess of depreciation - (10,059 )
Depreciation in excess of capital allowances 5,781 -
Utilisation of tax losses - (169,569 )
Deferred tax expense from unrecognised tax loss or credit (5,962 ) 21,293
Tax decrease from group relief - (11,446 )
Total tax charge 98,347 37,366

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 0.05 each
Final 1,150,000 -

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 72,510
AMORTISATION
At 1 August 2023
and 31 July 2024 72,510
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


9. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2023 676,534 129,584 806,118
Additions 38,052 - 38,052
Disposals (6,351 ) - (6,351 )
At 31 July 2024 708,235 129,584 837,819
DEPRECIATION
At 1 August 2023 565,098 100,274 665,372
Charge for year 57,113 9,770 66,883
Eliminated on disposal (5,704 ) - (5,704 )
At 31 July 2024 616,507 110,044 726,551
NET BOOK VALUE
At 31 July 2024 91,728 19,540 111,268
At 31 July 2023 111,436 29,310 140,746

10. STOCKS
2024 2023
£    £   
Stocks 593,050 551,629
Raw materials 10,003 9,773
Work-in-progress 110,899 158,058
713,952 719,460

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,796,567 2,900,267
Amounts owed by group undertakings - 2,395,529
Amounts recoverable on contract - 89,978
Prepayments 81,808 103,150
4,878,375 5,488,924

DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 66,471 60,830
Trade creditors 1,696,419 1,844,606
Amounts owed to group undertakings 1,324,820 -
Tax 104,308 16,073
Social security and other taxes 47,250 86,824
VAT 977,457 82,113
Other creditors 41,551 31,002
Payments on account 2,703,333 2,866,705
Accruals and deferred income 1,464,131 718,200
8,425,740 5,706,353

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 48,550 115,473

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 66,471 60,830

Amounts falling due between one and two years:
Bank loans - 1-2 years 48,550 66,471

Amounts falling due between two and five years:
Bank loans - 2-5 years - 49,002

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 1,913 -
Between one and five years 1,196 -
3,109 -

DON VALLEY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 00439915)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 15,331 21,293

Deferred
tax
£   
Balance at 1 August 2023 21,293
Credit to Income Statement during year (5,962 )
Balance at 31 July 2024 15,331

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,610,000 Ordinary 0.05 180,500 180,500

18. RESERVES
Retained
earnings
£   

At 1 August 2023 2,363,406
Profit for the year 295,765
Dividends (1,150,000 )
At 31 July 2024 1,509,171

19. OTHER FINANCIAL COMMITMENTS

There is a cross guarantee and debenture in place between the company and the parent undertaking, Don Valley Engineering Group Limited and four other subsidiaries of the parent undertaking. Don Valley Engineering Construction Limited, Cleeve Materials Handling Limited, Don Valley Engineering Holdings Limited and Don Valley Materials Handling Limited dated 27 March 2019. At the balance sheet date there was a total indebtedness to the group's bankers of £978,827 (2023: £1,056,400). Against this debt, at the balance sheet date the group had total cash deposits with the group's bankers of £6,575,716 (2023: £4,230,599).

20. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Don Valley Engineering Group Limited, a private company, limited by shares, registered in England and Wales. The registered office is Sandall Stones Road, Kirk Sandall, Doncaster, DN3 1QR.