Company registration number 09670954 (England and Wales)
DARWEN TERRACOTTA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DARWEN TERRACOTTA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DARWEN TERRACOTTA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
224,553
224,553
Tangible assets
4
482,517
486,286
Investments
5
3
3
707,073
710,842
Current assets
Stocks
473,182
369,280
Debtors
7
1,512,690
1,003,878
Cash at bank and in hand
916,344
519,611
2,902,216
1,892,769
Creditors: amounts falling due within one year
8
(1,202,757)
(1,185,700)
Net current assets
1,699,459
707,069
Total assets less current liabilities
2,406,532
1,417,911
Creditors: amounts falling due after more than one year
9
(71,028)
(257,179)
Provisions for liabilities
(120,629)
(121,572)
Net assets
2,214,875
1,039,160
Capital and reserves
Called up share capital
10
2
2
Revaluation reserve
11
11,000
11,000
Profit and loss reserves
2,203,873
1,028,158
Total equity
2,214,875
1,039,160
DARWEN TERRACOTTA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 23 April 2025 and are signed on its behalf by:
Mr S Allen
Director
Company registration number 09670954 (England and Wales)
DARWEN TERRACOTTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Darwen Terracotta Limited is a private company limited by shares incorporated in England and Wales. The registered office is Building 0, Ribble Business Park, Challenge Way, Blackburn, BB1 5QB.
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.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of plant and machinery at fair value. 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
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.5
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:
Plant and equipment
between 3% and 20% straight line
Fixtures and fittings
between 10% and 33% straight line
Computers
33% straight line
DARWEN TERRACOTTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.6
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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
DARWEN TERRACOTTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
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.
1.13
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 in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
47
53
3
Intangible fixed assets
Other
£
Cost
At 1 January 2024 and 31 December 2024
224,553
Amortisation and impairment
At 1 January 2024 and 31 December 2024
Carrying amount
At 31 December 2024
224,553
At 31 December 2023
224,553
DARWEN TERRACOTTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 January 2024
774,082
Additions
99,208
Disposals
(6,111)
At 31 December 2024
867,179
Depreciation and impairment
At 1 January 2024
287,796
Depreciation charged in the year
98,192
Eliminated in respect of disposals
(1,326)
At 31 December 2024
384,662
Carrying amount
At 31 December 2024
482,517
At 31 December 2023
486,286
The fair value of the plant and machinery has been arrived at on the basis of a valuation by the directors as at 31 December 2018. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar plant and machinery. The historic cost of the plant and machinery is £856,179 (2023 - £763,082).
The revaluation surplus is disclosed in note 11.
Plant and machinery at cost
Plant and machinery at revaluation
2024
2023
2024
2023
£
£
£
£
Cost
856,179
763,082
867,179
774,082
Accumulated depreciation
(381,062)
(284,796)
(384,662)
(287,796)
Carrying value
475,117
478,286
482,517
486,286
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3
3
DARWEN TERRACOTTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Whitebirk Sink Company Limited
Building 0, Ribble Business Park, Challenge Way, Blackburn, BB1 5QB
Non-trading
Ordinary
100.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,088,204
805,857
Corporation tax recoverable
30,363
9,668
Other debtors
90,028
36,091
Prepayments and accrued income
304,095
152,262
1,512,690
1,003,878
8
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
149,746
162,229
Trade creditors
321,922
369,950
Amounts owed to group undertakings
1,306
1,306
Taxation and social security
137,117
80,940
Accruals and deferred income
592,666
571,275
1,202,757
1,185,700
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other borrowings
71,028
257,179
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
DARWEN TERRACOTTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
11
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
11,000
11,000
12
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
£
£
1,689,551
1,934,486
13
Directors' transactions
During the year the company operated loan accounts with its directors. At the balance sheet date Mr S Allen owed £45,014 to the company (2023 - £14,354) and Mr J R Wilson owed £45,014 to the company (2023 - £14,354).
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