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REGISTERED NUMBER: 01772536 (England and Wales)















D.G.S. HARDWARE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






D.G.S. HARDWARE LIMITED (REGISTERED NUMBER: 01772536)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 9


D.G.S. HARDWARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Derek Aucott
Margaret Rose Aucott
David Aucott
Elizabeth Slocombe
Scott Franklin





SECRETARY: Elizabeth Slocombe





REGISTERED OFFICE: 4 Bank Court
Weldon Road
Loughborough
Leicestershire
LE11 5RF





REGISTERED NUMBER: 01772536 (England and Wales)





AUDITORS: Essex Abel Ltd (Statutory Auditors)
4 Bank Court
Weldon Road
Loughborough
Leicestershire
LE11 5RF

D.G.S. HARDWARE LIMITED (REGISTERED NUMBER: 01772536)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 44,726 45,147

CURRENT ASSETS
Stocks 835,284 782,470
Debtors 6 328,476 394,643
Cash at bank 918,338 625,549
2,082,098 1,802,662
CREDITORS
Amounts falling due within one year 7 1,197,784 1,068,689
NET CURRENT ASSETS 884,314 733,973
TOTAL ASSETS LESS CURRENT
LIABILITIES

929,040

779,120

CREDITORS
Amounts falling due after more than one
year

8

(6,458

)

-

PROVISIONS FOR LIABILITIES (5,732 ) (4,400 )
NET ASSETS 916,850 774,720

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10 916,750 774,620
SHAREHOLDERS' FUNDS 916,850 774,720

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 3 June 2025 and were signed on its behalf by:





Derek Aucott - Director


D.G.S. HARDWARE LIMITED (REGISTERED NUMBER: 01772536)

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


1. STATUTORY INFORMATION

D.G.S Hardware Limited is a private limited company incorporated in England and Wales under the Companies Act. The address of the registered office is given in the company information section and its principal place of business is at Units 1-5, Castle Lane, Melbourne, Derbyshire, DE73 8JB.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going Concern
The company has sufficient resources and reserves to manage the business during this period and if required financial support will be provided from Barfield Holdings Ltd, the parent company. The parent company have sufficient resources to provide the support for the foreseeable future and on this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in the accounting policies,
management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

a) Stock valuation
Raw materials are valued based on a weighted average cost basis, with items being reviewed regularly for any impairment or write down necessary.

The material cost of work-in-progress is based on how many parts can be made per ton of steel, which is calculated using the size of the part being made and the element of scrap that will be lost during the assembly process. The labour costs consider the labour efficiency to determine the cost of labour to assemble each part. All other purchased items are based on their original cost.

Finished goods is based on the sales prices of the goods which is then written down by the margin to bring them back to cost.

D.G.S. HARDWARE LIMITED (REGISTERED NUMBER: 01772536)

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


3. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover represents net invoiced sale of goods, excluding value added tax.

Revenue is recognised on the sale of goods when the significant risks and rewards of ownership of the goods have passed to the buyer and the amount of revenue can be measured reliably. Revenue on goods delivered is recognised when goods have been dispatched to the customer. No revenue is recognised on work in progress.

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 - 25% on cost, 20% on cost and 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, and after making due allowance for obsolete and slow moving items.

The cost of stock is calculated on the weighted average cost principle on a first in first out basis and includes expenditure incurred in acquiring stock, production or conversion costs, and other costs incurred in bringing them to their existing location and condition. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost for raw materials and consumables are at the purchase cost to the company. Cost for work in progress and finished goods includes all direct expenditure. The cost of work in progress and finished goods includes production overheads and the attributable proportion of indirect overheads based on the normal level of activity.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price, in the ordinary course of business, less costs to complete and sell. The impairment provision is determined primarily by future demand forecasts. The write down is measured as the difference between the calculated cost of the stock and market based upon assumptions about future demand and charged to the provision for stock, which is a component of cost of sales.


D.G.S. HARDWARE LIMITED (REGISTERED NUMBER: 01772536)

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


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exemptions.
Unrelieved tax losses and other deferred tax assets are only 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 rates and laws that have been enacted or substantively enacted by
the period end and that are expected to apply to the reversal of the timing differences.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet. They are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 plan for its employees. A defined contribution plan is a pension plan under which the company pays a fixed rate of contributions into the company pension scheme. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in an independently administered fund.

Trade debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

A provision for 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 debtors. The amount of the provision is determined as the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the profit & loss in operating expenses.

D.G.S. HARDWARE LIMITED (REGISTERED NUMBER: 01772536)

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


3. ACCOUNTING POLICIES - continued

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities when applicable.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Provisions for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 68 (2023 - 74 ) .

D.G.S. HARDWARE LIMITED (REGISTERED NUMBER: 01772536)

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


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 2,252,187
Additions 12,014
At 31 December 2024 2,264,201
DEPRECIATION
At 1 January 2024 2,207,040
Charge for year 12,435
At 31 December 2024 2,219,475
NET BOOK VALUE
At 31 December 2024 44,726
At 31 December 2023 45,147

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,750 6,906
Amounts owed by group undertakings 277,096 351,022
Other debtors 46,630 36,715
328,476 394,643

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 2,095 -
Trade creditors 48,404 322,416
Amounts owed to group undertakings 956,091 416,342
Taxation and social security 134,505 274,424
Other creditors 56,689 55,507
1,197,784 1,068,689

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 6,458 -

D.G.S. HARDWARE LIMITED (REGISTERED NUMBER: 01772536)

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


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 8,553 -

Hire purchase contracts are secured on the assets to which they relate.

10. RESERVES
Retained
earnings
£   

At 1 January 2024 774,620
Profit for the year 142,130
At 31 December 2024 916,750

Retained earnings - includes all current and prior retained period profits and losses of the company.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Jason Mark Oram FCCA (Senior Statutory Auditor)
for and on behalf of Essex Abel Ltd (Statutory Auditors)

12. PENSION COMMITMENTS

The company operates a defined contribution scheme. Contributions paid into the scheme during the year to 31 December 2024 totalled £25,988 (2023: £31,758). There was £NIL (2023 - £701) outstanding at the year end.

13. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £15,750 (2023: £NIL).

At the year end the company was contracted to purchase steel from external suppliers during the course of the following year to the value of £863,600 (2023 - £959,971).

14. RELATED PARTY DISCLOSURES

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.

D.G.S. HARDWARE LIMITED (REGISTERED NUMBER: 01772536)

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


15. ULTIMATE CONTROLLING PARTY

The controlling party is Barfield Holdings Ltd.

The ultimate controlling party is Barfield Holdings Ltd.

The ultimate parent company is under the control of the Aucott family.

A copy of the parent company and group consolidated accounts can be obtained from the registered office as detailed on the company information page.