Company registration number 02621868 (England and Wales)
M. G. DUFF INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
M. G. DUFF INTERNATIONAL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
M. G. DUFF INTERNATIONAL LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF M. G. DUFF INTERNATIONAL LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M. G. Duff International Limited for the year ended 30 September 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of M. G. Duff International Limited, as a body, in accordance with the terms of our engagement letter dated 22 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of M. G. Duff International Limited and state those matters that we have agreed to state to the board of directors of M. G. Duff International Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M. G. Duff International Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that M. G. Duff International Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M. G. Duff International Limited. You consider that M. G. Duff International Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of M. G. Duff International Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
8 May 2025
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
M. G. DUFF INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
169,119
74,858
Investments
4
1
1
169,120
74,859
Current assets
Stocks
724,938
598,752
Debtors
5
463,968
609,257
Cash at bank and in hand
135,028
35,218
1,323,934
1,243,227
Creditors: amounts falling due within one year
6
(874,199)
(841,505)
Net current assets
449,735
401,722
Total assets less current liabilities
618,855
476,581
Creditors: amounts falling due after more than one year
7
(232,740)
(292,408)
Provisions for liabilities
(39,600)
(16,000)
Net assets
346,515
168,173
Capital and reserves
Called up share capital
8
4,266
4,266
Profit and loss reserves
342,249
163,907
Total equity
346,515
168,173
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
M. G. DUFF INTERNATIONAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 8 May 2025 and are signed on its behalf by:
Mr J Beale
Director
Company Registration No. 02621868
M. G. DUFF INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
M. G. Duff International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Timberlaine Estate, Gravel Lane, Quarry Lane, Chichester, West Sussex, PO19 8PP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertaintiestrue and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Revenue is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of the business. Revenue is shown net of Value Added Tax.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
over the period of the lease
Fixtures, fittings & equipment
10% on a straight line basis
Computer equipment
33% on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
M. G. DUFF INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The company has in operation an Enterprise Management Incentive (EMI) scheme and granted options over 10,000 ordinary A shares of 1p each on 26 July 2017. At the balance sheet date all share options are remaining to be exercised.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
M. G. DUFF INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 19 (2023 - 20).
M. G. DUFF INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
3
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 October 2023
65,677
211,718
29,342
306,737
Additions
115,667
487
116,154
Disposals
(2,084)
(5,891)
(7,975)
At 30 September 2024
65,677
325,301
23,938
414,916
Depreciation and impairment
At 1 October 2023
65,677
141,280
24,922
231,879
Depreciation charged in the year
19,225
2,668
21,893
Eliminated in respect of disposals
(2,084)
(5,891)
(7,975)
At 30 September 2024
65,677
158,421
21,699
245,797
Carrying amount
At 30 September 2024
166,880
2,239
169,119
At 30 September 2023
70,438
4,420
74,858
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
272,990
311,028
Other debtors
80,519
159,914
Prepayments and accrued income
106,759
105,415
460,268
576,357
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset arising on losses
3,700
32,900
Total debtors
463,968
609,257
M. G. DUFF INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
67,561
61,899
Obligations under finance leases
12,384
Trade creditors
370,777
394,397
Corporation tax
13,901
Other taxation and social security
24,590
26,176
Other creditors
164,723
253,454
Accruals and deferred income
220,263
105,579
874,199
841,505
Bank overdrafts are secured by a first legal charge over all assets of the company.
There is an unlimited debenture with Lloyds Bank in respect of bank loans incorporating a fixed and floating second legal charge.
The company's bank holds a bond guarantee or indemnity in respect of deferred payments on VAT imports on behalf of HMRC.
Amounts owed under invoice discounting totalling £107,615 (2023 - £239,794) included within other creditors are secured by way of a charge over all assets of the company.
Included in creditors falling due within one year are amounts due under hire purchase and finance lease agreements of £12,384 (2023: £nil) which are secured against the assets they relate to.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
224,847
292,408
Obligations under finance leases
7,893
232,740
292,408
Bank loans are secured by a first legal charge over all assets of the company.
Included in creditors falling due after more than one year are amounts due under hire purchase agreements of £7,893 (2023: £nil) which are secured against the assets they relate to.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
426,560
426,560
4,266
4,266
M. G. DUFF INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
144,434
218,013
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