Difco Limited NI622065 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is the manufacture of machinery attachments. Digita Accounts Production Advanced 6.30.9574.0 true NI622065 2023-06-01 2024-05-31 NI622065 2024-05-31 NI622065 bus:OrdinaryShareClass1 2024-05-31 NI622065 core:RetainedEarningsAccumulatedLosses 2024-05-31 NI622065 core:RevaluationReserve 2024-05-31 NI622065 core:ShareCapital 2024-05-31 NI622065 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-05-31 NI622065 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 NI622065 core:CurrentFinancialInstruments 2024-05-31 NI622065 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 NI622065 core:Non-currentFinancialInstruments 2024-05-31 NI622065 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 NI622065 core:Goodwill 2024-05-31 NI622065 core:FurnitureFittingsToolsEquipment 2024-05-31 NI622065 core:MotorVehicles 2024-05-31 NI622065 core:OtherPropertyPlantEquipment 2024-05-31 NI622065 bus:SmallEntities 2023-06-01 2024-05-31 NI622065 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 NI622065 bus:FilletedAccounts 2023-06-01 2024-05-31 NI622065 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 NI622065 bus:RegisteredOffice 2023-06-01 2024-05-31 NI622065 bus:Director1 2023-06-01 2024-05-31 NI622065 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 NI622065 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI622065 core:Goodwill 2023-06-01 2024-05-31 NI622065 core:FurnitureFittings 2023-06-01 2024-05-31 NI622065 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 NI622065 core:MotorVehicles 2023-06-01 2024-05-31 NI622065 core:OfficeEquipment 2023-06-01 2024-05-31 NI622065 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 NI622065 core:PlantMachinery 2023-06-01 2024-05-31 NI622065 countries:NorthernIreland 2023-06-01 2024-05-31 NI622065 2023-05-31 NI622065 core:Goodwill 2023-05-31 NI622065 core:FurnitureFittingsToolsEquipment 2023-05-31 NI622065 core:MotorVehicles 2023-05-31 NI622065 core:OtherPropertyPlantEquipment 2023-05-31 NI622065 2022-06-01 2023-05-31 NI622065 2023-05-31 NI622065 bus:OrdinaryShareClass1 2023-05-31 NI622065 core:RetainedEarningsAccumulatedLosses 2023-05-31 NI622065 core:RevaluationReserve 2023-05-31 NI622065 core:ShareCapital 2023-05-31 NI622065 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 NI622065 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 NI622065 core:CurrentFinancialInstruments 2023-05-31 NI622065 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 NI622065 core:Non-currentFinancialInstruments 2023-05-31 NI622065 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 NI622065 core:FurnitureFittingsToolsEquipment 2023-05-31 NI622065 core:MotorVehicles 2023-05-31 NI622065 core:OtherPropertyPlantEquipment 2023-05-31 NI622065 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI622065

Difco Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Difco Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Difco Limited

Company Information

Director

Mr Paul Donnelly

Registered office

131 Rockstown Road
Dungannon
Co Tyrone
BT79 9BX

Accountants

Anne Douglas Ltd
2 Killyman Street
Moy
Co Tyrone
BT71 7SJ

 

Difco Limited

(Registration number: NI622065)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

322,216

307,534

Current assets

 

Stocks

6

561,878

437,926

Debtors

7

206,173

171,919

Cash at bank and in hand

 

12,093

27,986

 

780,144

637,831

Creditors: Amounts falling due within one year

8

(443,687)

(491,032)

Net current assets

 

336,457

146,799

Total assets less current liabilities

 

658,673

454,333

Creditors: Amounts falling due after more than one year

8

(231,829)

(104,685)

Provisions for liabilities

(57,573)

(53,369)

Net assets

 

369,271

296,279

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

45,805

45,805

Retained earnings

323,366

250,374

Shareholders' funds

 

369,271

296,279

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Difco Limited

(Registration number: NI622065)
Balance Sheet as at 31 May 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 March 2025
 

.........................................
Mr Paul Donnelly
Director

 

Difco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
131 Rockstown Road
Dungannon
Co Tyrone
BT79 9BX
Northern Ireland

These financial statements were authorised for issue by the director on 20 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Difco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Fixtures and fittings

33% Straight line

Office equipment

25% Reducing balance

Motor vehciles

20% Reducing balance

 

Difco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Difco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Difco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 4).

 

Difco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

36,157

36,157

At 31 May 2024

36,157

36,157

Amortisation

At 1 June 2023

36,157

36,157

At 31 May 2024

36,157

36,157

Carrying amount

At 31 May 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

26,283

-

576,178

602,461

Additions

3,969

71,146

22,541

97,656

At 31 May 2024

30,252

71,146

598,719

700,117

Depreciation

At 1 June 2023

13,587

-

281,340

294,927

Charge for the year

5,269

14,229

63,476

82,974

At 31 May 2024

18,856

14,229

344,816

377,901

Carrying amount

At 31 May 2024

11,396

56,917

253,903

322,216

At 31 May 2023

12,696

-

294,838

307,534

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

 

Difco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Work in progress

201,241

256,619

Finished goods and goods for resale

305,970

127,275

Other inventories

54,667

54,032

561,878

437,926

7

Debtors

Current

2024
£

2023
£

Trade debtors

159,237

153,652

Other debtors

46,936

18,267

 

206,173

171,919

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

113,306

100,477

Trade creditors

 

148,138

336,268

Taxation and social security

 

19,275

21,796

Accruals and deferred income

 

5,408

6,479

Other creditors

 

157,560

26,012

 

443,687

491,032

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

214,695

83,268

Deferred income

 

17,134

21,417

 

231,829

104,685

 

Difco Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share class 1 of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

49,076

77,226

Hire purchase contracts

165,619

6,042

214,695

83,268

Current loans and borrowings

2024
£

2023
£

Bank borrowings

36,643

36,646

Bank overdrafts

-

56,332

Hire purchase contracts

56,663

7,499

Other borrowings

20,000

-

113,306

100,477

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £410.00 per each Ordinary Share class 1

41,000

41,000