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COMPANY REGISTRATION NUMBER: 13736574
DRH Fabrications Ltd
Filleted Unaudited Financial Statements
30 November 2024
DRH Fabrications Ltd
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
105,866
73,206
Current assets
Stocks
11,147
5,912
Debtors
6
117,633
94,283
Cash at bank and in hand
67,714
41,045
---------
---------
196,494
141,240
Creditors: amounts falling due within one year
7
105,361
51,198
---------
---------
Net current assets
91,133
90,042
---------
---------
Total assets less current liabilities
196,999
163,248
Creditors: amounts falling due after more than one year
8
4,172
7,362
Provisions
26,467
18,302
---------
---------
Net assets
166,360
137,584
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
166,260
137,484
---------
---------
Shareholders funds
166,360
137,584
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 November 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 .
DRH Fabrications Ltd
Statement of Financial Position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 13 May 2025 , and are signed on behalf of the board by:
Mr D R Humphreys
Director
Company registration number: 13736574
DRH Fabrications Ltd
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gwalia, 5 Bryn Glas, Rhosllanerchrugog, Wrexham, LL14 2EA, Wales.
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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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 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 or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution 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 6 (2023: 3 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 December 2023
42,582
54,040
2,015
98,637
Additions
24,610
42,925
414
67,949
--------
--------
-------
---------
At 30 November 2024
67,192
96,965
2,429
166,586
--------
--------
-------
---------
Depreciation
At 1 December 2023
11,083
13,510
838
25,431
Charge for the year
14,027
20,864
398
35,289
--------
--------
-------
---------
At 30 November 2024
25,110
34,374
1,236
60,720
--------
--------
-------
---------
Carrying amount
At 30 November 2024
42,082
62,591
1,193
105,866
--------
--------
-------
---------
At 30 November 2023
31,499
40,530
1,177
73,206
--------
--------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
84,065
67,938
Other debtors
33,568
26,345
---------
--------
117,633
94,283
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,244
3,018
Trade creditors
43,296
23,371
Social security and other taxes
23,102
17,973
Other creditors
35,719
6,836
---------
--------
105,361
51,198
---------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,172
7,362
-------
-------
9. Directors' advances, credits and guarantees
In the year the directors operated a loan account with the company. At the beginning of the period the balance was £145 cr (2023 - £9,020 dr) and the balance at the year-end was £28,772 cr (2023 - £145 cr). The loan is interest free and repayable upon demand.